Daily US Equity Opening News - AVGO rises after results; NVDA halts China-bound H200 production

TODAY'S AGENDA:

US INDEX FUTURES: ES -0.3%, NQ -0.4%, YM -0.6%, RUT -0.9%
DAY AHEAD: US Factory orders data for January is due. In speakers, Fed's Bowman (voter, dove; no text expected, but there will be a Q&A); ECB President Lagarde and ECB Machado (supervisory) are due to deliver remarks. Notable corporate earnings due today include Costco (COST), Marvell (MRVL), Cooper Companies (COO), and Gap (GAP).
BROKER MOVES: META upgraded at Erste Group, downgraded at Arete. For the full list, click here.
MAJOR MORNING MOVES RECAP: AVGO, NVDA, BRK.B, TTD, IREN, MS. For the full list, click here.
US DAILY CONFERENCE CALENDAR: CRWD, CAT, CSCO, BMY, PFE, EPD, FCX. For the full list, click here.

GEOPOLITICS

Iran, Israel, US - Israel launched another wave of large-scale strikes on Tehran and targeted Hezbollah command centres in Beirut, while Iran fired additional missiles toward Israel and Saudi Arabia said it intercepted drones and missiles. The US Senate rejected a resolution to limit President Trump’s authority to conduct military operations against Iran without congressional approval, while Defence Secretary Pete Hegseth said the US can sustain its air campaign indefinitely. US officials have discussed sending special operations teams into Iran to target senior IRGC, according to the Middle East Eye. US Secretary of War Hegseth held a call with Israeli Minister Katz, in which Hegseth is reported to have said "keep going until the end, we're with you."
US Senate - The US Senate cleared the way for President Trump to continue military strikes on Iran after a Democratic-backed attempt to halt the attacks failed a procedural vote, largely along party lines.
US-Asia Crude - Shipping crude from the US to Asia reached record costs as widening Middle East fighting disrupted global energy markets, Bloomberg reports.
China Diesel, Gasoline - China ordered its largest refiners to temporarily halt diesel and gasoline exports as the escalating Iran conflict disrupts crude supply from the Persian Gulf, Bloomberg reports citing sources.
Russia-India - Two Russian Urals crude cargoes totaling about 1.4mln barrels have diverted to India from East Asia, ship-tracking data show, suggesting Indian refiners are turning back to Russian oil as the Iran war disrupts Middle East supply, Bloomberg said.
US-South Korea - The US military reaffirmed its commitment to defending South Korea after reports said Washington may redeploy some regional military assets to the Middle East as the conflict with Iran escalates.

MACRO

China - China set its 2026 GDP growth target at between 4.5-5%, the lowest since 1991, as Beijing seeks flexibility to manage economic challenges including weak consumption, a property-sector crisis, slowing population growth and global trade tensions. China pledged also its strongest effort yet to end deflation, with Premier Li saying the government will steer overall price levels back into positive territory after three years of falling prices that have weighed on profits and wages. China will keep its budget deficit target at around 4% of GDP in 2026, maintaining the record-high level set in 2025 as Beijing continues fiscal stimulus to support growth amid domestic economic challenges and rising geopolitical risks. China will target overcapacity in the steel and oil refining sectors with plans for orderly capacity reductions. Elsewhere, China plans to increase defense spending by 7% in 2026 to about CNY 1.91tln, the slowest pace of growth since 2022, but continuing a steady multi-year expansion as global military budgets rise.
Fed Chair Nomination - President Trump formally nominated former Fed Governor Kevin Warsh to succeed Jerome Powell as Fed chair when Powell’s term ends in May. Senator Thom Tillis said he will block any Fed nomination while a DoJ probe into Powell remains open, complicating Senate Banking Committee approval.

TRADE

US Tariffs - A federal trade court judge ordered the Trump administration to halt a key step in the tariff payment process to simplify potential refunds after the US Supreme Court struck down the president’s global levies. Judge Richard Eaton directed Customs and Border Protection to stop calculating the emergency tariffs on importers’ customs paperwork. The Trump administration said in a court filing it will pay interest on any refunds owed to importers; officials have not committed to returning all duties already paid or outlined how the refund process would work, reports note.

TECH

Data Centres - President Trump and executives from companies including Amazon (AMZN), Google (GOOG), OpenAI, Meta (META), Microsoft (MSFT), Oracle (ORCL) and xAI backed a “ratepayer protection pledge” under which AI data centre developers commit to build or supply their own electricity, and pay for related grid infrastructure. Energy experts said the voluntary pledge is unlikely to fully prevent electricity price increases driven by rising power demand from AI, Politico reports.
Broadcom (AVGO) - Broadcom shares rose in extended trading after the company reported quarterly earnings and revenue above expectations, and issued stronger-than-expected revenue guidance, driven by robust demand for AI chips. Q1 2026 (USD): Adj. EPS 2.05 (exp. 2.02), Revenue 19.31bln (exp. 19.14bln). AI semiconductor revenue reached 8.4bln (+106% Y/Y), driven by strong demand for custom AI accelerators and AI networking solutions. The board authorised a USD 10bln share repurchase programme through December 2026. The CEO said the company delivered record quarterly revenue on continued strength in AI semiconductors, adding that growth in AI revenue is accelerating as customers expand deployments of custom accelerators and networking infrastructure. Management noted Broadcom now has six AI customers and announced a new partnership with OpenAI, expected to deliver more than one gigawatt of compute capacity in 2027, while demand from large customers such as Anthropic could reach around three gigawatts in FY27. Sees Q2 revenue of ~22bln (exp. 20.4bln) and Q2 semiconductor revenue of 14.8bln, with adj. EBITDA around 68% of revenue, gross margin roughly 77% and a tax rate of about 16.5%. Sees Q2 AI chip revenue at 10.7bln, and indicated AI chip revenue could exceed 100bln in FY27.
Nvidia (NVDA) - Halted production of China-bound H200 AI chips and reallocated manufacturing capacity at TSMC (TSM) to its next-generation Vera Rubin hardware, the FT reports. The move follows US export controls and licensing restrictions, with Nvidia previously receiving approval to ship only small amounts of H200 chips to Chinese customers.
Hon Hai Precision Industry Co. (HNHPF) - Foxconn February revenue TWD 596.8bln (+8.1% Y/Y; vs TWD 730bln in January, which was +36% Y/Y); adds that visibility in Q1 is aligned with market expectations.
OpenAI, Nvidia (NVDA) - Nvidia CEO Jensen Huang said the company is unlikely to invest USD 100bln in OpenAI, despite previously pledging up to that amount. Speaking at a Morgan Stanley conference, Huang cited OpenAI’s plans to go public, potentially by the end of the year, as limiting further large investments. Reports also said that OpenAI has selected law firms Cooley and Wachtell to assist with preparations for a potential IPO, according to The Information.
Anthropic - Anthropic is back in negotiations with the Defense Department over a contract governing military use of its Claude AI models, after earlier talks collapsed and the Trump administration directed agencies to stop using the company’s tools, FT reports. The talks follow disputes over limits on surveillance and other potential uses of the technology. Separately, Reuters reports that The Information Technology Industry Council, whose members include Nvidia (NVDA), Amazon (AMZN) and Apple (AAPL), told US Defense Secretary Hegseth it is concerned about the potential designation of Anthropic as a supply-chain risk; the group said such a move could create uncertainty and threaten the military’s access to products and services from American technology companies.
Foxconn (2317 TT) February (TWD): Revenue 596.8bln, +8.1% Y/Y; (prev. 730bln in January, +36% Y/Y); notes visibility into Q1 aligns with market expectations. The seasonal performance for Q1'26 is expected to be better than the range of the past 5 years.
MongoDB (MDB) - Upgraded at Scotiabank to 'Outperform' from 'Sector Perform' with a USD 310 PT (prev. 275). The firm views shares at the "current reset level as an attractive buying opportunity. The firm believes much of the "crowding" in the stock seems "washed out" following the earnings report and believes an upside case for MongoDB's revenue is over 23% in fiscal 2027, even on tough compares.
Ciena (CIEN) Q4 2025 (USD): Adj. EPS 1.35 (exp. 1.17), Revenue 1.43bln (exp. 1.4bln); sees Q2 revenue of 1.45-1.55bln (exp. 1.44bln) and FY26 revenue of 5.9-6.3bln (exp. 5.96bln).
Rigetti Computing (RGTI) Q4 2025 (USD): Non-GAAP EPS -0.03 (exp. -0.03), Revenue 1.9mln (exp. 2.33mln).
SK Hynix (HXSCL) - Said it has sufficient helium inventory and does not expect its semiconductor production to be impacted by the Iran crisis.
Duolingo (DUOL) - Director James Shelton bought 5k shares on 3rd March, for a total USD 498.8k.
Okta (OKTA) Q4 2025 (USD): Adj. EPS 0.90 (exp. 0.85), Revenue 761mln (exp. 749.5mln). The CEO said performance was driven by continued adoption of the company’s unified identity platform among large enterprises, adding that the rise of AI is increasing the need to secure identities, including AI agents. Sees Q1 EPS between 0.84-0.86 (exp. 0.87), Q1 revenue at 749-753mln (exp. 755mln), with current RPO expected between 2.44-2.45bln. Sees FY27 EPS between 3.74-3.82 (exp. 3.67) and FY27 revenue of 3.17-3.19bln (exp. 3.17bln).

COMMUNICATIONS

Meta Platforms (META) - Said it plans to develop custom processors to train future AI models, expanding its in-house silicon efforts beyond current ranking and recommendation workloads. CFO said the company has already deployed custom chips at scale for some workloads, and expects to broaden their use over time. Meanwhile, Meta was downgraded at Arete to 'Neutral' from 'Buy' with a USD 676 PT (prev. 732). The firm said the company is "lagging" on AI monetization and its "surging" investments will lead to margin declines. Meta's commitment to an open-ended investment cycle means the end of the efficiency gains it achieved since 2022. Arete argues Meta's expenses are rising faster than sales and that it "lacks the deep pool" of third party demand that Google and Amazon have for cloud capacity.
News Corporation (NWS), Meta Platforms (META) - Meta signed a multiyear AI content licensing agreement with News Corp worth up to USD 50mln per year, WSJ reports. The deal, set to run for at least three years, allows Meta to use News Corp content from the US and UK to train AI models and retrieve information for its AI products.
Trade Desk (TTD), OpenAI - OpenAI and Trade Desk held early talks about a potential partnership to help the AI company sell ads, suggesting OpenAI may initially rely on external partners to support advertising sales as it ramps up its business, The Information reports.
StubHub (STUB) Q4 2025 (USD): EPS -1.56 (exp. -0.01), Revenue 449.2mln (exp. 485.6mln). Gross Merchandise Sales 2.3bln, with underlying growth of around +6% (ex prior-year impact of Taylor Swift’s Eras Tour). Sees FY26 Gross Merchandise Sales of 9.9-10.1bln and sees FY26 adj. EBITDA of 400-420mln.
Nintendo (NTDOY) - Rising demand for AI hardware from companies such as Meta (META) and Amazon (AMZN) is driving a surge in NAND flash prices, with contract prices forecast to jump as much as 90% this quarter after rising over 30% in the previous period, increasing storage costs for devices and potentially pressuring the ecosystem for Nintendo’s Switch 2, Bloomberg reports.

CONSUMER DISCRETIONARY

Tesla (TSLA) - CEO Musk on X said customers should order Model S or Model X before production stops in a few months to make way for an Optimus factory. Separately, Nikkei reports that Tesla said it aims to introduce AI-based autonomous driving on public roads in Japan during 2026; it has been testing the system since August 2025.
Ford (F) - NHTSA said Ford is recalling 604.5k vehicles due to windscreen wiper issues.
Alibaba (BABA) - Alibaba has created a task force focused on artificial intelligence models following the resignation of a senior researcher, according to The Information.
JD.Com (JD) Q4 2025 (USD): EPS 0.08 (exp. 0.07), Revenue 50.4bln (exp. 50.7bln); announces annual dividend of USD 0.50/ordinary share or USD 1/ADS. The CEO said, "We were pleased to close out 2025 with fourth quarter results in line with expectations, capping another solid full-year performance. We continued to see robust user growth and increased shopping frequency during both the quarter and the full year." Executive said current active customers +30% Y/Y in Q4, helped by organic user growth in core retail and new initiatives like JD food delivery
TJX (TJX) - CEO Ernie Herrman sold 30k shares on 2nd March for a total USD 4.83mln.
American Eagle (AEO) Q4 2025 (USD): EPS 0.84 (exp. 0.72), Revenue 1.76bln (exp. 1.74bln), comparable sales +8%. The CEO said strong execution in H2 reignited growth across brands and channels, delivering a record Q4 and holiday period, driven by new product collections and refreshed marketing campaigns; added that it entered 2026 from a position of strength, with Q1 starting positively as it continues to invest in brands while pursuing additional corporate savings and operational efficiencies. Sees Q1 comparable sales up about 3%, sees FY26 comparable sales growth in the mid-single-digit range.
Burlington Stores (BURL) Q4 2025 (USD): Adj. EPS 4.99 (exp. 4.75), Revenue 3.64bln (exp. 3.59bln); sees FY26 adj. EPS at 10.95-11.45 (exp. 11.18).

CONSUMER STAPLES

Target (TGT) - Plans to open more than 30 new stores in 2026, including its 2,000th location in Fuquay-Varina, North Carolina, as part of a broader expansion strategy. The openings are supported by a USD 5bln capital investment plan for 2026, funding new stores, remodels, and technology upgrades to speed online order fulfillment, alongside hundreds of millions in additional payroll and training to improve in-store service. The expansion is part of Target’s long-term plan to add over 300 stores by 2035.
Kroger (KR) Q4 2025 (USD): Adj. EPS 1.28 (exp. 1.20), Revenue 34.73bln (exp. 35.03bln), adj. operating profit 1.21bln (exp. 1.15bln); sees FY26 adj. EPS at 5.10-5.30 (exp. 5.28) and FY26 operating profit of 5.0-5.2bln (exp. 4.95bln).
Grocery Outlet (GO) Q4 2025 (USD): Adj. EPS 0.19 (exp. 0.21), Revenue 1.22bln (exp. 1.23bln). Comp store sales -0.8%. The CEO said consumer pressure intensified late in the year as federally funded benefits were delayed and competitors increased promotional activity, adding that the company is focusing on restoring value perception, improving in-store experience and advancing its store refresh programme. Announced an optimisation plan that includes closing 36 underperforming stores and exiting an unused distribution centre lease, with actions expected to be substantially completed during FY26; these closures resulted in USD 110mln of non-cash impairment charges in FY25, while FY26 restructuring charges are expected between USD 14-25mln. Sees FY26 adj. EPS between 0.45-0.55 (exp. 0.81), FY26 revenue between at 4.6-4.72bln (exp. 4.93bln), with comparable store sales between -2% to flat, and capex ~170mln.

FINANCIALS

Berkshire Hathaway (BRK.B) - Started repurchasing shares of common stock under its policy on March 4th, via filing. CEO Abel said he consulted with Buffett before deciding to resume stock repurchases. Sees the intrinsic value of shares above market value. Abel bought USD 15.3mln of shares.
Private Credit - Goldman Sachs Asset Management said the private credit sector remains resilient, with borrower non-payment rates still low at around 1-2%, citing strong fundamentals and continued investment activity across credit strategies in Asia and Australia, according to Bloomberg. Still, GS' Chief Solomon said he is monitoring the private credit market for potential “frothiness,” noting some aggressive behavior and isolated problem cases, but overall loan portfolios across the sector are still performing reasonably well.
Blue Owl (OWL) - Short interest in Blue Owl rose to a record 14.65% of its free float this week, according to S3 Partners, surpassing the previous 14.3% peak in December. Investors have increased bearish bets on the private credit firm despite the stock already losing nearly one-third of its value this year.
Morgan Stanley (MS) - Morgan Stanley is cutting about 2,500 jobs, or roughly 3% of its workforce, across investment banking and trading, wealth management and investment management, WSJ reports. The layoffs are linked to shifting business and location priorities and individual performance, and affect employees in the US and internationally.
IREN (IREN), Nvidia (NVDA) - Iren said it entered purchase agreements for over 50,000 Nvidia B300 GPUs, expanding its total fleet to 150,000 GPUs, with phased deployment planned through H2 2026 at its air-cooled data centres in British Columbia and Texas. The 150,000-GPU fleet is expected to support AI Cloud annualised run-rate revenue of over USD 3.7bln by end-2026, and Iren said it has secured USD 9.3bln of funding in the past eight months, and expects to finance about USD 3.5bln of additional capex for these orders in H2 2026. Iren announced an up to USD 6bln "at-the-market" equity share sell programme.
Payment names - Bank of America reinstated coverage on major payments firms, assigning 'Buy' ratings to Visa (V), Mastercard (MA), Block (XYZ), Affirm (AFRM) and Klarna (KLAR), while rating PayPal (PYPL) 'Neutral'. The firm remains broadly constructive on the sector, citing steady payment volume growth, rising digital commerce adoption, and improving cross-border activity. BofA views the card networks as the most defensive opportunities, is encouraged by Block’s aggressive AI initiatives, and expects Affirm to maintain its best-in-class positioning. BofA added Visa to 'US 1 List", its list of best investment ideas that are drawn from the universe of Buy-rated.
Allstate Corporation (ALL) - Allstate must face a proposed class action alleging it tracked drivers via cellphone apps without consent, used the data to raise premiums or deny coverage, and sold it to other insurers, Reuters reports.
Robinhood (HOOD), American Express (AXP) - Robinhood launched a USD 695 annual-fee “Actual Platinum” credit card plated with real platinum, offering perks including 5% cash back on dining, travel rewards and credits for DoorDash and autonomous-vehicle rides, as it seeks to compete with American Express premium cards and expand beyond retail trading, Bloomberg reports.

INDUSTRIALS

Deutsche Post (DHLGY) FY25 (EUR): Revenue 82.9bln (exp. 83.4bln), EBIT 6.1bln (prev. 5.88bln Y/Y); Q4: Revenue 22.1bln (exp. 22.3bln), EBIT 1.83bln (exp. 1.84bln). Expects FY26 EBIT of at least 6.2bln (vs 6.1bln in 2025), despite anticipating continued uncertainty in the global economic environment; it raised its dividend to 1.90/shr (prev. 1.85/shr). Exec noted that major geopolitical uncertainty persists, and changes in tariff and trade policy are affecting international freight markets.
Verisk Analytics (VRSK) - Said at its Investor Day that it expects medium-term adjusted EPS growth in the double-digit range over the next three years, while reiterating targets of 6–8% organic constant-currency revenue growth, 7–10% adjusted EBITDA growth, and 25–75 bps of annual EBITDA margin expansion, as the company aims to drive durable growth through its data assets, technology and role in the insurance ecosystem.
Boeing (BA) - NASA intends to select United Launch Alliance to provide a critical component for future missions of the Space Launch System moon rocket replacing planned Boeing-built hardware as costs ballooned to USD 2.8bln. Boeing manufactures the rocket’s core and holds a multibillion-dollar contract to develop an upgraded version, Bloomberg said.
RTX (RTX) - Awarded a USD 183.68mln US Army contract to provide new kit hardware and services.

HEALTHCARE

GLP-1 Drugs - A large study of over 600,000 US veterans found that patients with Type 2 Diabetes who started GLP-1 receptor agonist drugs, including Ozempic (NVO) and Mounjaro (LLY), had significantly lower rates of addiction and overdose over three years compared with those using SGLT-2 inhibitors such as Jardiance (LLY), suggesting the drugs may help reduce substance-use disorders.
PepGen (PEPG) Q4 2025 (USD): EPS -0.27 (exp. -0.39). Said the US FDA placed a partial clinical hold on the Phase 2 Freedom2-DM1 trial of PGN-EDODM1 for Myotonic Dystrophy Type 1, citing questions about previously submitted preclinical pharmacology and toxicology data.
Merck KGaA (MKKGY) FY (EUR): EPS 8.34 (exp. 8.34), Net revenue 21.1bln (prev. 21.2bln Y/Y), FY25 adj. EBITDA 6.11bln (exp. 6.01bln). Proposed a dividend of 2.20/shr. Management indicated that pressure from generics is expected to impact profitability in the near term, contributing to a more cautious outlook for the year ahead. Sees FY26 adj. EBITDA between 5.5-6.0bln (exp. 6.01bln), implying a potential decline in earnings as generic competition for its multiple sclerosis drug Mavenclad weighs on the healthcare division. FY26 revenue seen between 20.0-21.18 (exp. 21.2bln)
Stoke Therapeutics (STOK), Biogen (BIIB) - Stoke Therapeutics and Biogen said data from studies of investigational drug zorevunersen showed substantial and durable seizure reductions and improvements in cognition and behavior in patients with Dravet syndrome across Phase 1/2a and ongoing open-label extension studies, with effects lasting up to three years and the treatment generally well tolerated.
Veeva Systems (VEEV) Q4 2025 (USD): Adj. EPS 2.06 (exp. 1.94), Revenue 836.0mln (exp. 810.95mln). The CEO said that continued momentum across Commercial Cloud, Development Cloud and Quality Cloud, alongside progress with Veeva AI, is expected to support long-term value creation for the life sciences industry. Sees Q1 adj. EPS between 2.13-2.14 (exp. 2.06) and Q1 revenue of 855-858mln (exp. 846.65mln); sees FY27 adj. EPS of 8.85 (exp. 8.60) and FY27 revenue between 3.585-3.600bln (exp. 3.56bln).

ENERGY

Scorpio Tankers (STNG) - Agreed to sell three product tankers—STI Seneca and STI Osceola for USD 35mln each and STI Solidarity for USD 60mln, with deals expected to close in Q1–Q2. The company also agreed to time charter-out two LR2 tankers: STI Lombard for 5 years at USD 33K/day and STI Rambla for 8 years at USD 30.5K/day, with charters beginning Q1–Q2.
China Diesel, Gasoline - China ordered its largest refiners to temporarily halt diesel and gasoline exports as the escalating Iran conflict disrupts crude supply from the Persian Gulf, Bloomberg reports citing sources.
Alaska Energy - The Trump administration’s first oil and gas lease sale in Alaska’s Cook Inlet received no bids, according to the US Interior Department, indicating limited interest from drillers. The sale offered about 1mln acres off Alaska’s south-central coast and was the first of six required under President Trump’s tax and spending law passed last year.

MATERIALS

Venezuela Gold - US officials brokered a deal for Venezuela’s state owned mining company Minerven to sell 650–1,000 KG of gold dore bars to commodities trader Trafigura for delivery to US refineries, deepening commercial ties after Washington’s intervention in Venezuela, Axios reports. The contract, worth tens of millions of dollars depending on prices, was facilitated during a visit by Interior Secretary Burgum, and marks another resource deal alongside oil agreements already exceeding USD 1bln.
BHP (BHP) - China's state iron ore buyer reportedly summons traders on BHP restrictions following months of long standoff talks between CMRG and BHP over long term contracts on China's mills, Bloomberg reports. Later, it was reported that China Mineral Resources Group instructed several traders this week to purchase fewer seaborne cargoes.