Daily US Equity Opening News - NVDA CEO expects China to allow US AI chips; GOOG & BX plan US AI cloud venture

DAY AHEAD:

US INDEX FUTURES: ES -0.4%, NQ -0.7%, YM -0.2%, RUT -0.5%
BROKER MOVES: STUB upgraded at Guggenheim; ZETA reinstated at BofA. For the full list, click here.
MAJOR MORNING MOVES RECAP: Mag-7, BX, AKAM, ADI, HD, STUB. For the full list, click here.
US DAILY CONFERENCE CALENDAR: T, HON, CARR, AMT, GLW, KLAC, V, GS, ADP, GILD, GOOGL, NFLX, MA, CRWV, HOOD, JNJ. For the full list, click here.
EVENTS: US President Trump will sign executive orders at 16:30EDT/21:30BST. EU officials will meet to finalise legislation for the bloc’s US trade deal. Russian President Putin will travel to Beijing for talks with Chinese President Xi. Japanese PM Takaichi and South Korean Lee will meet, as the sides seek stronger economic ties amid uncertainty from the Iran war and shifting US-China dynamics. Alphabet (GOOG) Google I/O developer conference takes place between 19-20th May.
DATA: In the US, pending home sales (prev. 1.5% M/M; prev. -1.1% Y/Y) is due.
CENTRAL BANKS: Fed Governor Waller (voter, dove) will participate on a panel. Afterhours, Fed’s Paulson (2026 voter) will give a keynote address at an Atlanta Fed conference.
ENERGY: After the close, API weekly energy inventories will be published. WTI June 2026 futures expire.
EARNINGS: Notable corporate earnings reports due to be released today include: Keysight Technologies (KEYS), Toll Brothers (TOL).

NEWS:

TECH

Nvidia (NVDA) - Nvidia CEO Jensen Huang told Bloomberg that he expects China to eventually allow imports of US AI chips; added that China must decide how much of its local market to protect, stating that his sense is that, over time, the market will open.
Samsung Electronics (SSNLF) - Samsung Electronics and its South Korean labour union are narrowing differences in talks aimed at averting what could become the company’s biggest-ever strike, Reuters reports. Industry observers estimate a strike could cost the South Korean economy up to KRW 100tln.
TSMC (TSM) - A DigiTimes commentary notes that TSMC’s Arizona fab turned profitable, and could exceed TWD 100bln in FY profits. It says that the turnaround was driven by lower construction and operating costs, strong AI-related demand from customers, including Nvidia (NVDA) and AMD (AMD), and US government support for domestic manufacturing.
Analog Devices (ADI) - In advanced talks to acquire Empower Semiconductor for USD 1.5bln in cash, Bloomberg reports. A deal could be announced as soon as today, sources said.
AMD (AMD) - Chinese Vice Premier He met AMD CEO Su in Beijing, with state media highlighting the talks as a sign China remains open to AI chip cooperation with US firms, DigiTimes reports. AMD said it plans to expand investment and business in China despite export-control uncertainty.
Intel (INTC) - Intel Foundry is gaining momentum under CEO Lip-Bu Tan, with the company citing improving 18A yields and growing customer interest, DigiTimes reports. A separate report from Bloomberg has said Intel could hold more than 60% of US sub-7nm wafer capacity by 2027; Deutsche Bank has highlighted potential foundry partnerships with Apple (AAPL).
Akamai Technologies (AKAM) - Akamai Technologies shares slipped in extended trading after it said it will offer USD 1.3bln of 0% convertible senior notes due 2030, and USD 1.3bln due 2032, subject to market factors and other conditions.
OpenAI vs xAI - A jury rejected Elon Musk’s claims that OpenAI under Sam Altman abandoned its public-benefit mission by becoming a for-profit company. Jurors found Musk waited too long to sue, while OpenAI said the case was an attempt to undermine a competitor. Microsoft (MSFT) welcomed the verdict.
Agilysys (AGYS) Q4 2026 (USD): Adj. EPS 0.63 (exp. 0.50), Revenue 82.9mln (exp. 81.56mln); sees FY27 revenue of 365-370mln (exp. 363.59mln).
SiTime (SITM) - Announced a proposed USD 1.1bln convertible senior notes offering.
Zeta Global Holdings (ZETA) - BofA reinstated coverage of Zeta Global with a 'Buy' rating and USD 24PT. Investors have "miscast - and mispriced" Zeta as a cyclical digital advertising company, but the firm thinks the fundamentals point to a high-growth cash-generating platform with durable advantages, driven by Zeta's ability to consistently capture share of digital marketing and advertising budgets.
Gilat Satellite (GILT) - Announced that the Boeing (BA) and Gilat have reached a milestone toward offering Gilat's multi-orbit Sidewinder electronically steered antenna as a future line-fit solution for in-flight connectivity service providers. Through IFC integration partners, Boeing will offer a line-fit Sidewinder terminal installation to accelerate the adoption of advanced in-flight broadband connectivity.

COMMUNICATIONS

Alphabet (GOOG) - Google I/O developer conference takes place between 19-20th May. Google is expected to announce new Gemini AI features, Android XR updates and software developments across phones, laptops and wearables. The conference follows Google’s recent unveiling of Googlebooks laptops and Google Health initiatives integrating Gemini capabilities.
Alphabet (GOOG), Blackstone (BX) - Blackstone and Google are forming a joint venture to provide AI compute infrastructure using Google’s TPU chips through a standalone compute-as-a-service platform, which is intended to compete with companies including CoreWeave (CRWV). Blackstone will invest an initial USD 5bln, with the first 500 MW of capacity expected online in 2027 and plans for major future expansion. Google will supply TPUs, hardware, software, and services, while longtime Google infrastructure executive Ben Treynor Sloss will lead the new company as CEO.
AT&T (T) - Feels really good about its cash and EBITDA growth driven by cost discipline and restructuring, and sees the Co. exiting a decade as a metropolitan fibre business with a top class national wireless footprint.
Meta Platforms (META) - Meta is reassigning 7,000 workers into AI roles as part of a restructuring that includes planned job cuts, Bloomberg said. The changes will create flatter, smaller teams focused on AI products, including agents and apps.
StubHub (STUB) - Upgraded at Guggenheim to 'Buy' from 'Neutral' with a USD 12.50 PT (prev. 8.50). The company reset Street expectations for this year and next, and the bar is now "extremely low" on direct issuance and advertising. The firm believes any progress shown by StubHub "would represent upside optionality." In addition, several items should accelerate the company's growth starting in Q2, including the World Cup, lapping all-in pricing, and easy Q4 compares. The firm also sees StubHub's core secondary business continuing to take share both in North America and globally.

CONSUMER DISCRETIONARY

Home Depot (HD) Q1 2026 (USD): EPS 3.43 (exp. 3.41), Revenue 41.8bln (exp. 41.61bln), Q1 SSS 0.6% (exp. 0.8%). The CEO said demand was relatively similar to FY25, despite greater consumer uncertainty and housing affordability pressure. CFO said the homeowner is perhaps more financially protected than other consumer cohorts, so HD continues to see engagement. Reaffirmed FY26 guidance for total sales growth about 2.5%-4.5%, comparable sales growth about flat to 2.0% (exp. 1.4%), EPS growth about flat to 4.0% from 14.23 and adj. EPS growth is about flat to 4.0% from 14.69.
Amer Sports (AS) Q1 2026 (USD): Adj. EPS 0.38 (exp. 0.31), Revenue 1.95bln (exp. 1.83bln); raised FY26 adj. EPS view to 1.18-1.23 (exp. 1.21, prev. 1.10-1.15) and sees Q2 EPS at 0.08-0.10 (exp. 0.07).
Tapestry (TPR) - Said it expects roughly 70% of future growth to come from international markets, with expansion focused on China and Europe, Reuters reports. The company sees strong potential in younger Chinese consumers and said it remains focused on organic growth rather than acquisitions, aiming to build on Coach’s momentum and revive growth at Kate Spade.
Shake Shack (SHAK) - Disclosed that its CEO Robert Lynch and Director Daniel Meyer bought 5K and 32.3K shares of common stock on May 15 in transaction sizes of USD 0.3mln and USD 2.0mln.
Nissan (NSANY) - Nissan mulls exporting Chinese-made EVs to Canada; the vehicles would be built through its JV with Dongfeng, with Nissan also targeting markets including Brazil and Mexico, BBG notes.
Tesla (TSLA) - Cautious mention in Bloomberg, which notes that the imminent SpaceX IPO could divert investor attention and capital away from Tesla. The article cites analysts who say SpaceX’s stronger competitive position and growth prospects may split Elon Musk’s retail investor base, while some investors could rotate funds from Tesla into SpaceX.
Evolution (EVO) - Evolution will buy back EUR 2bln of shares to optimise its capital structure and reduce share capital; the company also entered a EUR 300mln revolving credit facility to maintain financial flexibility.
Bally’s (BALY) Q1 2026 (USD): Revenue 755.7mln (exp. 769.47mln). The CEO said it delivered solid Q1 results across the enterprise and continues to make progress on growing and diversifying its global footprint, delivering operational synergies and strengthening its balance sheet. Said economic conditions in its operating markets remain stable.

FINANCIALS

Big Banks - US regulators may unveil a plan this week to overhaul the secret CAMELS ratings framework used to assess banks, Bloomberg reports. The ratings determine scrutiny, permitted activities and capital requirements for financial institutions.
US Trade-Through Rule - The White House is reviewing whether to amend or scrap the trade-through rule requiring trades to honour the national best bid or offer, Bloomberg reports. The rule applies to exchanges and firms, including Citadel Securities and Virtu Financial; SEC Chair Paul Atkins argued it increased market fragmentation and costs.
JPMorgan (JPM), Goldman Sachs (GS) - New York Mayor Mamdani met JPMorgan CEO Dimon and Goldman Sachs CEO Solomon on Monday, following talks with Blackstone’s (BX) Gray and executives at Bank of America (BAC), as he faces business criticism over proposed taxes on wealthy residents and second homes.
MSCI Inc. (MSCI) - MSCI chairman and CEO Henry Fernandez purchased 4,000 shares at USD 562.40/shr, for a total USD 2.25mln; he now directly owns 1.73mln shares.
Lloyds Banking Group (LYG) - Lloyds Banking Group is preparing a US infrastructure investing push focused on sectors including data centres and green energy, the FT reports. The expansion would form part of the bank’s corporate and institutional business strategy and include lending to US companies and UK clients with US operations.
Standard Chartered (SCBFF) - Standard Chartered said it aims to cut corporate function roles by roughly 15% by 2030, while targeting RoTE above 15% in 2028 and about 18% in 2030. It also said shareholders and noteholders accepted its non-binding offer to acquire Zodia Custody.
Tokenised Stocks - The SEC is preparing a framework for trading tokenised versions of stocks, and could release an “innovation exemption” for tokenised securities as soon as this week under the Trump administration’s broader push to ease crypto market rules, Bloomberg said.

INDUSTRIALS

United Airlines (UAL) - Said it is seeing double-digit gains in bookings as more people plan to fly to catch summer's can't-miss moments; these incl. solar eclipse, World Cup and concerts.
ZIM Integrated Shipping (ZIM), Hapag-Lloyd (HPGLY) - ZIM has approved a USD 4.2bln takeover by Hapag-Lloyd and FIMI Opportunity Funds, but businessman Haim Sakal and Israeli investors have made a rival all-cash USD 4.5bln bid, FreightWaves reports. The new offer reportedly includes a USD 250mln employee bonus package and pledges to keep the fleet and operational headquarters under Israeli control.
SpaceX - A contractor working at SpaceX’s Starbase headquarters in Texas died in a workplace incident on 15th May, Bloomberg reports. The Cameron County Sheriff Department confirmed it responded to the fatal incident but did not disclose the victim’s identity or the cause of the accident.
Lockheed Martin (LMT) - The State Department approved potential military sales worth up to USD 4.2bln to South Korea; the package includes up to 24 MH-60R Seahawk helicopters (made by Lockheed Martin’s Sikorsky), along with navigation, sonar and related equipment. Separately, Lockheed received a USD 879.1mln Navy order for Lot 18-19 aircraft armament equipment to support F-35 delivery schedules.
Delta Air Lines (DAL) - Delta CEO said the carrier will prioritise international expansion via partnerships rather than pursue consolidation in the US aviation market, Bloomberg reports. The CEO said Delta would not proactively seek domestic deals despite high fuel prices and a transaction-friendly US administration.
Leonardo DRS (DRS) - Leonardo DRS launched the Tenum 640 Orbit uncooled long-wave infrared thermal camera module for unmanned air, ground and maritime platforms. The company will debut the product at SOF Week in Florida.
Thyssenkrupp (TKAMY) - Thyssenkrupp will close its Terre Haute plant in Indiana, as part of its automotive technology restructuring, WSJ reports. Production will be wound down by 31st March 2027, with around 230 jobs affected.

ENERGY

BP (BP) - BP’s Whiting, Indiana refinery (440k BPD) lockout has extended to three months now, as contract talks remain unresolved, Reuters reports. The dispute affects around 800 workers, though BP continues operations at the refinery.
Shell (SHEL) - CEO said acquiring BP (BP) is not on their radar. Still sees undervaluation in Shell shares.
Permian Basin Royalty Trust (PBT) - SoftVest and Blackbeard signed a preliminary non-binding term sheet for a proposed combination with Permian Basin Royalty Trust, forming a new Texas-incorporated NYSE-listed company. Former PBT unitholders would own about 58% of New PubCo, with Blackbeard and affiliates owning about 42%.
Mexico Floating Gas Plant - Mexico signed a deal to send a floating gas power plant to the Yucatan peninsula to boost electricity generation and strengthen the grid against seasonal blackouts.
Australia Energy - Australia secured additional supplies of jet fuel from China and urea from Brunei as the Iran war strains markets; three jet-fuel cargoes totalling more than 600k bbls are expected from early June, with more potentially to follow, Bloomberg said. Shell Australia chair Cecile Wake warned that Australia must urgently invest in more natgas production to avoid a domestic shortfall later this decade, as the Middle East conflict has highlighted global dependence on oil and gas.
India Fuel Prices - India’s state-run refiners raised diesel and gasoline prices for the second time in less than a week as the Iran war lifted crude prices. New Delhi diesel rose 1% to INR 91.58/litre, while gasoline increased 0.9% to INR 98.64/litre.

HEALTHCARE

Medicare - The US SCOTUS declined to hear challenges from AstraZeneca (AZN LN), Boehringer Ingelheim, Bristol Myers Squibb (BMY), Janssen (JNJ), Novartis (NOVN SW) and Novo Nordisk (NVO) to Medicare drug price negotiations, Axios reported. Axios said it is the latest rebuff to industry arguments that the talks with the government violate free speech protections and due process rights, among other complaints.Notes that negotiated prices are expected to save patients USD 1.5bln and Medicare USD 6bln.
Boston Scientific (BSX) - Reported positive Phase IDE trial results for its Seismiq 4CE coronary lithotripsy catheter in severely calcified coronary artery disease. The FRACTURE trial met primary safety and effectiveness endpoints, showing high procedural success and strong freedom from major adverse cardiac events at 30 days. The device achieved 100% successful stent delivery and favorable stent expansion results, with findings presented at EuroPCR 2026.
TrumpRx - The Trump administration is adding more than 600 generic drugs to the DTC consumer prescription platform TrumpRx. President Trump said the site will incorporate tools linking patients to lower-priced local pharmacies or home delivery, in partnership with Mark Cuban’s Cost Plus Drug, Amazon Pharmacy (AMZN) and GoodRx. Eli Lilly (LLY) and Novo Nordisk (NVO) obesity drugs have been listed on TrumpRx since its February launch.
Sanofi (SNY) - Sanofi said efdoralprin alfa met its Phase 2 primary endpoint in AATD, with dosing every three weeks producing mean fAAT trough-level increases more than three times higher than weekly plasma-derived protein therapy.
Relay Therapeutics (RLAY) - Reported promising Phase 2 data for zovegalisib in vascular anomalies, with 60% of patients achieving a volumetric response at 12 weeks and most showing symptomatic improvement. The treatment demonstrated a favorable safety profile with no discontinuations due to adverse events, supporting potential chronic use. Expansion cohorts are underway, while pediatric dose-finding continues.
Roche (RHHBY) - Roche will present new data from nine approved and investigational medicines across more than 15 indications at ASCO 2026 (29th May-2nd June); data include persevERA results for first-line giredestrant plus palbociclib in advanced endocrine-sensitive disease.

MATERIALS

China Aluminium Output - China’s aluminium smelters hit record daily output of 129,000 tons last month, driven by record margins and shortages linked to the Iran war, Bloomberg reports. Citigroup’s analysts expect prices to rise further as the market faces its biggest supply shock in 50 years.
X-Energy (XE), Dow Inc. (DOW) - The NRC completed its Environmental Assessment for Dow and X-energy’s Construction Permit Application for an advanced nuclear project in Seadrift, Texas, issuing a Finding of No Significant Impact. The Long Mott Generating Station would supply electricity and industrial steam to Dow’s UCC Seadrift Operations.

UTILITIES

California Wildfires - A fast-moving wildfire near Simi Valley, California, burned nearly 1,400 acres and prompted evacuations as high winds fuelled the blaze, Bloomberg reports. PG&E (PCG) cut power to about 20,000 homes and businesses to reduce fire risks. Shares in Edison International (EIX) and PG&E fell in late US trading.

CONSUMER STAPLES

Estee Lauder (EL) - Said discussions with Puig over a potential merger are ongoing, though no agreement has been announced yet.
Target (TGT) - Plans to name a former Walmart executive as its new head of supply chain as it tries to reverse years of sluggish sales, WSJ reports. On Tuesday, Target is expected to appoint Jeff England as its chief global supply-chain and logistics officer, replacing longtime Target executive Gretchen McCarthy.

GEOPOLITICS

US-Iran - President Trump said he called off a planned 19th May US strike on Iran after requests from Qatar, Saudi Arabia and the UAE, saying negotiations on a deal were advancing. Trump warned the US remained ready to launch a “full, large-scale assault” if talks fail.
Iran - US officials told the NYT that Iran used the ceasefire to reopen dozens of bombed ballistic missile sites, move mobile missile launchers and adjust its tactics ahead of possible renewed attacks.
US Caribbean Strikes - The Pentagon will investigate whether US boat strikes in the Caribbean followed targeting guidelines, Bloomberg reports. The probe covers targeted vessels in the US Southern Command’s area under Operation Southern Spear.
US-Russia Oil Waiver - The US Treasury extended for 30 days a sanctions waiver allowing purchases of Russian seaborne oil to support energy-vulnerable countries affected by the Iran war and Strait of Hormuz closure, Reuters reports. Treasury Secretary Bessent said the measure would help stabilise crude markets. Democratic senators criticised it as an “indefensible gift” to Russian President Putin.
Russia-China - Russia President Putin will travel to Beijing today for talks with China President Xi, as Russia seeks to deepen energy links with China, Bloomberg reports. Russia hopes Middle East energy market turmoil will support negotiations on gas prices for the planned Power of Siberia 2 pipeline.

TRADE

US-EU - EU officials will meet to finalise legislation for the bloc’s US trade deal. Analysts note that missing President Trump’s 4th July deadline risks higher tariffs, after the President threatened to raise tariffs on European auto imports to 25% from 15%.

MACRO

US Treasuries - Foreign holdings of US Treasuries fell by USD 138.4bln in March from a record high as overseas investors sold bills while increasing holdings of longer-dated securities. Separately, a senior Japanese MoF official questioned selling US Treasuries to support the JPY, stating that such sales could raise US yields and weaken the JPY, adding that Japan has enough cash and deposits for intervention when needed, Bloomberg reports.
Japan Bonds - Japan is working to diversify buyers of JGBs as the BoJ reduces purchases, Yomiuri reports. The government aims to limit excessive interest-rate rises and debt-servicing costs by increasing sales to overseas and individual investors. Separately, Japan’s FinMin Katayama said she will consider bond-market conditions when funding new spending to address Middle East conflict risks.
Japan Growth - Japan’s real GDP grew 0.5% in Q1 (exp. 0.4%), and 2.1% annualised, which analysts said supports the case for another BoJ rate hike as the Middle East conflict lifts inflation risks.
Indonesia Issuance - Indonesia began marketing 5yr and 10yr USD bonds, and may add a EUR tranche when London markets open, according to Bloomberg. The sale comes as the Iran conflict raises concerns over Indonesia’s economic vulnerability.
RBA - RBA’s Hunter said policymakers are increasingly concerned about inflation expectations becoming unanchored as the Iran war-driven oil shock adds to existing price pressures.