Most Important News

1. Trump Claims US-Iran Talks Nearing Final Stages;
2. OpenAI Files for IPO, Aiming for $1 Trillion Valuation;
3. Inno Holdings Rockets 3,660% on AI;
4. Mizuho Boosts Storage Stocks Amid AI-Driven Demand Surge;

US stock futures rose Tuesday as chip stocks rebounded and oil prices declined. The S&P 500 Index, Nasdaq 100 Index, and Dow Jones Industrial Average futures all gained.

Oil fell 2% after US President Trump hinted at a potential US-Iran deal. Asian markets rose, with Japan's Nikkei 225 and South Korea's Kospi Index leading gains.

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As of 03:54 PM Riyadh Time, top pre-market movements are as follows:

Trump Claims US-Iran Talks Nearing Final Stages

President Trump announced that US-Iran negotiations are in the "final stages," with an agreement expected in "two to three days." Speaking at JFK Airport, Trump noted that Israel and Iran have agreed to a ceasefire after recent escalations. Despite previous claims of imminent deals, no agreement has yet been finalized.

OpenAI Files for IPO, Aiming for $1 Trillion Valuation

OpenAI, the developer of ChatGPT, announced on June 8 that it has secretly filed for an IPO, following its competitor Anthropic. While OpenAI has not disclosed the fundraising details or terms, it suggested the IPO might take some time due to certain private company advantages. Reports indicate OpenAI seeks a valuation of up to $1 trillion, potentially listing as early as September. Anthropic, valued at $965 billion after recent funding, also filed for a US IPO.

Bank of America Warns of Bear Market Signals, Advises Profit-Taking

Bank of America reports that approximately 70% of bear market signals have been triggered, suggesting a market peak. Led by strategist Savita Subramanian, the team advises investors to "take profits." Their June 5 report highlights that 17 of 20 indicators indicate the S&P 500 is "overvalued," with 8 exceeding valuations from the tech bubble era.

Inno Holdings Rockets 3,660% on AI

Inno Holdings, Inc.(INHD.US) shares surged 3,660% Monday after announcing a $3 million AI agent deal for used phone sales. Read in detail>>

Qualcomm Surges After Nvidia CEO Endorsement

Shares of QUALCOMM Incorporated(QCOM.US) rose nearly 4% pre-market before settling at a 3% increase. The boost follows Nvidia CEO Jensen Huang's public endorsement at an event, where he praised Qualcomm's success in mobile devices and suggested buying its stock. Huang humorously noted that he often helps others sell stocks and emphasized the importance of celebrating others' achievements.

Apple Unveils Siri AI, Excludes EU and China for Now

At its annual Worldwide Developers Conference (WWDC), Apple Inc.(AAPL.US) introduced an AI-powered version of its voice assistant, Siri. However, the new Siri AI will not be available in China and the EU initially. Apple stated that Siri AI will be included for free with the upcoming iOS release, but iOS and iPadOS users in these regions will need to wait for regulatory approval before accessing the feature.

Nvidia's Blackwell Chips Face Unprecedented Demand

Wedbush Securities reports that NVIDIA Corporation(NVDA.US)'s Grace Blackwell systems, including the GB300 and B300, are in high demand, with customers finding them increasingly hard to obtain. The firm noted that such severe supply constraints haven't been seen since the Ampere/Hopper cycle, indicating faster-than-expected demand growth. Despite memory supply issues, Nvidia is considered optimally positioned within the tech ecosystem.

Applied Digital Soars Over 11% Pre-Market on $5.2B AI Deal

Applied Digital(APLD.US) surged over 11% pre-market after signing a 15-year lease agreement with a major US hyperscale cloud provider, expected to generate $5.2 billion in revenue. The deal covers 210 MW of computing capacity at its new AI Factory campus, Delta Forge 2. While details on the client remain undisclosed, the company noted this is its third long-term agreement with the same investment-grade enterprise.

Jabil Gains Over 4% Pre-Market Backed by Influencer

Jabil Inc.(JBL.US) rose over 4% pre-market after influencer Serenity praised it on X, highlighting its attractiveness as a long-term investment at a $38 billion market cap. Serenity noted that the market hasn't fully priced Jabil's 1.6T LRO pluggable optical module business, suggesting potential for further growth.

UK Reviews Palantir’s $441M NHS Contract Amid Criticism

The UK is scrutinizing Palantir(PLTR.US)’s $441M contract with the NHS, awarded in 2023 to build a healthcare data platform. Under political pressure, the government may invoke termination clauses when the initial term ends in early 2027. UK Tech Secretary Liz Kendall stated that the review will assess privacy, public trust, and reliance on US suppliers before deciding whether to extend or end the deal.

GSK to Acquire Nuvalent for $10.6 Billion, Expanding Cancer Drug Portfolio

GlaxoSmithKline plc Sponsored ADR(GSK.US) has agreed to acquire Nuvalent, Inc. Class A(NUVL.US) for $10.6 billion, paying $124 per share—a 40% premium over Monday's closing price. This acquisition marks a significant expansion of GSK’s cancer business, which has been growing since its return to the field in 2019. It is the first major purchase under CEO Luke Miels, who aims to revitalize GSK and address investor concerns about its pipeline.

Mizuho Boosts Storage Stocks Amid AI-Driven Demand Surge

Mizuho Securities raised price targets for Sandisk Corporation(SNDK.US), Seagate Technology Holdings PLC(STX.US), and Western Digital Corporation(WDC.US), citing AI’s role in driving imbalances in the storage market. Targets for Sandisk Corporation(SNDK.US) rose to $2,200, Seagate Technology Holdings PLC(STX.US) to $1,090, and Western Digital Corporation(WDC.US) to $685, maintaining “outperform” ratings. Analysts, led by Vijay Rakesh, forecast AI-related demand to stress DRAM and NAND supply through 2028, with eSSD as a key growth driver. Broadcom Limited(AVGO.US) and Micron Technology, Inc.(MU.US) were also highlighted for upside potential.