Stocks are up slightly in premarket trading as President Trump convenes his full Cabinet at Camp David today, with ongoing U.S. and Israeli operations in the Middle East expected to dominate a broad agenda that also encompasses trade. U.S. Central Command carried out "self-defense" strikes in southern Iran earlier this week with no resolution in sight. On trade, U.S. Trade Representative Jamieson Greer confirmed tariffs on Mexico and Canada will stay as USMCA renegotiation talks open in Mexico City, with Canada excluded over its decision to retaliate against U.S. levies.
Nvidia Commits $150B Annually to Taiwan
Nvidia (NVDA) CEO Jensen Huang announced plans to invest roughly $150B per year in Taiwan, up from $10B-$15B four years ago, while unveiling a new campus called Constellation in Taipei's Beitou-Shilin Technology Park designed to house 4,000 employees and serve as one of NVDA's largest AI research hubs in the Asia-Pacific region. Huang called Taiwan "the epicenter of the AI revolution," crediting the island's chip packaging and systems manufacturing ecosystem as central to NVDA's growth. The announcement comes ahead of NVDA's COMPUTEX keynote Monday, with rival Advanced Micro Devices (AMD) last week pledging $10B of its own across the Taiwan ecosystem.
Abercrombie & Fitch Climbs on Streak Despite Soft Quarter
Abercrombie & Fitch (ANF) is up +4% in premarket trading after extending its run of consecutive quarterly sales growth to 14, a streak that continues to underscore the brand's resilience even as the consumer environment tightens. Q1 revenue rose +2% to $1.1B, but the headline masked real pressure underneath: comp store sales slipped -1%, EMEA dragged on Middle East-related softness, and operating margin compressed to 8%. ANF held its full-year outlook steady, guiding to +4% sales growth and trimming its expected tariff headwind to 20 basis points from 70, a modest but notable sign of improving visibility.
SoFi Launches First Bank-Issued Stablecoin
SoFi Technologies (SOFI) today became the first U.S. national bank to offer a bank-issued stablecoin, SoFiUSD, available to buy, sell, hold, and convert directly within the SoFi app on Ethereum and Solana networks. The company plans to add tokenized deposit functionality in coming weeks, allowing members to earn interest and access FDIC insurance, alongside a launch on centralized exchange partner Bullish (BLSH) for institutional trading. The rollout positions SOFI at the intersection of traditional banking and digital assets at a moment when stablecoin legislation is gaining momentum in Washington.
IREN Secures $1.6B Dell Deal for Blackwell Buildout
IREN (IREN) shares are up +5% premarket on the announced a $1.6B agreement with Dell Technologies (DELL) to deploy air-cooled Blackwell AI systems at its Texas data center, part of its existing 5-year, $3.4B AI cloud contract, with rollout expected by early 2027. Once live, the annualized revenue run rate is expected to climb from $3.7B to $4.4B, with the company arranging GPU financing to support the hardware purchase.
