Markets
Nia Warfield, Luke Kawa

Magnificent 7’s best week since January 2023 powers US stocks higher

Megacap tech carried US stocks higher on Friday, as they did for the week as a whole. Markets had a midday jitter after President Donald Trump reiterated that he won’t unilaterally drop tariffs on China, but then shrugged off his mixed messages to finish at or near their highs of the day.

The S&P 500 rose 0.7%, the Nasdaq 100 gained 1.1%, and the Russell 2000 brought up the rear, going flat.

The Magnificent 7 Index and Nasdaq 100 are now less than 1.5% shy of levels seen before the Rose Garden tariff announcements. The Mag 7 cohort had its best week since January 2023, rising 9.1%.

Alphabet shares ticked higher after the Google parent topped Q1 earnings estimates and highlighted strong engagement for its new AI-powered features. Tesla jumped nearly 10% after US transportation officials rolled out a national framework to fast-track government use of self-driving cars.

Meanwhile, more earnings continued to roll out:

Charter led S&P 500 performers after the broadband and pay-TV provider lost fewer subscribers than expected in Q1 and topped revenue estimates.

Pure-play wireless provider T-Mobile slid more than 7% after the company missed its Q1 subscriber growth targets, despite dropping a solid earnings beat and raising its full-year forecast.

AbbVie climbed higher after the pharma giant raised its 2025 profit outlook and posted a Q1 sales beat, though demand for its popular Botox and Juvederm face-filler treatments came in below estimates.

Colgate-Palmolive shares slipped after the consumer staples behemoth trimmed its full-year forecast and warned tariffs could add $200 million to costs in 2024.

Meanwhile, Intel continued to slide after the chipmaker warned it wouldn’t deliver earnings per share in Q2, and projected sales of $11.2 billion to $12.4 billion, also missing estimates.

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markets
Helena Cheng

IBM surges after Barclays initiates with a buy, video of Trump in 2025 saying stock will “go up a lot more” resurfaces

IBM shares are jumping in early trading because of both old and new praise. The old: a video featuring President Donald Trump complimenting the company's CEO, Arvind Krishna, was reshared by Polymarket Money’s X account, but without the context of it being from December. The new: Barclays’ initiated coverage of IBM at “overweight” with a $350 price target.

Barclays analyst Raimo Lenschow urged investors to stop looking at IBM through the lens of legacy hardware in a Monday note. Instead, focus on the sheer defensive dominance of IBM's highly specialized software segment, which currently generates nearly half of the corporation's overall revenue and the vast majority of its net profit.

“While software has a negative investor connotation at the moment, IBM is offering infrastructure software (the good part) to large, often heavily regulated customers, which creates a very sticky set-up that should not see negative AI implications,” Lenschow noted.

Compounding the institutional buying enthusiasm is a wave of retail momentum triggered by social media posts as traders on X and TikTok began widely sharing a video clip from 2025 where President Trump explicitly praises the technology company, confidently stating that IBM stock is going to "go up a lot more.”

IBM’s move builds on momentum from last week, following its commitment to spending $10 billion in quantum computing over the next five years to build the first large-scale quantum computer. This comes after the Trump administration signed a number of letters of intent (LOIs) to award a total of $2 billion in grants to nine quantum companies, including IBM, in deals that also include equity stakes.

David Crowther
10m
Software stocks strike back, as Jensen Huang throws fuel on the fire with comments at Computex

The Nvidia CEO said that it’s an “incredible time” to be a software company.

TAIWAN-TECHNOLOGY
markets
Max Knoblauch

MGM Resorts surges after report Barry Diller is planning a bid for the company

MGM Resorts is up more than 11% in premarket trading Monday following a report that the casino giant is the target of an acquisition by billionaire Barry Diller’s People Inc. (IAC).

The deal would value MGM at $18 billion, according to The New York Times.

People Inc. already holds more than a quarter of MGM and two board seats. (Diller holds one of them.)

The news comes just days after MGM rival Caesars Entertainment reached an agreement to be acquired by billionaire Tilman Fertitta’s company for $5.7 billion.

Barry Diller’s People Inc. Plans a Takeover Bid for MGM Resorts

Barry Diller’s People Inc. Plans a Takeover Bid for MGM Resorts

People Inc. already holds more than a quarter of MGM and two board seats. (Diller holds one of them.)

The news comes just days after MGM rival Caesars Entertainment reached an agreement to be acquired by billionaire Tilman Fertitta’s company for $5.7 billion.

markets
Helena Cheng

Nvidia jumps after entering laptop market with new PC “superchip”

Nvidia shares are rising after the company announced its push into the PC processor market, unveiling the company’s highly anticipated RTX Spark “superchip,” a new processor designed to bring advanced AI capabilities directly to Windows laptops.

“There is no question this reinvention of the computer is as big of a deal as the reinvention of the phone into what we now know as the smartphone,” Nvidia CEO Jensen Huang said at the Computex trade show in Taipei.

Nvidia said the company is reimagining the PC “for the first time in 40 years” and the new platform is built for “agentic AI,” allowing AI models and assistants to run locally on laptops rather than relying entirely on cloud computing. Microsoft simultaneously unveiled its Surface Laptop Ultra powered by RTX Spark, while Dell, HP, and Lenovo are expected to launch systems based on the chip later this year.

RTX Spark combines an Arm-based CPU, Nvidia’s Blackwell graphics architecture, and dedicated AI hardware into a single chip designed for AI-heavy workloads.

This move put the company into more direct competition with Intel, AMD, Qualcomm, and Apple in the personal computing industry. Shares of Intel, Qualcomm, and AMD are all sinking right now after the Nvidia announcement. The move also positions the RTX Spark on a collision course with the M5 from Apple, which is also trading lower. Meanwhile, Arm Holdings, on whose architecture RTX Spark is built, surging in premarket trading along with Microsoft and HP Enterprise.

For investors, the announcement serves as another reminder that the AI trade is increasingly expanding beyond data centers and into consumer hardware.

Max Knoblauch

Chinese EV makers’ sales mostly rebound in May, with Nio deliveries surging 62%

Several Chinese EV makers saw deliveries rebound in May, with Nio logging its best month of 2026.

Nio delivered 37,705 vehicles in May, up more than 28% from April and more than 62% from the same month last year. It launched its Onvo L80 electric SUV on May 15 and its ES9 SUV last week. Its US-listed ADRs were up about 3% in premarket trading on Monday.

XPeng ADRs climbed more than 4% premarket as it reported 3.7% month-over-month delivery growth from April. Its deliveries are expected to grow in June as it ramps up production of a new SUV.

BYD logged a 19% month-over-month sales hike from April. The company is rapidly boosting its overseas business to make up for flailing domestic sales, and that was reflected in its sales figures: overseas sales grew 80% from last year, while domestic sales fell 24%. Its ADRs were flat in premarket trading.

Li Auto dipped in premarket trading — its May sales were down 18% from last year and about 2% from April.

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