Good morning. Donald Trump’s car tariffs were felt in the market yesterday, but unevenly. Big US carmakers GM and Ford were down, as were international brands such as Toyota, Honda and Kia. But car rental companies Avis and Hertz had great days, up 20 per cent and 23 per cent, respectively. We would not have guessed that the rental companies would be the ultimate tariff winners. Did you? Shoot us an email if you are smarter than we are: robert.armstrong@ft.com and aiden.reiter@ft.com. 

CoreWeave

Later today, if all goes as planned, CoreWeave will complete its IPO and the shares will begin trading. It’s an important IPO, and not just for CoreWeave’s backers. CoreWeave owns data centres built around Nvidia GPUs. Its customers rent capacity in those centres to do AI things. So the IPO is, rightly or wrongly, a live test of the market’s appetite for the AI narrative.

It will test something else, too: investors’ ability to value CoreWeave’s business.