Markets
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Luke Kawa

China “demands” that the US “correct its mistakes” on semiconductor restrictions

Last week started with a massive rally in US stocks thanks to a trade truce with China.

This week begins on more of a negative note amid news that this aforementioned detente might be taking a bit of a turn for the worse.

While it’s certainly not the cause of the down morning for US stocks, China’s commerce ministry is taking exception with its counterparts in America who last week said that the use of Huawei’s AI chips “anywhere in the world” violates US export restrictions.

“The US’s actions seriously undermined the consensus reached at the China-US Geneva high-level talks and demanded that the US correct its mistakes,” per a translation of remarks from a spokesperson for China’s Ministry of Commerce. “If the US insists on its own way and continues to substantially damage China’s interests, China will take resolute measures to safeguard its legitimate rights and interests.”

The VanEck Semiconductor ETF is off about 0.4% as of 11:40 a.m. ET, well off its lows of the morning and above levels seen prior to these comments hitting the wires premarket.

The AI data center trade has played a critical role in the S&P 500’s comeback from its April 8 trough, thanks in part to the easing of export restrictions that allowed last week’s massive deals between Saudi Arabia and the likes of Nvidia as well as Super Micro to take shape.

But China is a much bigger market than Saudi Arabia for semiconductors, and where the dust settles after any regulatory revamp by the Trump administration is an open question. China’s concern is clearly that the direction of travel isn’t as friendly as it would have suspected given the recent broad thawing of trade tensions between the two nations.

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Opendoor surges on bullish options bets as traders look to potential real estate tokenization

Opendoor Technologies is surging on Friday amid bullish options bets and social media posts referencing unconfirmed rumors about the company.

The stock moved higher in the premarket session after the soft inflation report boosted stocks and briefly pushed long-term bond yields lower (positive for a real estate company). But the real gains came after the opening bell rang and options demand picked up.

As of 12:11 p.m. ET, roughly 664,000 call options have changed hands versus a 10-day average of about 364,000 for a full session.

What seems to be galvanizing members of the “$OPEN Army” is the potential for the company to pursue the tokenization of real-world assets, with Robinhood often bandied about as a potential partner in this endeavor.

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions.)

Opendoor bulls have often pointed to signs that Robinhood CEO Vlad Tenev appears to be fond of the company, from what appeared on-screen during a demo of a social trading feature at HOOD’s conference in Las Vegas in September to offering support to Opendoor CEO Kaz Nejatian in setting up an opportunity for retail shareholders to ask questions during the online real estate company’s next earnings call.

Opendoor is currently in a quiet period ahead of earnings, which restricts what type of announcements a company can make.

The call options seeing the most demand expire this Friday with strike prices of $8, $8.50, and $9.

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Luke Kawa

Beyond Meat gains amid slightly better-than-expected Q3 sales, positive commentary on legal issues

Shares of Beyond Meat built on their premarket gains after the plant-based meat seller reported preliminary Q3 sales a bit ahead of Wall Street’s expectations, before paring this advance after the market opened.

For the three months ended September 27, management said net revenue would be approximately $70 million. That’s in line with their guidance range of $68 million to $73 million, but Wall Street was expecting sales to skew toward the lower end of that range, at $68.7 million.

However, its anticipated gross margin of 10% to 11% is lower than analysts had been expecting (13.8%). That’s still the case even adjusting for expenses related to its downsizing of operations in China, which would have left margins around 12% to 13%, per Beyond.

Perhaps more importantly, the company provided positive commentary regarding arbitration discussions with a former co-manufacturer that appear to bring it closer to a resolution while limiting potential damages:

“As previously disclosed, in March 2024, a former co-manufacturer brought an action against the Company in a confidential arbitration proceeding claiming that the Company inappropriately terminated its agreement with the co-manufacturer and claimed damages of at least $73.0 million. On September 15, 2025, the arbitrator issued an interim award (the ‘Interim Award’) and found that the Company had a valid basis to terminate the agreement with the Manufacturer. The details of the Interim Award are confidential, and a final arbitration award has not been issued. Additional proceedings will be held to determine the award of attorneys’ fees, prejudgment interest and costs, if any, before a final arbitration award will be issued. On September 25, 2025, the Manufacturer filed a request with the arbitrator to re-open the arbitration hearing. On September 29, 2025, the Company opposed this request. On October 20, 2025, the arbitrator denied the Manufacturer’s request.”

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