Friday's big stock stories: What’s likely to move the market in the next trading session

Stocks @ Night is a daily newsletter delivered after hours, giving you a first look at tomorrow and last look at today. Sign up for free to receive it directly in your inbox. Here’s what CNBC TV’s producers were watching as the Dow Industrials reclaimed the 50,000 level and what’s on the radar for the next session. Cerebras If you thought Thursday was interesting, wait for the first full day of trading on this giant artificial intelligence chipmaker . Cerebras Systems ’ initial public offering price was $185. It popped up to a high of $386.34 once the gates opened, but settled back to $311.07 at the close. After hours, the stock is up 5% to nearly $330 a share. We’ll have coverage of this first full day of trading for Cerebras Friday on CNBC. Jim Cramer of " Mad Money " said, “At this valuation investors are taking a leap of faith.” He also said, “This was a perfectly timed IPO,” partly accounting for the stock’s big jump. CBRS 1D mountain Cerebras Systems in the past day SpaceX CNBC TV’s Leslie Picker reports that the IPO filing is coming soon, but there is a line of big public funds saying they’re concerned about governance. One source told Picker, “The biggest challenge for the IPO right now is finding enough buyers to fill the book. Hard to do that when governance is blocking major would-be investors from seeking allocation.” In a release sent out on Thursday , Thomas DiNapoli, New York State’s Comptroller said, “The reported governance structure for SpaceX presents significant risks to long term-investors. As reported, these provisions include super voting shares for a select few, mandatory arbitration of shareholder claims, nearly insurmountable barriers to executive accountability, and limits on shareholder legal actions. This structure would leave shareholders with virtually no recourse over how the company conducts business. This is anathema to the transparency and legitimate board oversight required for a major publicly traded corporation. As SpaceX is poised to occupy a position of systemic importance in the public markets, its governance must at the bare minimum adhere to the baseline protections upon which long-term institutional capital depends.” Leslie Picker will have a lot more Friday on " Squawk Box " at 6:30 a.m. Ways to get in now VCX is the ticker for the Fundrise Innovation Fund . The fund has about a 5% weighting in SpaceX. The ETF is up 131% in May, but it’s down 62% from the March 25 high. It was the focus of a fund that specializes in shorting two months ago. That’s one of the reason for the volatility. Baron Focused Growth Fund ( BFGIX) has a 19% allocation to SpaceX, but there’s a minimum investment of $1,000,000. The fund has gained 14% in the past year. The fund is off 8% from the December high. ARKVX, Cathie Wood’s ARK Venture Fund , has a 14% allocation toward SpaceX. It has gained about 25% in the past six months. The fund hit a high last week. VCX 1M mountain The Fundrise Innovation Fund in the past month Cisco and Nvidia Cisco Systems crushed earnings on Wednesday. Nvidia … is Nvidia. CEO Jensen Huang was in China with President Donald Trump, and it looks like China will be buying chips . Also, the excitement behind Cerebras may have given a boost to the AI complex. Cisco was up 13.4% on Thursday. It hit another new high. It has gained about 40% in the past month. Nvidia hit another new high. The stock has jumped around 20% in the past month. Bristol Myers Squibb The pharmaceutical company will start working more with Chinese companies to develop and test drugs. CNBC TV’s Angelica Peebles will have much more on this Friday. Bristol Myers Squibb is down 10% from the March high. Markets shift and headlines fade, but the core principles of building long-term wealth remain constant. Join us for our third CNBC Pro LIVE, where investors of all backgrounds - from financial professionals to everyday individuals - come together to cut through the noise and gain actionable strategies for smarter, more disciplined investing. No matter where you’re starting from, you’ll leave with clearer thinking, stronger strategies. Enter your email here to get a discount code.