Daily US Equity Opening News - NVDA discusses $250B OpenAI data-centre financing; Samsung weighs Chinese DRAM for smartphones

DAY AHEAD:

• US INDEX FUTURES: ES +0.9%, NQ +1.3%, YM +1.1%, RUT +1.1%
• BROKER MOVES: GOOGL upgraded at Phillip Securities; MBLY & RIVN upgraded at Piper Sandler. For the full list, click here.
• MAJOR MORNING MOVES RECAP: NVDA, BKR, RKLB, CAPR, FBRX, QBTS, GOOG, MBLY, RIVN. For the full list, click here.
• US DAILY CONFERENCE CALENDAR: KBW Summer Bank Conference. For the full list, click here.
• EVENTS: Eurogroup Economic and Financial Affairs Council convenes on budget matters. UK PM Burnham will host Ukraine President Zelensky in the UK, his first international visitor since becoming PM; Zelensky will meet US President Trump on Tuesday.
• DATA: Dallas Fed manufacturing index is seen slipping to -1 (prev. 0); after today’s durable goods data, the Atlanta Fed will update its Q2 GDPNow tracking estimate (prev. 1.70%).
• SUPPLY: US sells USD 69bln of 2-year notes and USD 70bln of 5-year notes.
• EARNINGS: Notable companies reporting today include: Welltower (WELL), Cadence Design Systems (CDNS), Nucor (NUE), Cincinnati Financial (CINF), Principal Financial Group (PFG), Brown & Brown (BRO), F5 Inc. (FFIV), UDR (UDR), Universal Health Services (UHS).
• WEEK AHEAD: This week’s major data/policy announcements include: rate announcements from the Fed, BoE, BoJ, US PCE inflation data and Q2 GDP stats, as well as Eurozone inflation metrics. Notable companies reporting this week include: Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Meta (META), Visa (V), ExxonMobil (XOM), Mastercard (MA), AbbVie (ABBV), Lam Research (LRCX), Chevron (CVX), Coca-Cola (KO), Procter & Gamble (PG), ARM Holdings (ARM), KLA (KLAC), Linde (LIN), QUALCOMM (QCOM), Boeing (BA), Corning (GLW), Bristol-Myers Squibb (BMY), Starbucks (SBUX), General Dynamics (GD), United Parcel Service (UPS), Robinhood Markets (HOOD), Cadence Design (CDNS).

NEWS:

• US-Iran - The US paused strikes against Iran over the weekend. Still, President Trump posted generated images depicting attacks on Kharg Island and Iran, an Iranian vessel explosion and himself aboard an Iranian vessel. Elsewhere, the President denied ammunition shortages, saying US stockpiles exceed those of any other country and operational requirements. CENTCOM Admiral Brad Cooper advised that the US should either resume a large-scale operation against the remaining 20% of marked Iranian targets or end the current bombing campaign, according to Axios; he said two weeks of strikes around the Strait of Hormuz had significantly reduced Iran’s ability to attack ships.
• US-Iran - Iran’s Supreme Leader reiterated support for Hezbollah and demanded an end to Israeli operations in Lebanon. Iran’s Foreign Ministry rejected US dominance in the Arabian Gulf and Strait of Hormuz, while saying indirect exchanges and mediation continue. Foreign Minister Araghchi warned Iran would respond to Ukraine’s reported attack on an Iranian ship in the Caspian Sea.

• US-Mexico - The US asked Mexico to impose Section 232-style tariffs on steel and aluminium imports from outside North America, targeting China while preserving preferential treatment within USMCA, according to Bloomberg. Mexico is said to be open to the proposal; rates and products are still under discussion. Both are pursuing a broader trade agreement by year-end.

• OpenAI, Nvidia (NVDA) - Nvidia is discussing a roughly USD 250bln financing backstop for OpenAI’s planned 10-gigawatt Ohio data-centre project, WSJ reports. SoftBank’s (SFTBY) energy subsidiary is developing the site, which could cost more than USD 500bln including chips, and would be the largest announced data centre project, the report adds.
• Nvidia (NVDA) - Nvidia expanded its Agent Toolkit with reworked PhysicsNeMo and updated CUDA-X libraries, enabling autonomous AI engineering agents with physics and quantum chemistry capabilities. It also said that Cadence (CDNS), Siemens (SIEGY) and Synopsys (SNPS) are using Nvidia tech across design, verification, packaging and systems. Meanwhile, Nvidia has invested USD 1bln in Naver through a new share issuance to help finance the expansion of an AI data centre, according to a filing. Now, Nvidia owns an approximately 4.5% stake in Naver.
• Nvidia (NVDA), SK Group - Companies announced plans for a USD 500bln+ AI infrastructure partnership, signing letters of intent covering AI factory construction, AI cloud infrastructure, and long-term AI memory supply. The collaboration builds on SK Telecom's planned 2 GW AI Cloud in Korea, which will use NVIDIA DSX and Vera Rubin systems powered by SK hynix HBM4, with the first AI factory expected to come online in 2027.
• SoftBank (SFTBY), OpenAI - SoftBank’s USD 40bln bridge loan supporting its OpenAI investment drew 21 new lenders, Bloomberg reports. The group was allocated around USD 7bln, with First Abu Dhabi Bank, GIC and Standard Chartered each taking nearly USD 1bln. European, Japanese and Taiwanese banks received the remaining allocations.
• CXMT (688825 CH) - CXMT surged in its Shanghai debut, rising by over 500%, and becomes China’s largest onshore-listed company. The chipmaker raised CNY 57.92bln in Asia’s largest IPO this year, reaching a market value of about CNY 3.5tln. It plans to fund memory-wafer production and research.
• Apple (AAPL) - Apple has delayed its first smart glasses until a planned unveiling at WWDC in June 2027, prioritizing product refinements and privacy features to differentiate them from Meta's (META) smart glasses amid ongoing consumer concerns about always-on cameras and data privacy, Bloomberg reports. Meanwhile, Apple is lobbying the Trump administration to let it use Chinese memory chips, while Micron (MU) is pushing to block the move, WSJ reports. Apple has proposed using chips from China's CXMT and YMTC outside the US, while Micron warned the move could destroy the domestic industry, sources said.
• China AI - A state media account Yuyuantantian said China should limit access to advanced AI capabilities through tiered model releases. Foundational functions could remain open, frontier capabilities face restrictions, commercial services stay closed-source and high-risk features require controls and safety reviews, reflecting limits to Beijing’s support for open AI models.
• Moonshot - China’s Moonshot AI will release its Kimi K3 model weights for public download, allowing developers to modify and host the technology freely. The Beijing-based company aims to expand its global user base through greater openness and availability than competing US proprietary AI systems.
• Samsung Electronics - Samsung Electronics and Broadcom (AVGO) announced the signing of a memorandum of understanding, MOU, to expand their strategic collaboration across memory and foundry technologies, supporting the next generation of AI infrastructure. The companies expect the collaboration to be estimated at more than USD 200bln across memory and foundry over the next five years through 2030. Meanwhile, Samsung is considering using lower-cost Chinese-made DRAM in smartphones for China to reduce manufacturing costs and expand Galaxy A-series shipments as rivals cut output amid rising component prices, Asia Times reports.
• Uber (UBER), Alphabet (GOOG) - Google-backed Waymo is exploring ending its Uber partnership as competition and lobbying tensions intensify. Waymo plans to enter Austin and Atlanta independently from January 2028, when contracts allow. The companies have recently blamed each other for service and safety issues. Reports suggest a split could weaken Uber’s autonomous-driving ambitions.
• Microchip Technology (MCHP) - Microchip will acquire Hailo, an edge AI processor and software provider; terms undisclosed. The deal is expected to close by the end of September. Separately, COO Richard Simoncic will resign, effective 17th August, to become CEO of privately held Menlo Microsystems.
• Kioxia Holdings (KXIAY) - Kioxia could face greater volatility as at least nine US-listed leveraged ETFs tied to its shares or ADRs await approval, Bloomberg reports. Corgi Strategies, GraniteShares and Tuttle Capital are among prospective issuers. The products would amplify daily gains or losses, potentially intensifying swings in Japan’s already volatile memory-chip stock, the report states.
• D-Wave Quantum Computing (QBTS) - AT&T signed an agreement to expand its use of D-Wave's quantum computing technology, with plans to apply it to complex network optimization and integrate D-Wave's annealing quantum computing into tools supporting its agentic AI network operations. AT&T said its agentic AI tools reduced customer downtime by 12 million hours in 2025, with the addition of quantum capabilities expected to further improve network operations such as outage detection and management.
• Circle Internet Group (CRCL) - Circle acquired fundamental assets from IBM's blockchain patent portfolio, comprising more than 680 patent families and nearly 1,000 issued patents worldwide across blockchain technology, financial services, enterprise infrastructure, and secure cloud operations. Circle and IBM will also explore additional commercial opportunities.

• Alphabet (GOOG) - Upgraded at Phillip Securities to 'Buy' from 'Accumulate' with a USD 425 PT (prev. 450). The firm notes that Alphabet reported "robust" revenue growth across its core business segments. Phillip remains constructive on Alphabet's long-term outlook, saying its vertically integrated AI ecosystem "should continue to support robust growth across both ad and cloud businesses."
• Meta Platforms (META) - Meta’s Facebook and Instagram carried about 7,600 advertisements for AI “nudify” apps supplied through Beijing-based advertising partner GatherOne, the Tech Transparency Project said. The apps could place women’s faces on naked bodies and generate sexualised videos, breaching Meta’s policies. One China-created app allegedly enabled sharing of material flagged by some users as child pornography.
• Paramount Skydance (PSKY), Warner Bros. Discovery (WBD) - Paramount Skydance agreed to delay its USD 110bln acquisition of Warner Bros. Discovery until after a court rules on states' legal challenge to the deal, Reuters reports. The merger can be delayed until June 2027 at the latest, with Paramount potentially owing up to USD 1.7bln in ticking fees to Warner Bros. shareholders if the closing is pushed that far. The agreement provides for USD 7mln per day in fees if the transaction has not closed by September 30.
• Vodafone (VOD) - Vodafone reported Q1 FY27 revenue of EUR 10.29bln, and service revenue of EUR 8.63bln (exp. 8.23bln), with service revenue growth of 5.2% (exp. 4.6%); it sees FY27 adj. FCF and adj. EBITDA at the upper ends of the EUR 2.6-2.9bln and EUR 13.0-13.3bln respective guidance ranges.

• China Crude Imports - China’s seaborne crude imports are expected to rebound to about 7.8mln BPD in July (vs 6.2mln BPD in June, the lowest level since November 2015), Bloomberg reports. Higher flows through the Strait of Hormuz and increased purchases of Russian oil are driving the recovery, Kpler said.
• Baker Hughes (BKR) Q2 2026 (USD): Adj. EPS 0.64 (exp. 0.50), Revenue 6.74bln (exp. 6.51bln), down 2% Y/Y; Q2 adj. EBITDA +2% Y/Y to 1.23bln, exceeding the high end of guidance, and adj. net income +3% Y/Y to 640mln. Orders +49% Y/Y to a record USD 10.5bln, including record Industrial & Energy Technology orders of USD 7.1bln; total remaining performance obligations reached USD 40.1bln, and the segment’s backlog rose 19% to an all-time high. Operating cash flow more than doubled Y/Y to 1.35bln, and FCF increased to 1.11bln (prev. 239mln). CEO said demand remained strong across LNG, data centres, gas infrastructure and upstream markets despite operational challenges in the Middle East. Expects to achieve the midpoint of its FY26 guidance, and raised its Industrial & Energy Technology orders outlook under its Horizon 2 plan to above USD 45bln through 2028. Also, Baker Hughes announced an order from Venture Global (VG) to supply its liquefaction solution for the CP2 LNG expansion project in Louisiana. The award, booked in Q2, covers six liquefaction blocks comprising 12 liquefaction modules. The scope includes centrifugal compressor technology, cold boxes, air coolers, and integrated control systems, expanding on the companies' existing master equipment supply agreement.
• Woodside Energy Group (WDS) - Woodside Energy’s AUD 48.7bln Browse gas development was designated a State Significant Project, giving it the Western Australian government’s highest level of prioritisation, and will help accelerate its approvals process.
• DCC Energy (DCCPY), KKR & Co. (KKR) - DCC Energy is set to be acquired by KKR and ECP for GBP 67.9722/shr (vs Friday’s closing price of 62.85/shr).

• SpaceX (SPCX) - SpaceX’s Starship deployed 20 upgraded Starlink satellites and completed a largely successful test flight. The Super Heavy booster suffered an engine-lighting issue before a harder splashdown, while Starship re-entered, performed a controlled ocean landing and then caught fire. The mission improved on the previous flight and advanced SpaceX’s Starlink and reusability plans.
• General Dynamics (GD) - General Dynamics won a US Air Force contract for up to USD 400.4mln for ground-segment development supporting Proliferated Warfighter Space Architecture Tranche Three.
• RTX (RTX) - RTX subsidiary Rockwell Collins received a USD 332.6mln six-year Defence Logistics Agency contract for Joint Helmet Mounted Cueing System spares and repairs supporting F-15, F-16 and F-18 aircraft.
• Rocket Lab (RKLB) - Awarded its largest launch contract to date, a USD 266mln US Space Force contract covering 12 suborbital launches, with an option for up to six additional launches. The first mission is expected no earlier than the end of 2026.
• TransDigm (TDG) - Agreed to acquire Prince & Izant from Industrial Growth Partners for approximately USD 1.066bln in cash, including certain tax benefits. Prince & Izant is expected to generate approximately USD 360mln in 2026 revenue, with the majority of its sales coming from the aftermarket and a large global installed base.

• AstraZeneca (AZN) - AstraZeneca reported stronger than expected quarterly profit as cancer medicines drove growth; it reported adj. EPS of 2.63 (exp. 2.48), and revenue of USD 15.4bln (exp. 15.3bln). Investors are focused on upcoming oncology trial results after the shares fell 8% this year following disappointing Wainua data. Exec AZ said it remains confident in the strength of its pipeline, and has more than twenty high-value readouts due over the next 18 months, and the company is on track to deliver its USD 80bn total revenue ambition. Elsewhere, it announced results from the CLARITY-Gastric01 Phase III trial, which met the dual primary endpoints.
• Abbott (ABT) - A US federal judge dismissed a shareholder lawsuit alleging Abbott misled investors over its 2022 infant formula recall, Reuters reports. The recall and Sturgis plant closure followed bacterial infection reports and worsened a national formula shortage. The judge found shareholders failed to show intent to deceive or inflate Abbott’s share price.
• Argenx SE (ARGX), Forte Biosciences (FBRX) - Argenx will acquire Forte Biosciences for USD 77/shr in cash, valuing the company at about USD 2.2bln. The deal adds a first-in-class anti-CD122 antibody, with Phase 1b proof-of-concept in vitiligo and coeliac disease, strengthening Argenx’s immunology pipeline. The transaction is expected to close in Q3 2026, subject to customary regulatory approvals and tender conditions.
• Capricor Therapeutics (CAPR) - Shares fell sharply after the FDA review of deramiocel found that the Phase 3 HOPE-3 study failed to meet its pre-specified primary and secondary efficacy endpoints, with no statistically significant difference versus placebo at 12 months. The FDA also raised concerns over changes made to the statistical analysis plan (SAP) after completion of the randomized portion of the trial, including modifications to endpoint definitions, analytical methods, and data handling. The agency noted that the final SAP version submitted with the BLA had not been reviewed or agreed upon prior to submission.
• Sarepta Therapeutics (SRPT) - Appointed Michael Severino as CEO and Board Director, effective July 28, 2026. Severino, previously CEO of Tessera Therapeutics, succeeds Doug Ingram, who is retiring and will remain with Sarepta as an advisor through the end of 2026 to support the transition.

• CATL (CYATY) - CATL shares rose after announcing a CNY 20-40bln A-share buyback, and reporting a 42% increase in H1 profit, while H1 revenue was up 55% as energy-storage demand strengthened, offsetting pressure in new-energy vehicle sales. CATL also advanced sodium-ion battery commercialisation and expects at least 10K vehicles to use the technology this year.
• Rio Tinto (RIO) - Rio Tinto and the Western Australian Government signed non-binding agreements to sell their respective JV stakes in the Dampier Seawater Desalination Plant to Yindjibarndi WaterCo.
• Fortescue Ltd. (FSUGY) - Fortescue Chair urged fair China-Australia iron ore negotiations as talks with China Mineral Resources Group remain stalled, Bloomberg reports. CMRG has pressured Fortescue by delaying cargoes and limiting purchases.

• Robinhood (HOOD) - Robinhood is discussing adding Crypto.com’s prediction-market contracts to its trading platform, WSJ reports. Robinhood currently relies on Kalshi and others, but its relationship with Kalshi is shifting towards direct competition now, the report says.
• CME Group (CME) - CME will today launch single-stock futures on more than 50 major US companies, including Nvidia (NVDA) and SpaceX (SPCX), offering leveraged, cash-settled exposure without trading the underlying shares. The exchange is targeting retail and institutional investors, with contracts available 23hrs/day across standard and micro sizes.
• Blackstone (BX) - Blackstone will open a Kuwait office in Q3, its second GCC location after Abu Dhabi, Bloomberg reports. The move follows a USD 16bln infrastructure partnership with Brookfield and KKR involving Kuwait’s oil-export pipelines. Blackstone still plans further GCC expansion despite regional conflict.
• Blackstone (BX), HSBC (HSBC) - HSBC is nearing the sale of its AUD 30bln+ Australian loan book to Blackstone’s private credit arm, AFR reports. The deal would mark Blackstone’s entry into Australian home lending.

• Trip.com (TCOM) - China fined Trip.com CNY 5.18bln after finding it abused its dominant position in hotel bookings by restricting hotels from working with rival platforms and limiting pricing freedom, Bloomberg reports. The penalty includes a CNY 3.52bln fine and confiscation of CNY 1.66bln in gains. Trip.com accepted the ruling and will implement compliance measures.
• Rivian Automotive (RIVN) - Upgraded at Piper Sandler to 'Overweight' from 'Neutral' with a USD 20 PT (prev. 18). The firm said AI-enabled business models in the auto space are disrupting established industries. Rivian offers a "de-risked" balance sheet, a "smooth" R2 ramp, and an improved demand outlook. Piper says Rivian boosted its delivery guidance, due in part to expensive gasoline and a renewed interest in electric vehicles. The company has apparently avoided launch issues with the R2 SUV, a "pivotal new product".
• Mobileye (MBLY) - Upgraded at Piper Sandler to 'Overweight' from 'Neutral' with a USD 12 PT (prev. 10). Mobileye is nearing a "floor valuation while seizing control of its own destiny". Piper is encouraged by the company's decision to deploy its own humanoids and robo-taxis, rather than waiting for "slow-moving carmakers" to use its next generation technology.

• Seven & i (SVNDY), Zabka Group (ZABKY) - Seven & i ended talks to invest in Poland’s Zabka after failing to agree terms benefiting shareholders, sending its shares lower in overnight trading. Seven & i is still said to see Europe as a growth market, and plans to expand to 30 countries and regions by 2030 (vs 19 currently).
• Brown-Forman (BF.B) - Brown-Forman rejected Sazerac’s renewed USD 15bln takeover offer, Bloomberg reports. Sazerac asked shareholders and directors to reconsider its USD 32/shr cash proposal, representing a 23% premium to Friday’s close, and said it could improve the terms if Brown-Forman’s board engages.