Most Important News

1. Warsh's Congress Testimony: Fed Chairman Warsh Addresses Market Concerns;
2. TSMC's US Expansion: TSMC Invests Extra $100B In US Chip Production;
3. Anthropic IPO Prep: Anthropic Secures Billions For IPO;

U.S. equity futures were mostly lower on Thursday, giving back some of the gains seen in the previous session, as semiconductor stocks struggled.

As of 03:30 PM Riyadh Time, S&P 500 futures were down 0.35%. Nasdaq 100 futures shed 0.96%. Futures tied to the Dow Jones Industrial Average added 30 points, or 0.06%, thanks to a more than 6% advance in UnitedHealth Group Incorporated(UNH.US), which easily topped earnings expectations.

Chip stocks fell broadly in early trade. The VanEck Vectors Semiconductor ETF(SMH.US) slid 2.2%, led by a 4% drop in Arm Holdings(ARM.US). Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR(TSM.US) declined by 4.6%, even after the company beat expectations in its latest quarter.

After SK hynix Inc. Sponsored ADR(SKHY.US) shares plunged 11% in Seoul, Switzerland’s ST Microelectronics — Europe’s largest semiconductor manufacturer — shed 3%. Dutch chip imprint ASMI dropped 2.92%, and Germany’s Infineon Technologies fell 2.8%.

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As of 03:25 PM Riyadh Time, top pre-market movements are as follows:

US-Iran Conflict Intensifies

• US President Trump stated on Fox Business that Iran had called him, expressing a desire for a meeting.
• The U.S. reportedly struck an Iran-bound tanker with a Hellfire missile and continued military operations. Iran responded with attacks on US bases in the Middle East. Read in detail>>
• Trump said Iran wants to meet and predicted oil could fall to $55 per barrel once tensions stabilize. Iran denied any plans for negotiations, saying its priority is defense.
• US media reported Trump is considering expanding military operations against Iran, with options including the seizure of Kharg Island, the country's key oil export hub.

US June PPI Unexpectedly Falls

US PPI fell 0.3% MoM in June, while annual PPI slowed to 5.5%. Core PPI also came in below expectations, signaling easing inflation pressures.

Key Insights From Warsh's Congress Testimony

• Fed Chairman Kevin Warsh testified before Congress, addressing multiple market concerns over two days in his first appearance since taking office.
• US Treasury bonds continued to climb as two days of weak inflation data boosted hopes that inflation has peaked, possibly reducing Fed rate hike needs.
• The Federal Reserve states in a research note that the artificial intelligence boom could potentially widen the US current account deficit.
• Federal Reserve Governor Lisa Cook states inflation risks now surpass labor market ones, and Fed is ready to act if inflation doesn't cool to 2% target.

Musk Buys APR Energy To Power AI Expansion

Elon Musk invests $1 billion acquiring APR Energy’s mobile gas and diesel turbine fleet, adding over 1 GW capacity to fuel xAI’s Colossus supercomputers and Grok platform, marking a strategic shift from his clean-energy focus toward fossil fuels amid surging AI power demand. Read in detail>>

Anthropic Seeks Billions In Credit Before IPO

Anthropic, valued at $965 billion after a $65 billion Series H, is negotiating multi‑billion‑dollar revolving credit lines with major banks ahead of an October IPO, mirroring SpaceX(SPCX.US), while rival OpenAI targets a delayed $1 trillion listing. Read in detail>>

Ark Invest Adds SpaceX, Trims Robinhood Stake

Ark Invest, led by Cathie Wood, bought 122,807 SpaceX(SPCX.US) shares worth $16.6 million after a >30% drop below IPO price, while selling $3.9 million of Robinhood(HOOD.US) amid strong crypto-driven momentum and target price hikes, plus reallocations across Personalis(PSNL.US), 10x Genomics(TXG.US), X-Energy, Inc. Class A(XE.US), Kodiak AI, Inc.(KDK.US). Read in detail>>

SpaceX Shares Drop Below IPO Price

SpaceX(SPCX.US) has fallen over 30% from June’s peak, breaching its $135 IPO price and hitting $132.75, triggering sharp moves in related ETFs: long SPCF/SPCM down ~55%, inverse SPCG/SPCQ up 70% and 63%, while income-focused XSHP exploits elevated volatility ahead key Starship test. Read in detail>>

TSMC Delivers Record Q2 Earnings, Shares Slip; Meanwhile Boosts Arizona Investment 

• Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR(TSM.US) posted record Q2 net income of NT$706.56 billion, up 77.4% year-on-year, with revenue rising 36% to NT$1.27 trillion, beating forecasts. Despite AI-driven demand from NVIDIA Corporation(NVDA.US) and Apple Inc.(AAPL.US), the ADR fell 3.76% premarket. Read in detail>>
• Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR(TSM.US) will invest an additional $100 billion in Arizona, lifting total US commitment to $265 billion, to expand 2nm logic and advanced packaging capacity, following Q2 net income up 77.4% and revenue up 36%, both beating forecasts. Read in detail>>
• ASML Holding NV ADR(ASML.US) plans to raise prices on chip-making equipment, potentially straining ties with its largest customer, Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR(TSM.US), leading to conflict.

Tesla Investors Focus On Robotaxi, Optimus Milestones

Tesla Motors, Inc.(TSLA.US) faces investor scrutiny ahead Q2 earnings on Optimus Gen-3 production ramp, robotaxi/“Cybercab” rollout delays, missed autonomous taxi targets, FSD unsupervised timeline, and Elon Musk pay package milestones, while shares trade at $394.85, up 0.10% after-hours. Read in detail>>

Nvidia, Noetra To Build Japan AI Chip Plant

NVIDIA Corporation(NVDA.US) partners with Noetra Corp to build the Vera Rubin AI factory in Japan, deploying 13,750 Vera CPUs and 27,500 Rubin GPUs, signaling major capacity expansion in high-performance computing infrastructure and strengthening Nvidia’s strategic footprint in Asian AI hardware markets. Read in detail>>

Western Digital Falls On Rival CXMT Mega-IPO

Western Digital Corporation(WDC.US) shares dropped 9.24% Wednesday after Chinese DRAM maker ChangXin Memory Technologies (CXMT) filed for a Shanghai IPO targeting up to $9.8 billion, heightening competitive and geopolitical concerns despite $WDC’s 659.71% 12‑month rally and strong long‑term technical uptrend. Read in detail>>

Apple Wins China AI Approval, Eyes Chip Deals

• Apple Inc.(AAPL.US) gains Chinese regulatory approval for on-device Apple Intelligence using Baidu, Inc. Sponsored ADR Class A(BIDU.US) and Alibaba Group Holding Ltd. Sponsored ADR(BABA.US) models, explores acquiring AI server chip startups after delaying its “Palta” chip, and tests Alphabet Inc. Class A(GOOGL.US) Gemini on NVIDIA Corporation(NVDA.US) hardware amid rising AI infrastructure demands. Read in detail>>
• Chinese regulators cleared Apple Intelligence, triggering gains in Alibaba Group Holding Ltd. Sponsored ADR(BABA.US) and Baidu, Inc. Sponsored ADR Class A(BIDU.US) Hong Kong shares, with Alibaba’s Qwen and Baidu’s AI powering iPhone services. US-listed Alibaba rose 4.78% plus 5.59% after-hours; Baidu added 1.59% and 0.56%. Read in detail>>

Eos Energy Wins Strategic US Defense Contract

Eos Energy Enterprises, Inc. Class A(EOSE.US)secured the “Golden Dome of America” contract with the US War Department to deploy zinc-based long-duration energy storage systems, strengthening national defense infrastructure resilience, with the award highlighted by President Donald Trump at a July 15 security summit. Read in detail>>

AST SpaceMobile Sinks On $1 Billion Convertible Deal

AST SPACEMOBILE INC(ASTS.US) falls over 10% premarket after pricing $1 billion 1.625% 2034 senior convertible notes, with $983.6 million net proceeds earmarked for network expansion and launches; high conversion premium and ETF ownership amplify dilution concerns and technical downtrend. Read in detail>>

Eli Lilly To Acquire Atai Life Sciences

Eli Lilly and Company(LLY.US) agreed to acquire AtaiBeckley Inc.(ATAI.US) for $6.75 per share in cash plus up to $2.50 CVR per share tied to BPL-003 and VLS-01 milestones, valuing the deal at about $3.8 billion, a roughly 40% premium. Read in detail>>

UnitedHealth Lifts 2026 Earnings Outlook After Beat

UnitedHealth Group Incorporated(UNH.US) beat Q2 revenue estimates with $112 billion and delivered adjusted EPS of $6.38, prompting a 2026 adjusted EPS guidance hike to $19.50–$20.00 and reported EPS to $18.45–$18.95, supported by medical cost discipline and Optum operational improvements. Read in detail>>