Daily US Equity Opening News - NVDA, INTC, AMD showcase new chips; MCHP raises guidance

TODAY'S AGENDA:

US INDEX FUTURES: ES unch, NQ +0.1%, YM -0.1%, RUT -0.2%
DAY AHEAD: In geopolitics, European allies and senior US envoys will meet in Paris to discuss security guarantees for Ukraine under US-brokered peace efforts with Russia; 35 countries will attend as leaders aim to align on ceasefire terms, responses to violations and possible deployment of a multinational reassurance force. US Energy Secretary Wright plans to meet oil-industry executives this week to discuss reviving Venezuela’s energy sector, Bloomberg reports. The US Day sees the release of the final composite and services PMI data, ahead of the ISM services data due Wednesday. The Fed will release discount rate minutes in the afternoon trade. On the speakers' slate, Fed's Barkin (2027 voter; hawk) will speak on the outlook for policy and the economy; a text and Q&A are both expected; Fed's Miran (voter, super dove) is also due to speak today. On the energy front, the API will release its gauge of weekly energy inventories after the close.
BROKER MOVES: MCHP upgraded at Cantor; WFC & KEY downgraded at Baird. For the full list, click here.
MAJOR MORNING MOVES RECAP: NVDA, AMD, INTC, TSM, MCHP, UAA, VST, OS, MBLY, LEN. For the full list, click here.
US DAILY CONFERENCE CALENDAR: AMD, PSX, NVDA, MBLY, CEG. For the full list, click here.

NEWS:

GEOPOLITICS

US-Venezuela - President Trump asked Secretary of State Rubio to lead economic and political reforms in Venezuela following the arrest of Nicolas Maduro, the White House said, adding that the US believes it has full cooperation from authorities in Caracas.
Venezuela Energy - US Energy Secretary Wright plans to meet oil-industry executives this week to discuss reviving Venezuela’s energy sector, Bloomberg reports. President Trump told NBC that the US may reimburse energy companies for investments to rebuild Venezuela’s oil industry after Nicolas Maduro was ousted; Trump said the effort could be operational within 18 months, though industry experts see longer timelines, and oil companies have not signalled willingness to reinvest. Elsewhere, Chinese buyers avoided Venezuelan crude offers as a US blockade constrained exports, Bloomberg reports.
Canada-Ukraine - Chrystia Freeland said she will resign her seat in Canada’s Parliament in the coming weeks after being named an unpaid economic adviser to Ukrainian President Zelensky. Freeland, Canada’s first female finance minister, said she welcomed the chance to contribute to Ukraine’s fight for democracy.

TRADE

China-Japan - China Commerce Ministry imposed export controls on dual-use items to Japan, effective immediately.

TECH

NVIDIA (NVDA) - NVIDIA CEO Huang said the company’s next generation of chips is in full production, delivering up to five times more AI computing. The Vera Rubin platform is set to debut later this year. Huang said there is strong demand from China for H200 chips, while the company has applied for licenses to ship these H200 chips to China, and the US government is working to process them. NVIDIA also announced the Alpamayo model for thinking vehicles and unveiled Cosmos open-world foundation models aimed at enabling more humanlike AI reasoning. It also launched new Nemotron, Cosmos and Clara AI models designed to advance speech intelligence, multimodal reasoning and real-world medical applications.
CoreWeave (CRWV), NVIDIA (NVDA) - CoreWeave will add NVIDIA’s Rubin technology to its AI cloud platform, expanding support for agentic AI, reasoning and large-scale inference workloads. The company expects to be among the first cloud providers to deploy the Rubin platform in H2 2026.
Super Micro (SMCI), NVIDIA (NVDA) - Supermicro announced expansions in manufacturing and liquid-cooling capabilities to support deployment of data centre-scale systems optimised for NVIDIA (NVDA) Vera Rubin and Rubin AI platforms, DigiTimes reports.
TSMC (TSM) - Reportedly planning to build 12 wafer fabs in Arizona, despite ongoing challenges including high costs, low profitability, supply-chain constraints, talent shortages, equipment maintenance issues, corporate culture and labour laws, while its planned expansions in Japan and Germany are said to be stalling, DigiTimes reports.
Intel (INTC) - Launched its Panther Lake mobile processors as Core Ultra Series 3 at CES 2026, with laptops shipping this week. Built on Intel 18A, the rearchitected SoC targets higher performance and efficiency, features Arc B390 integrated graphics with XeSS 3, supports gaming handhelds, and emphasises on-device AI advantages.
AMD (AMD) - CEO Su showcased MI455 and MI440X AI chips at CES, and previewed MI500 processors promising major performance gains, and are set to launch in 2027. OpenAI endorsed the advances. AMD also launched Ryzen AI 400 and AI Max+ chips, as competition with NVIDIA (NVDA) and Intel (INTC) intensifies.
Dell Technologies (DELL) - Dell is reviving its XPS laptop brand after dropping it last year, with executives saying the PC unit went off course, Bloomberg reports. New XPS 14 and 16 models launch this week, with a 13-inch version planned later in 2026.
Microchip Technology (MCHP) - Shares rose in extended trading after it raised its FY26 Q3 net sales forecast to about USD 1.19bln (prev. saw 1.11–1.15bln), citing recovery across end markets and strong bookings. The company cut inventory, expects lower write-offs, and plans a March quarter production ramp. Updated guidance comes ahead of results due on 5th February.
OpenAI, Hon Hai (HNHPF) - OpenAI is reportedly shifting toward Foxconn as it develops consumer AI hardware, signalling a push beyond cloud-based services into physical devices, DigiTimes reports. The move reflects efforts to integrate AI assistants into daily life and scale production through established electronics manufacturing partners.
DeepSeek - Updated its chatbot UI with an advanced “thinking” feature, adding an “interleaved thinking” mode that performs multi-step research with reasoning between actions, SCMP reports. The app saw December monthly active users jump 90% to nearly 131.5mln. A test found that deep research is not always triggered unless queries are complex.
Zeta Global (ZETA) - Announced a strategic collaboration with OpenAI to support the next development phase of its enterprise marketing agent, Athena. OpenAI models will power conversational intelligence and agentic applications, and Zeta has expanded beta access.
Universal Display (OLED) - Signed a long-term OLED material supply and licence agreements with Tianma; the companies aim to advance OLED technology for energy-efficient displays, deepen collaboration in China, and support innovation in small and medium display markets.
OneStream (OS) - Buyout firm HG Capital is in advanced talks to acquire financial software maker OneStream in a take-private deal, according to Reuters. A deal could be announced in the coming days.
Zscaler (ZS) - Appointed Sunil Frida as chief marketing officer. Frida previously served as a senior marketing executive at CrowdStrike (CRWD).
Uber Technologies (UBER), Lucid (LCID) - Uber, Lucid and Nuro said they began on-road testing last month for their planned robotaxi service, evaluating capabilities including Nuro’s artificial intelligence foundation model, WSJ reports. The programme also includes closed-course testing and simulation, with the companies expecting to offer the service in the Bay Area later this year.
Shopify (SHOP) - Wolfe Research downgraded Shopify to 'Peer Perform' from 'Outperform' seeing elevated expectations which leave modest room for upside. The firm argues that the Agentic Commerce promise seems priced in and a valuation that "looks full" after a re-rating over the last two years.
Mobileye (MBLY) - Upgraded at JPMorgan to 'Neutral' from 'Underweight' with a USD 13 PT (prev. 12). The firm sees limited downside risks at current valuation levels. JPMorgan sees auto outlook stabilization following the tariff-related uncertainty in 2025.

CONSUMER DISCRETIONARY

Amazon (AMZN) - Amazon said the 2025 Thursday Night Football season was the most watched in the programme’s 20yr history, averaging 15.3mln viewers per game, a 16% increase from the previous season.
Tesla (TSLA) - Tesla's UK car registrations dropped by more than 29% Y/Y in December to 6,323, according to New Automotive data. 2025 UK sales dropped 8.9% Y/Y.
Under Armour (UAA) - Under Armour shares jumped in late trading after Fairfax Financial disclosed a larger stake. Fairfax now holds nearly 42mln shares, or 22% of the company, as of 30th December (up from about 6mln previously disclosed), according to a filing.
Lennar (LEN) - Downgraded at UBS to 'Neutral' from 'Buy' with a USD 122 PT (prev. 137). UBS says the path back to 20%+ gross margins could be delayed in the absence of a stronger-than-forecast industry recovery over the firm's forecast period.
AB InBev (BUD), Apollo Global Management (APO) - AB InBev said it will reacquire a 49.9% stake in its US metal container plants from a consortium led by Apollo in a deal valued at about USD 3bln. The seven facilities will be funded with cash on hand and are expected to close in Q1.
Pirelli (PLLIF) - The Italian government, Pirelli and shareholders are seeking to end Sinochem’s 37% stake amid pressure ahead of a US ban on Chinese-backed car software and hardware taking effect in March, FT reports. Sinochem has appointed BNP Paribas to explore options, including a sale, as Rome considers using its golden powers.
UK Auto Sales - UK new-car sales exceeded 2mln in 2025 for the first time since the pandemic, rising 3.5% to 2.02mln, according to the SMMT. Automakers offered more than GBP 5bln in EV discounts, lifting electric sales about 25% to 23% market share, still below the 28% mandate.
Hilton Worldwide Holdings (HLT) - The US Department of Homeland Security accused a Hilton-branded hotel in Minneapolis of refusing service to DHS law enforcement by cancelling room reservations made with official government emails and rates. DHS Assistant Secretary Tricia McLaughlin described the alleged actions as a coordinated campaign by Hilton. Hilton said the Hampton Inn operator has now apologised after cancelling the room reservations, adding that the hotel was independently owned and operated, and the incident did not reflect Hilton's values.
PENN Entertainment (PENN) - Announced a corporate restructuring for 2026 to improve efficiency and align digital and retail operations. As part of the changes, CIO Rich Primus and EVP Operations Todd George will step down, and their roles be eliminated, while technology and marketing responsibilities are consolidated under existing executives.
Topgolf Callaway (MODG) - Board authorised up to USD 200mln in common stock repurchases. It also completed the sale of a majority stake in Topgolf, repaid USD 1bln of debt, and retained a 40% interest. The CEO said the moves reduce leverage and support long-term shareholder value. Topgolf plans to change its corporate name back to Callaway Golf Company, from mid-January, and also intends to change its NYSE symbol to CALY, effective around 16th January.
Dutch Bros (BROS) - Named Jennifer Somers as chief shops officer, reporting to CEO and president Christine Barone.

ENERGY

Middle East Crude Markets - Saudi Arabia cut the price of its Arab Light crude to Asia for a third month amid signs of oversupply. Saudi Aramco set February pricing at a USD 0.30 premium to the regional benchmark, broadly matching trader expectations. Bloomberg says that Middle Eastern crude markets are showing increased weakness, raising concerns of a global oil glut. The Dubai benchmark’s discount to Brent widened to its largest since August, while Dubai swaps returned to contango, signalling ample supply and allowing Asian traders to overlook recent developments affecting Venezuelan oil.
Venezuela Energy - Chinese buyers avoided Venezuelan crude offers as a US blockade constrained exports, Bloomberg reports. Bloomberg also reports that Delcy Rodriguez, who was sworn in as Venezuela’s acting president, is backed by oil industry executives and lobbyists; an experienced oil minister, Rodriguez is seen by industry figures as best placed to manage sanctions, engage Washington, and advance plans to revive Venezuela’s oil sector.
Crude prices - Morgan Stanley expects another period of softness for crude ahead, Brent to fall into the mid-high USD 50/bbl region for the majority of 2026. Expect the market to be in a "significant" surplus before then returning to balance in H2-2027.
Eni (E), Repsol (REPPY) - Eni and Repsol are struggling to recover about USD 6bln in gas and naphtha payments from Venezuela after US restrictions halted payments in crude last March, FT reports. The companies continue supplying gas, accumulating IOUs, and face limited support from US officials despite lobbying efforts.
TechnipFMC (FTI), BP (BP) - TechnipFMC was awarded a large iEPCI contract by BP for the greenfield Tiber development in the Gulf of America, leveraging work from the Kaskida project awarded in 2024. The contract is valued at USD 600–800mln and was included in inbound orders in the fourth quarter of 2025.
Hengyi Petrochemical - China’s Hengyi Petrochemical will proceed with a long-planned expansion of its Brunei oil refinery, more than doubling capacity. The second phase of the Pulau Muara Besar complex is scheduled for completion by end-2028.

HEALTHCARE

US Child Vaccines - The US HHS department is revising the childhood vaccine schedule, no longer broadly endorsing influenza, Covid-19 and other routine shots, and reducing recommended vaccines to 11, closer to Denmark’s schedule than the previous 17-disease coverage, Bloomberg reports.
Eli Lilly (LLY) - Cut prices of its obesity and diabetes drug Mounjaro in China, intensifying competition with Novo Nordisk (NVO) and local rivals, Bloomberg reports. The lowest dose now sells for CNY 599 (down from CNY 1,758), while the highest dose costs CNY 1,599 (vs CNY 4,758 previously), with further discounts online.
Eisai (ESAIY), Biogen (BIIB) - Eisai and Biogen said China’s National Medical Products Administration accepted a Biologics License Application for a subcutaneous formulation of LEQEMBI for Alzheimer’s disease. The at-home autoinjector alternative to IV dosing could ease treatment. Eisai estimates 17mln patients in China had mild cognitive impairment or mild dementia due to Alzheimer’s in 2024.
Veeva Systems (VEEV) - Board approved a share repurchase programme authorising the purchase of up to USD 2bln of Class A common stock. The company cited strong cash generation, a healthy balance sheet and confidence in its long-term growth.
Alumis (ALMS) - Announced positive topline results from its Phase 3 ONWARD1 and ONWARD2 clinical trials of envudeucitinib, a next-generation highly selective oral tyrosine kinase 2 inhibitor, in patients with moderate-to-severe plaque psoriasis. Envudeucitinib met all primary and secondary endpoints with high statistical significance in ONWARD1 and ONWARD2. In each of these trials, envudeucitinib achieved superior skin clearance compared with placebo on the co-primary endpoints of Psoriasis Area and Severity Index, PASI, 75 and static Physician's Global Assessment 0/1 at Week 16.
Oculis (OCS) - Announced that its neuroprotective candidate Privosegtor was granted breakthrough therapy designation by the US FDA for treatment of optic neuritis. Privosegtor delivered a substantial improvement in LCVA, along with consistent anatomical and biological benefits, compared with the placebo, reinforcing its potential as a neuroprotective treatment across both neuro-ophthalmic and neurological diseases.

INDUSTRIALS

Airlines - US aviation authorities proposed rules that could force airlines to spend about USD 4bln upgrading radio altimeters to prevent interference from newly sold wireless spectrum, Bloomberg reports. The FAA said the measures stem from spectrum sales mandated under President Trump’s tax and spending package.
RTX (RTX) - Collins Aerospace was awarded a USD 438mln contract by the FAA to support the Radar System Replacement programme. The contract covers the delivery of next-generation radar systems to modernise the US National Airspace System and replace multiple legacy platforms with a unified architecture.
AAR Corp. (AIR) - Said its wholly owned subsidiaries Trax and Aerostrat were selected by Thai Airways to support its digital MRO transformation. Trax will provide eMRO, mobility apps and cloud hosting, while Aerostrat will supply maintenance planning software and AI tools.
Ingersoll Rand (IR) - Said it acquired Scinomix; terms were undisclosed. CEO Reynal said the deal expands Ingersoll Rand’s portfolio and adds automation expertise in life sciences, complementing existing capabilities.

MATERIALS:

China Steel Capacity - Goldman Sachs said Chinese steel mills face prolonged weak margins as capacity cuts progress slower than expected and exports stay high. The bank cut 2026–2027 earnings estimates for Baoshan Iron & Steel and Maanshan Iron & Steel, and expects deeper losses at Angang Steel, while lowering gross profit assumptions for rebar and hot-rolled coil, Bloomberg reports.
BlueScope Steel (BLSFY), Steel Dynamics (STLD) - SGH confirmed a non-binding offer with Steel Dynamics to acquire all of BlueScope Steel for AUD 30.00/shr, valuing the company at AUD 13.2bln. SGH would retain Australia and rest-of-world assets, while Steel Dynamics would buy North American operations, subject to conditions and approvals.
Holcim (HCMLY) - Completed the acquisition of French precast concrete manufacturer Alkern. No purchase price was disclosed. Alkern employs about 1,000 people, operates more than 50 production sites in France and Belgium, and generated net sales of around EUR 250mln in 2025.

FINANCIALS

First Brands Group, Jefferies (JEF) - Creditors alleged a major financier orchestrated kickbacks that burdened bankrupt First Brands Group with costly debt. Onset Financial is accused of advancing up to USD 2.5bln, collecting about USD 2.9bln, and seeking a further USD 1.9bln, with loans generating average returns above 300%. Jefferies is seeking to question First Brands founder Patrick James under oath, arguing his intention to invoke the Fifth Amendment should not block a deposition; Jefferies said he holds critical information on invoice creation and sales tied to efforts to unlock customer funds.
Bitcoin - Bitcoin options data cited by Bloomberg showed traders targeting a return to USD 100k, with open interest clustered around contracts expiring on 30th January. The notional value exceeds puts at USD 80k, according to data from Coinbase, following a Q4 crash.
Morgan Stanley (MS) - Seeking regulatory approval to launch ETFs tied to cryptocurrency tokens, via a SEC filing.
UniCredit (UNCRY) - Said it converted its synthetic position in Alpha Bank into direct shareholdings, lifting its voting stake to about 29.8%. The bank has held the exposure since October as part of CEO Orcel’s plan to deepen cooperation without launching a full takeover bid.

COMMUNICATIONS

Disney (DIS) - Disney said 'Zootopia 2' has become the highest-grossing Hollywood film ever released in China, overtaking 'Avengers: Endgame', with takings of CNY 4.25bln.

UTILITIES

Vistra (VST) - Agreed to buy Cogentrix Energy’s 10 gas-fired power plants from Quantum Capital Group for about USD 4.7bln, including USD 2.3bln cash, USD 900mln stock and USD 1.5bln debt. The deal adds 5,500 megawatts and is expected to close mid-to-late 2026.

REAL ESTATE

Realty Income (O) - Announced plans to offer USD 750mln of convertible senior notes due 2029 in a private placement to qualified institutional buyers, subject to market and other conditions.

CONSUMER STAPLES

Nestle (NSRGY) - Recalling a number of baby formula batches as a precautionary measure, citing toxin related risks which have been leading to nausea and vomiting.

MACRO

Japan Auction - Japan’s 10yr government bond auction attracted solid investor demand, supported by relatively high yields; bid-to-cover ratio was 3.30x (vs 3.59x at the previous sale, but above the 12-month average of 3.24x); bond futures trimmed gains after the auction.
UK AI - More than half of UK CFOs expect AI to boost company growth, according to a Deloitte survey; 59% believe AI will improve their firm’s performance, up from 39% in Q3 2024, signalling rising optimism about the technology’s economic impact.