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Luke Kawa

Samsung soars after Elon Musk says Tesla signed a deal to buy $16.5 billion in new AI chips

Shares of Samsung Electronics had their best day of the year, rising 6.8% during trading in South Korea after the electronics giant announced a $16.5 billion chip manufacturing deal.

Loose terms of the agreement, which runs through 2033, were detailed in a release from Samsung — but no information on the customer was provided. Elon Musk seemingly confirmed that Tesla was the buyer on Sunday night by replying “yes” on X to a user who asked about the veracity of a report from Bloomberg News.

Per Musk, Samsung will produce Tesla’s AI6 chips, next-generation processors that are expected to enhance the company’s autonomous driving capabilities in the years to come.

Shares of Tesla are up about 2% in premarket trading.

Samsung currently makes the AI4 chips that are used in Tesla’s self-driving system. Industry leader TSMC is responsible for producing Tesla’s AI5 chips, which have yet to enter into service. Its stock is down 1% in premarket trading.

Musk also expressed optimism that the agreement would see much higher output than Samsung outlined, adding that these processors will be made at a new foundry in Taylor, Texas, which “is conveniently located not far from my house 😀.”

Samsung has not yet confirmed details as to where this order will be manufactured. Reuters has previously reported on the struggles of its Texas plant to get up and running, with Samsung delaying the start of operations and holding off on taking delivery of equipment from ASML in light of sluggish demand. ADRs of the Dutch semi equipment titan are up 3.5% as of 6:25 a.m. ET.

This deal “implies a recovery in its foundry business’ 2-nanometer generation chip production,” Bloomberg Intelligence analysts Masahiro Wakasugi and Takumi Okano wrote. “It could also lead to new contracts with other fabless chip companies.”

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Luke Kawa
7/13/26
Meet the newly public, Bezos-backed company that’s recreating the sun and stars

General Fusion CEO Greg Twinney spoke with Sherwood News from the Nasdaq during the stock’s first day of trading.

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J. Edward Moreno

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

Luke Kawa
7/2/26
US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

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Luke Kawa
7/1/26
Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

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Paige Oamek

Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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