AI-powered cloud company Nebius (Nasdaq: NBIS) stock is up by a double-digit percentage in pre-market trading clinching its latest AI deal, this time with Meta Platforms. Mark Zuckerberg’s company agreed to dole out up to $27 billion over the coming half decade on the Dutch company’s AI plumbing. Last week, Nebius stock soared on the heels of a $2 billion investment from the AI darling itself, Nvidia.
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The price of oil continues to call the shots for stocks. With WTI Crude hovering at $95 per barrel, and Brent Crude hitting pause at just over $100, stocks have room to recoup some recently lost ground. Big Tech stocks including Meta Platforms (Nasdaq: META | META Price Prediction) and Nvidia (Nasdaq: NVDA) are leading the charge, gaining between 1%-3% in pre-market trading. Reports indicate that Meta is preparing to implement cost-cutting measures, including layoffs of over 20% of its staff, while Nvidia is rolling out the welcome mat for industry peers to attend its widely anticipated GTC event in which CEO Jensen Huang’s keynote speech will explore the next chapter for AI.
The Trump administration is pressuring its allies to architect the reopening of the Strait of Hormuz so that ships can pass and oil can flow freely through the Mideast. Here’s a look at where things stand as of pre-market trading:
Dow Jones Industrial Average: 47,250 (+0.77%)
Nasdaq Composite: 24,889 (+1.15%)
S&P 500: 6,750 (+0.97%)
Apple (Nasdaq: AAPL) has rolled out its latest AirPods Max 2, with a starting price point of just under $550 per pair.
Digital asset platform Bitmine (NYSE: BMNR), whose chairman is prominent crypto and stock market analyst Tom Lee, has the spending spigot turned on. Bitmine has reported directed $80 million into Eightco (Nasdaq: ORBS), paving the way for the company to in turn back ChatGPT maker OpenAI. Additionally, Bitmine continues to add ETH to its balance sheet, most recently scooping up 5K ETH from the Ethereum Foundation in a $10.2 million deal.
Salesforce (NYSE: CRM) is determined to return greater value to shareholders, launching a massive $25 billion share buyback program, the biggest ever for the CRM company. Content streaming giant Netflix (Nasdaq: NFLX) is also reportedly eyeing a share buyback program.
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Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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