Most Important News

1. US Supreme Court Ends "Illegal" Tariff; New 15% Global Tax Begins;
2. OpenAI's $500 Billion "Stargate" Project Faces Stalemate Amid Leadership Disputes;
3. NVIDIA to Finalize $30B Investment in OpenAI;
4. Google Increases Data Center Investment to Compete with NVIDIA;

US stock futures fell on Monday after President Donald Trump said he’s raising his global tariffs to 15% following the Supreme Court’s decision to strike down the president’s “reciprocal” tariffs.

As of 08:24 EST (or 4:24 PM in Riyadh), Dow Jones Industrial Average futures dropped 231 points, or 0.47%. S&P 500 futures and Nasdaq-100 futures slid 0.42% and 0.58%, respectively.

Silver surged nearly 2% intraday, nearing $88, while gold briefly surpassed $5,150. Bitcoin dipped below $65,000 during the day but has since recovered slightly, reducing its daily loss to under 2%.

As of 04:30 PM Riyadh Time, top pre-market movements are as follows:

US Supreme Court Ends "Illegal" Tariff; New 15% Global Tax Begins

The US Customs and Border Protection announced the cessation of tariffs under the International Emergency Economic Powers Act, effective February 24. This follows the Supreme Court ruling that deemed the tariffs overreaching. Trump subsequently announced that starting February 24, 2026, a new 15% import tax will apply to goods from all countries. The suspension does not affect other tariffs.

Burry: Tech Giants Hide AI Costs, Inflate Profits

Michael Burry warns Microsoft Corporation(MSFT.US), Alphabet Inc. Class C(GOOG.US), and Meta Platforms(META.US) use 'sinister' accounting to hide AI costs, boost profits by 20%. Read in detail>>

Global Mining Giants Align on Copper as Strategic Priority

Bank of America analysts note that major mining companies such as BHP Group Ltd Sponsored American Depositary Receipt Repr 2 Shs(BHP.US), Rio Tinto plc Sponsored ADR(RIO.US), and GLENCORE PLC(GLNCY.US) are prioritizing copper, with capital expenditures surging to over 50% of their previous peaks. BofA maintains a bullish outlook on copper, forecasting prices to reach $15,000/ton. The firm highlights this as the 7th month in an earnings upgrade cycle, with copper, gold, coal, nickel, and zinc all seeing upward revisions after three years of downgrades.

OpenAI's $500 Billion "Stargate" Project Faces Stalemate Amid Leadership Disputes

The ambitious "Stargate" initiative, jointly launched by OpenAI, Oracle Corporation(ORCL.US), and SOFTBANK GROUP CORP(SFTBY.US), remains stagnant one year after its announcement. According to insiders, the venture has yet to staff its team or begin development on OpenAI's data centers. Disagreements over leadership, role allocation, and partnership structure among the three parties have stalled progress, leaving the $500B project in limbo.  

Tech Stocks Decline in Pre-Market Trading

In pre-market activity, several tech stocks showed declines. Micron Technology, Inc.(MU.US) dropped over 2%, while ASML Holding NV ADR(ASML.US) and Advanced Micro Devices, Inc.(AMD.US) fell more than 1%. Amazon.com, Inc.(AMZN.US) and Tesla Motors, Inc.(TSLA.US) also experienced nearly 1% decreases.

NVIDIA to Finalize $30B Investment in OpenAI

NVIDIA Corporation(NVDA.US) is nearing a $30 billion investment deal with OpenAI, replacing their previous $100 billion long-term collaboration agreement. The investment is part of OpenAI's latest large-scale fundraising round. Sources suggest that negotiations are in the final stages, and the deal could be finalized as early as this weekend.

Novo Nordisk Shares Plummet Pre-Market

Novo Nordisk A/S Sponsored ADR Class B(NVO.US) shares plunged over 14% pre-market after releasing CagriSema trial data, while competitor Eli Lilly and Company(LLY.US) rose more than 2%. Novo Nordisk reported that its CagriSema showed a 23% weight loss in the REDEFINE 4 trial but failed to meet primary goals. The effectiveness of CagriSema did not match Eli Lilly and Company's Tirzepatide in clinical trials.

NVIDIA Reenters Consumer PC Market with New Laptop Chips

NVIDIA Corporation(NVDA.US) is making a comeback in the consumer PC market by launching new laptop chips, aiming to extend its AI expertise into everyday devices and integrate deeply into next-gen PC ecosystems. Major manufacturers like Dell Technologies, Inc. Class C(DELL.US)and Lenovo will release laptops with Nvidia chips this year. The Wall Street Journal reports that Nvidia-MediaTek chips may debut in PCs by mid-year. NVIDIA is also collaborating with Intel Corporation(INTC.US), which controls 70% of the Windows PC chip market. Analysts suggest Nvidia's strategy focuses on long-term consumer engagement in an AI-driven era. NVIDIA will announce its Q4 and annual earnings this Wednesday post-market.

Merck to Split Cancer Business Ahead of Keytruda Patent Expiry

Merck & Co., Inc.(MRK.US) plans to divide its human health unit into two segments to address challenges posed by Keytruda's patent expiry, according to the Wall Street Journal. One division will focus on oncology drugs, including Keytruda, while the other will handle non-cancer medications.  

Google Increases Data Center Investment to Compete with NVIDIA

Reports indicate that Alphabet Inc. Class A(GOOGL.US) is exploring ways to expand its presence in the AI chip market, leveraging its financial strength to build a broader AI ecosystem and better compete with market leader NVIDIA Corporation(NVDA.US). To expand its potential market, Google is increasing financial support for new cloud partner companies like Fluidstack, enabling them to offer computing power to a wider customer base.

• Domino's Pizza, Inc.(DPZ.US) gained over 5% pre-market after reporting Q4 revenue of $1.54B, beating the $1.52B estimate and marking a 6.4% YoY increase. The company also raised its quarterly dividend by 15% to $1.99 per share.  
• Arcellx, Inc.(ACLX.US) surged over 77% pre-market as Gilead Sciences, Inc.(GILD.US) announced plans to acquire the company for $115 per share.