Most Important News

1. US, Iran Close to MOU Ending Conflict, 30-Day Talks Window
2. AMD Q1 Revenue Surges 38% on Data Center Strength, Shares Jump 17%
3. HUT 8 Surges 30% Despite Wider Q1 Loss, Sales Triple
4. Corning Surges 17% on Long-Term Nvidia AI Partnership

Stock futures rose on Wednesday following a report that the U.S. and Iran were nearing an agreement to end the war.

As of 03:10 PM Riyadh Time,  futures tied to the Dow Jones Industrial Average rose 430 points, or 0.87%. S&P 500 futures advanced 0.74%, while Nasdaq 100 futures climbed 1.5%.

Axios reported, citing sources, that the U.S. and Iran were getting close to a deal that would bring a resolution to the conflict. According to the report, the agreement would include a moratorium on nuclear enrichment. An Iranian foreign ministry spokesperson also said that Iran was evaluating a U.S. proposal toward a resolution.

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

US, Iran Close to MOU Ending Conflict, 30-Day Talks Window

The U.S. and Iran are near a one-page, 14-point memorandum of understanding to end hostilities and open a 30-day negotiation window, according to Axios. While no final deal has been reached, sources say it's the closest the sides have come since the conflict began. The U.S. expects a formal Iranian response within 48 hours. Oil prices extended sharply lower, with WTI down over 12% and Brent falling below $100. Gold surged over 3% to above $4,720 per ounce.

BlackRock Eyes Computing Power Futures

BlackRock CEO Larry Fink predicts a futures market for computing power, seeing massive global demand for future trading.

US Gas Hits US$4.50/Gallon

US gasoline prices broke US$4.50 a gallon for the first time since July 2022. Middle East conflicts are increasing costs for drivers.

Dollar Plunges on Iran Peace Deal Hopes

The dollar hit its lowest since the Iran war began, as reports said the US and Iran ($State Street Global Advisors Trust Co SPY$) near an agreement to end the conflict.

Hedge Funds Eye Shorting USD/JPY

Hedge funds aim to short USD/JPY near 157.94, expecting Japan Ministry of Finance intervention at that level, per traders. 

SOX Index Breaks 10,000, Up 50% in 25 Days

PHLX Semiconductor(SOX.US)  surged over 50% in the past 25 trading sessions, its strongest 25-day run since March 2000, and crossed the 10,000-point threshold. In pre-market trading, Micron rose 5%, Intel 6%, Qualcomm 5%, ASML 4%, while Lam Research, Applied Materials, Broadcom, and Marvell Technology also gained, extending AI-driven momentum in chip stocks.

HUT 8 Surges 30% Despite Wider Q1 Loss, Sales Triple

HUT 8(HUT.US)  shares jumped 30% after reporting Q1 sales of $71 million, up 225% year-over-year, though missing estimates. The crypto miner posted a loss of $1.98 per share, far wider than the expected $0.28 loss and a 52% drop from a year ago. Despite weak earnings, investors focused on revenue growth and the company's expanding AI and Bitcoin mining footprint.

AMD Q1 Revenue Surges 38% on Data Center Strength, Shares Jump 17%

Advanced Micro Devices, Inc.(AMD.US) 's Q1 revenue rose 38% year-over-year to $10.25 billion, beating estimates, with non-GAAP EPS up 43% to $1.37. Data center revenue soared 57% to $5.8 billion, driving the beat. The company also issued Q2 guidance of approximately $11.2 billion, well above the $10.5 billion consensus. Shares rallied 17% in pre-market trading.

Super Micro Q3 Gross Margin Rebounds, Shares Jump 12%

Super Micro Computer, Inc.(SMCI.US)  reported Q3 revenue of $10.24 billion, up 123% year-over-year but slightly below estimates, while adjusted EPS of $0.84 beat forecasts. The key highlight was gross margin recovery to 10.1%, far above the 6.75% consensus and significantly higher than the prior quarter. Q4 guidance also topped expectations, with revenue projected at $11.0–12.5 billion and EPS of $0.65–0.79. The results eased investor concerns over profitability.

Corning Surges 17% on Long-Term Nvidia AI Partnership

Corning Inc(GLW.US)  shares jumped over 17% pre-market after announcing a long-term partnership with Nvidia to expand U.S. AI infrastructure manufacturing. The deal will see Corning build three new U.S. plants, boosting optical connectivity capacity tenfold and increasing fiber output by more than 50%. The partnership underscores rising demand for AI-related hardware.

Lumentum CEO: Product Demand Far Exceeds Supply, Orders Booked Through 2028

Lumentum Holdings, Inc.(LITE.US)  shares advanced as CEO Michael Hurlston reported record Q3 revenue of $808 million, up 90% year-over-year, with gross and operating margins surging sequentially. He noted that demand for components to connect GPU clusters is rapidly outpacing supply capacity, pushing the company's order backlog all the way into 2028. The optical module giant continues to benefit from AI-driven infrastructure buildouts.

Novo Nordisk Beats Q1 Estimates, Raises 2026 Outlook

Novo Nordisk A/S Sponsored ADR Class B(NVO.US)  shares jumped over 7% pre-market after reporting Q1 net sales of 96.82 billion Danish kroner, up 24% year-on-year, and net profit of 48.56 billion kroner, beating forecasts. Wegovy sales came in at 18.24 billion kroner, slightly above estimates. The company raised its 2026 guidance, now expecting sales to decline 4–12% (adjusted), compared to a prior 5–13% drop, citing a continued expanding global GLP-1 market.