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Luke Kawa7/29/25

White-hot Chinese demand is spurring Nvidia to order even more H20s: Report

Chinese demand for Nvidia processors is so strong that the chip designer is tearing up its two-week-old plans in order to sell even more AI GPUs to the world’s second-largest economy. That’s the skinny of a report from Reuters saying that the company has ordered an additional 300,000 H20 chips from TSMC, changing plans to merely sell its existing inventory. Shares are up 1.5% as of 7:25 a.m. ET.

It’s a stark turnabout for the chip designer, which took a $4.5 billion charge in its first-quarter earnings related to excess inventory and purchase obligations for the H20 chip it was unable to sell into China due to export restrictions put in place in mid-April. Nvidia also said that the ban on H20 exports would leave an $8 billion revenue hole in its second-quarter results.

Those export curbs were said to be scrapped in mid-July as part of an ongoing diffusion of US-China trade tensions, with the Trump administration aiming to secure US companies’ access to rare earth minerals from China. However, per Reuters, Nvidia has not yet received licenses to ship its H20s to China.

Nvidia’s alarm over its inability to ship H20 chips to China had become a front-burner issue for the chip designer, with the country mentioned a whopping 27 times on its most recent earnings call as CEO Jensen Huang warned that the “$50 billion China market is effectively closed to US industry.”

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Cipher Mining gains despite posting underwhelming Q1 revenues

Cipher Digitalare gaining in premarket trading, following the release of its Q1 2026 results. Investors are watching to see how the company's aggressive pivot toward AI infrastructure is showing up in its contracted revenue backlog, hoping for color on the potential for additional lease signings.

Key numbers:

Q1 revenue: $34.8 million (estimate: $36.5 million)
Adjusted EBITDA: -$48.2 million (estimate -$7.3 million)

Cipher Digital rebranded from Cipher Mining in February 2026 to align with its new focus on industrial-scale data centers for AI and cloud workloads.

The company has signed a 15-year, 300-megawatt agreement with Amazon Web Services at its Black Pearl campus, as well as a 10-year lease with Fluidstack and Google at its Barber Lake site. Cipher also added a third, unnamed client in March. Together, its deals total around $11 billion in contracted revenues over the next decade.

By 2030 and beyond, Cipher anticipates having multiple gigawatts of capacity available for sale as it continues its data center construction efforts in anticipation of an enduring AI boom.

Cipher Digital expected portfolio capacity beyond 2030 — Source: Cipher Digital

The company has also moved to strengthen its balance sheet, securing a $200 million revolving credit facility backed by major banks including Morgan Stanley, Goldman Sachs and JPMorgan, giving it additional flexibility to fund data center expansion.

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J. Edward Moreno22m

Pfizer reports Q1 results above consensus, reaffirms 2026 guidance

Pfizer rose in premarket trading after it reported earnings results that beat Wall Street expectations and reaffirmed its annual guidance.

For the first three months of 2026, Pfizer reported:

Revenue at $14.5 billion, greater than the $13.8 billion analysts polled by FactSet were expecting. Growth in some of its newer treatments helped offset the decline in demand for its COVID-19 products, it said.
Adjusted earnings per share of $0.75, higher than the $0.72 the Street was penciling in.

For the full year 2026, Pfizer still expects:

Annual adjusted earnings per share to land between $2.80 and $3.00, compared to the $2.96 analysts are currently expecting.
Annual revenues to hit between $59.5 billion and $62.5 billion, compared with the $61.3 billion analysts have forecast.

The pharmaceutical giant is working to reignite growth after demand for its COVID-19 products has waned and as some of its biggest moneymakers get nearer to the end of their patents’ lives. It has made investments in oncology and late last year it acquired Metsera, a biotech working on a once-monthly GLP-1 shot.

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J. Edward Moreno1h

AB InBev reports Q1 sales, adjusted EPS above estimates as beer volumes rise

AB InBev, the world’s largest brewer, rose in premarket trading after it reported results that beat Wall Street estimates and its beer business grew for the first time since 2023.

For the first three months of 2026, the company reported:

Revenue at $15.3 billion, higher than the $14.7 billion analysts polled by FactSet were expecting.
Adjusted earnings per share of $0.97, greater than the $0.89 the Street was penciling in.

The Bud Light maker also affirmed its 2026 guidance, pricing in a boost from demand around this summer’s World Cup.

The company reported overall sales volume growth of 0.8% compared to the same point last year, marking the first year-over-year increase in three years. That growth was driven by beer volumes, which grew 1.2%, while non-beer volumes — such as ready-to-drink cocktails and seltzers — fell by 1.9% in the same period.

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Claire Yubin Oh2h

FIS rises on partnership with Anthropic to bring agentic AI to banking, starting with financial crimes

FIS jumped as much as 6% in premarket trading on Tuesday after the company announced a partnership with Anthropic to develop agentic AI for banking systems, starting with a focus on anti-money-laundering investigations.

The new AI agent will focus on improving efficiency in financial crime investigations, specifically by “automatically assembling evidence across a bank's core systems, evaluating activity against known typologies, and surfacing the highest-risk cases for investigator review,” per Fidelity National Information's press release.

BMO and Amalgamated Bank will purportedly be the first institutions to deploy the agent, with broader implementations planned in the second half of 2026. Anthropic’s Applied AI team will be embedded within the company to co-design the first AI agent and transfer knowledge so FIS can build additional agents independently in the future.

FIS plans to develop further curated agents — spanning credit decisioning, deposit retention, customer onboarding, and fraud prevention — for its financial institution clients on its platform.

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Apple in talks with Intel and Samsung to produce chips for US devices

Apple has held early-stage talks with Intel and Samsung about producing the main processors for its devices in the US, according to Bloomberg.

The discussions include initial talks with Intel about enlisting its chipmaking services, as well as visits by Apple executives to the Samsung chip plant that’s being developed in Texas. The conversations with both companies remain preliminary and no agreements have been made so far, per the report.

The potential move would give Apple a secondary option beyond its long-standing reliance on TSMC, which has handled production of its main processors for more than a decade. Apple is exploring alternatives partly due to ongoing supply constraints amid strong demand for advanced chips tied to AI growth — constraints which have limited its ability to meet demand for iPhones and Macs, CEO Tim Cook said on last week’s earnings call.

Still, Apple has concerns about whether Intel and Samsung can can match TSMC’s manufacturing consistency and scale, and may not ultimately move forward with either partner, Bloomberg reports. Both companies currently trail the Taiwanese chipmaker in advanced chip manufacturing, with Intel still early in its foundry turnaround efforts and Samsung still a distant second to TSMC in the foundry market.

Intel, which had its best day since the 1980s a little over a week ago, rose nearly 4% in premarket trading Tuesday, while Apple was little changed and Samsung didn’t trade due to a market holiday in South Korea.

Apple Explores Using Intel, Samsung to Build Device Processors

Apple Explores Using Intel, Samsung to Build Device Processors

The potential move would give Apple a secondary option beyond its long-standing reliance on TSMC, which has handled production of its main processors for more than a decade. Apple is exploring alternatives partly due to ongoing supply constraints amid strong demand for advanced chips tied to AI growth — constraints which have limited its ability to meet demand for iPhones and Macs, CEO Tim Cook said on last week’s earnings call.

Still, Apple has concerns about whether Intel and Samsung can can match TSMC’s manufacturing consistency and scale, and may not ultimately move forward with either partner, Bloomberg reports. Both companies currently trail the Taiwanese chipmaker in advanced chip manufacturing, with Intel still early in its foundry turnaround efforts and Samsung still a distant second to TSMC in the foundry market.

Intel, which had its best day since the 1980s a little over a week ago, rose nearly 4% in premarket trading Tuesday, while Apple was little changed and Samsung didn’t trade due to a market holiday in South Korea.

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