Most Important News

1. Corning Crushes Q2 as EPS Jumps 30% YoY
2. Amazon Seeks FCC Nod for 5,105-Satellite LEO Network
3. Meta Signs EU AI Act Code of Practice 

Futures tied to the Nasdaq-100 dropped in early trading Tuesday, as semiconductor names fell once again, with traders weighing the latest deluge of corporate earnings.

As of 02:50 PM Riyadh time, Dow Jones Industrial Average futures rose by 328 points, or 0.63%, as strong earnings from Sherwin-Williams( Sherwin-Williams Company(SHW.US) ) and Coca-Cola Company(KO.US)  boosted the 30-stock benchmark. S&P 500 futures slipped 0.08%, while Nasdaq-100 futures fell 1.03%.

The VanEck Vectors Semiconductor ETF(SMH.US)  shed 3%, led by 5% declines in Micron Technology, Inc.(MU.US)  and Western Digital Corporation(WDC.US) . Seagate Technology Holdings PLC(STX.US)  and Astera Labs(ALAB.US)  were also down on the day.

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As of 03:15 PM Riyadh Time, top pre-market movements are as follows:

Amazon Seeks FCC Nod for 5,105-Satellite LEO Network to Rival Starlink

Amazon has asked the U.S. FCC to launch up to 5,105 low-earth-orbit satellites for its 'Amazon LEO' direct-to-device service, with deployments planned from 2028. The move follows its April merger with Globalstar and escalates competition with Elon Musk's Starlink (SpaceX). Amazon already has ground-antenna partnerships with Apple and others.

Meta to Sign EU AI Act Code of Practice on AI-Generated Content Transparency

Meta will sign the European Union's AI Act Code of Practice covering transparency of AI-generated content, aligning with Brussels' push to regulate synthetic media. The pledge adds to a wave of compliance moves by U.S. tech giants ahead of the bloc's AI governance rollout.

Oil Extends Drop as US-Iran Tensions Ease

Brent's September contract fell 3.71% to $85.08 and WTI's September lost 3% to $80.11, as a U.S.–Iran tentative ceasefire eased fears over Hormuz Strait transit. Goldman Sachs sees Brent drifting back to $80 by year-end.

South Korea Stocks Crash ~11% as Chip Giants Plunge

KOSPI closed -10.84% at 6023.66 — its worst day since early March — with SK Hynix -14.7% (ADR below its $149 IPO price) and Samsung -14.4%. A circuit breaker was triggered and foreigners net sold 4.96 trillion won.

"Big Short" Duo Warn on AI Spending Risk

Eisman said any mega-cap cutting AI capex would trigger a sharp U.S. stock drop, while Burry doubled down on shorts of Nvidia (NVIDIA Corporation(NVDA.US) ), Micron (Micron Technology, Inc.(MU.US) ) and the SOX ETF. Alphabet lifted 2026 capex to $195–205B even as Q2 free cash flow turned negative for the first time (-$5.9B).

Fed Meets Amid Policy Uncertainty

This week's FOMC leaves markets split between a fifth straight hold and a resumption of rate hikes; Warsh's dropped forward guidance has deepened the uncertainty over the policy path.

AI Memory Selloff Deepens as Sandisk Extends Losses

Sandisk (Sandisk Corporation(SNDK.US) ) fell ~5.6% in Tuesday premarket after sliding 11.02% Monday, as investors dumped AI-memory names and rotated out of risk in tech. SK Hynix (SK hynix Inc. Sponsored ADR(SKHY.US) ) dropped 7.47% Monday; Micron (Micron Technology, Inc.(MU.US) ) was off 5%+ premarket. SK Hynix sits ~47% below its June peak. Fresh reports that China advanced domestic DUV lithography stoked supply-competition fears, pressuring the whole memory complex.

Apple Retakes Top Spot

Apple Inc.(AAPL.US)  regained No.1 market cap as Nvidia dropped, with Wall Street eyeing CDS data beyond earnings. Nvidia signed a lease for a 1-gigawatt Texas data center built by Hut 8, housing hundreds of thousands of its GPUs.

Cramer Sticks With Nvidia Amid Chip Pullback: "Still Own It. Don't Overtrade"

Jim Cramer called Monday's selloff in Nvidia (NVIDIA Corporation(NVDA.US) ) "silly," reiterating his long-term conviction even as the stock fell 4.99% to $196.51 and was down ~5.9% premarket. He argues Nvidia's balance sheet is "the best of any company in the world" and that U.S.-China AI rivalry keeps Washington invested in its leadership. CEO Jensen Huang posted on X touting open-source AI models.

Corning Crushes Q2 as EPS Jumps 30% YoY

Corning Inc(GLW.US)  posted a clean Q2 beat: adjusted EPS $0.78 vs $0.76 consensus, up 30% YoY from $0.60, on sales of $4.738B (est. $4.608B), +17% YoY. The print keeps the glass maker on a multi-quarter earnings-acceleration path and underscores how resilient its core end-markets have stayed. A quiet compounder that just reaffirmed its trend.

Coca-Cola Tops Q2 on Both Lines

Coca-Cola Company(KO.US)  reported Q2 adjusted EPS of $0.97 vs the $0.93 consensus and revenue of $13.40B vs a $13.162B estimate — a clean top- and bottom-line beat that extends the beverage giant's long run of quarterly beats. A defensible compounder that keeps surprising to the upside even as volume growth stays mid-single-digit.

UPS  Beats Q2, EPS Up 13.6% YoY

United Parcel Service, Inc. Class B(UPS.US)  delivered Q2 adjusted EPS of $1.76, ahead of the $1.66 consensus and up 13.6% YoY from $1.55, with revenue of $22.8B topping the $21.809B estimate and rising 7.6% YoY. The carrier is leaning on cost discipline to defend margins as volume trends stay uneven — the beat shows the cost story, not the top line, is doing the heavy lifting.

SK Hynix Breaks IPO Price 

SK Hynix's Nasdaq ADR (SK hynix Inc. Sponsored ADR(SKHY.US) ) fell below its $149 IPO price for the first time, bottoming at $139.01 Monday; pre-market Tuesday shed another 11% on fears a Chinese state-backed chipmaker has mass-produced domestic DUV lithography. Korea's KOSPI slid -10.84%.