Most Important News

• Fed Set to Announce Key Rate Decision Amid High Expectations
• Nvidia Set to Become First $5 Trillion Company as AI Rally Intensifies;
• Uber Plans 100,000 Robotaxi Fleet by 2027;

US stock futures were mixed Wednesday after the major averages hit fresh records ahead of the Federal Reserve’s interest rate decision.

As of 03:17 PM Riyadh time, S&P 500 futures gained 0.27%, while the Nasdaq 100 futures rose 0.44%. Dow Jones Industrial Average futures rose by 61 points, or 0.13%.

NVIDIA Corporation(NVDA.US)  shares were up more than 3% in the premarket, putting the chipmaker on pace to reach a market capitalization of $5 trillion. It would be the first time a US company would reach such a valuation.

As of 03:20 PM Riyadh Time, top pre-market movements are as follows:

Fed Set to Announce Key Rate Decision Amid High Expectations

The Federal Reserve is poised to reveal its October rate decision at 9 PM Riyadh time, with the market anticipating a 99.9% chance of a rate cut. This decision is part of a significant week that includes major central bank meetings and tech earnings reports. The FOMC is expected to lower the federal funds rate target to 3.75%-4%, marking a second consecutive 25 basis point cut. Chairman Powell will hold a press conference shortly after.

US Government Shutdown Triggers 'Data Vacuum' for Inflation-Linked Securities

The ongoing US government shutdown has led to a "data vacuum" in the $7 trillion market for inflation-linked securities, as traders lack access to crucial CPI data. With the White House indicating that October inflation data may not be released, investors are resorting to decades-old contingency mechanisms embedded in bond and derivative contracts. These untested plans, designed for rare "tail risks," have become necessary due to the unexpected data gap.

London Copper Hits Record High Amid Supply Crunch and Rate Cut Bets

London copper surged to a record US$11,146/ton on Wednesday, up 26% YTD, driven by supply disruptions and rate cut expectations. Major mines in Chile and Indonesia faced setbacks, while $FCX reported production cuts at Grasberg. Analysts predict a 2026 supply deficit, the largest in 20 years. Meanwhile, a weaker USD, fueled by anticipated Fed rate cuts, continues to boost commodity prices globally.

AI Deal Frenzy Wears on Market, Warns Goldman Trader

Goldman Sachs TMT trader Peter Bartlett notes market fatigue amid relentless AI deals. On October 28 alone, $NVIDIA Corporation NVDA$ announced over 15 major collaborations, including a $1 billion investment from Nokia and partnerships with $Microsoft Corporation MSFT$ , OpenAI, $Eli Lilly and Company LLY$, and $Uber Technologies,Inc. UBER$. Despite record highs for NVDA, the Philadelphia Semiconductor Index, and the Nasdaq 100, skepticism grows, driven by concerns over "cyclical investment."

HSBC Forecasts Gold Peak at $4,400 in First Half of 2026

HSBC expects gold's rally to extend into the new year despite recent pressure, projecting prices will peak at $4,400 per ounce during the first half of 2026 as central bank purchases and Fed rate cuts continue supporting the metal's upward trajectory.

Nvidia Set to Become First $5 Trillion Company as AI Rally Intensifies

NVIDIA Corporation(NVDA.US)  is poised to become the first company to reach a $5 trillion market capitalization, with shares rising 3.5% pre-market to $208.05 – positioning the AI chipmaker to cross the historic threshold at market open, driven by a series of strategic partnerships announced by CEO Jensen Huang that continue to fuel the artificial intelligence boom.

Apple Plans OLED Screen Upgrades for MacBook Air and iPad Lineup

Apple Inc.(AAPL.US)  is preparing its most significant display upgrade in years, currently testing OLED screens for MacBook Air, iPad Air, and iPad mini models that would deliver richer colors and deeper contrast compared to existing LCD technology.

Nvidia to Sign AI Chip Supply Deals With Samsung, SK Group

NVIDIA Corporation(NVDA.US)  will supply artificial intelligence chips to South Korean conglomerates including Samsung Electronics and SK Group, with formal agreements expected to be announced this week

Amazon to Invest Additional $5B in South Korean AI Data Center Expansion

Amazon.com, Inc.(AMZN.US)  announced plans to invest an additional 7 trillion won (approximately $5 billion) in South Korea over the next six years to expand artificial intelligence data center capacity and related infrastructure, bringing its total investment in the country to 12.6 trillion won and significantly boosting regional computing resources for AI workloads.

Trump Announces $10B Toyota US Investment, But Company Denies Deal

President Trump announced October 28 that Toyota Motor Corp. Sponsored ADR(TM.US)  planned to invest $10 billion in US factory construction and revealed the automaker was advancing plans to "reverse import" American-made vehicles to Japan, only to have Toyota's head of external affairs Hiroyuki Ueda deny the investment commitment during a November 29 press conference, creating conflicting narratives about the automaker's US expansion plans.

Uber Plans 100,000 Robotaxi Fleet by 2027 with Nvidia Chips, Eyes Chinese AV Investments

Uber Technologies,Inc.(UBER.US)  plans to deploy a 100,000-vehicle Robotaxi fleet starting in 2027 powered by Nvidia's autonomous driving chips, with Stellantis supplying at least 5,000 purpose-built vehicles, while simultaneously expanding its China strategy through planned investments in Pony.ai and WeRide's upcoming Hong Kong IPOs.

OpenAI CFO: Microsoft Partnership "Dramatically Reduces Complexity" of Fundraising

OpenAI Chief Financial Officer Sarah Friar stated Wednesday at the Riyadh Financial Forum that this week's expanded partnership with Microsoft will enable the AI company to continue raising capital with "dramatically reduced complexity" by leveraging Microsoft's cloud infrastructure and go-to-market resources.