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1100 - NY Fed inflation expectations: Expected 3.1%; Prior 3%

NVIDIA Corp and Taiwan Semiconductor

+0.96%

On watch as a pair after Reuters reported that OpenAI is rapidly advancing its in-house AI chip development, aiming for mass production at TSMC by 2026. OpenAI’s first design is reportedly set for tape-out this year, potentially offering an alternative to Nvidia’s chips. The effort, led by ex-Google chip expert Richard Ho and a growing team collaborating with Broadcom, highlights OpenAI’s strategy to strengthen leverage over chip suppliers amid broader industry challenges. Nvidia is relatively flat, while Taiwan Semi is trading higher premarket.

NVDA, TSM

Super Micro Computer Inc (SMCI)

+3.61%

Gapping up in anticipation of its Q2 2025 earnings announcement, scheduled to take place after the bell on Tuesday, February 11. This is the company’s first earnings update since November 2024, when they provided preliminary Q1 2025 results due to a delayed 10-K filing. Super Micro has been facing scrutiny for the past six months following a delayed filing for fiscal 2024, a reported investigation by the Department of Justice, and an abrupt resignation from their independent auditor; the company’s Independent Special Committee cleared it of any wrongdoing in early December 2024.

Tesla Inc (TSLA)

-1.30%

Trading lower premarket after Stifel and Needham issued cautious notes on the stock. Stifel lowered its price target to $474 from $492 due to concerns around pricing pressure, declining favorability, and strong Chinese competition despite cost improvements and a record-low cost of goods per vehicle. The firm maintained a Buy rating despite caution about near-term demand and profitability challenges. Meanwhile, Needham maintained a Hold rating on Tesla, arguing that long-term growth drivers like FSD, Robotaxi, and Robotics are largely priced in.

United States Steel Corp (X)

+4.60%

Gapping up after President Donald Trump said that he is planning on applying a 25% tariff to steel and aluminum imports. The company was mentioned by both Trump and Japanese Prime Minister Ishiba during their meeting and press conference on Friday. Trump stood by his previously-stated stance against allowing the company to be acquired by Japan’s Nippon Steel; Ishiba said the acquisition was more of an “investment” and that he would discuss it with Trump. During the meeting, CBS reported that Trump was considering allowing the acquisition to go through.

Alibaba Group Holding Ltd (BABA)

+4.00%

Trading sharply higher premarket as its 2025 rally continues. The stock gained 5.9% during Monday’s session in Hong Kong, extending its 2024 gains to over 30% as investors anticipate its Feb. 20 earnings report and advancements in AI. Alibaba has been on heightened watch since announcing that its cloud unit's new Qwen2.5-VL model outperformed major rivals, boosting confidence amid a broader rally in Chinese tech stocks.

GameStop Corp and Strategy Inc

+2.05%

Both stocks are trading higher premarket after GameStop CEO Ryan Cohen posted a photo of himself with Strategy leader Michael Saylor on Saturday. The photo of the pair attracted a significant amount of attention on social media. Strategy, formerly known as MicroStrategy, rebranded last week to emphasize its business interests in AI and Bitcoin acquisition. Strategy has a 13.4% short float, while GameStop has a short float of 7.86%.

GME, MSTR

BP PLC (BP)

+6.40%

Gapping up after the Wall Street Journal reported that activist investor Elliott Management took a stake in the company. The report comes after BP’s stock underperformed its peers last year and ahead of its earnings report on February 26. In an analyst note, RBC suggested that Elliott is likely try to split up BP’s core oil and gas statement or attempt to change its leadership should the reports be true.

Monday.Com Ltd (MNDY)

+22.19%

Gapping up following its Q4 2024 earnings report, with adjusted earnings of $1.08 per share and sales of $267.976 million beating estimates of $0.79 and $261.366 million, respectively. The company guided Q1 revenue of $274 million to $276 million, the midpoint of which exceeds estimates of $274.31 million. Monday projected revenue between $1.21 billion and $1.22 billion for fiscal 2025, in line with estimates of $1.21 billion.

McDonald’s Corp (MCD)

+2.03%

Trading higher premarket after reporting Q4 2024 earnings. Adjusted earnings of $2.83 per share were in line with expectations, but sales of $6.388 billion missed estimates of $6.442 billion. The company reported a 0.4% increase in global comparable sales, above estimates of a 0.9% decline. Comparable sales in international operated and international developmental licensed markets outpaced expectations, while US comparable sales experienced a larger-than-expected decline. The company also reported a 15% year-over-year increase in 90-day active loyal users and a 30% increase in system-wide sales to loyalty members.

ON Semiconductor Corp (ON)

-6.24%

Gapping down after its earnings report. The company reported adjusted earnings of $0.95 per share and sales of $1.722 billion, missing estimates of $ 0.97 and $1.758 billion, respectively. Onsemi guided adjusted earnings between $0.45 and $0.55 per share for Q1 2025, well below analyst estimates of $0.89. Its revenue guidance of $1.35 billion to $1.45 billion also missed estimates of $1.687 billion.