Trending Market News

Qualcomm is in talks to provide custom chip-design services to ByteDance, TikTok's parent company, as the U.S. chipmaker seeks to diversify beyond its core smartphone business. The discussions involve designing chips potentially based on AlphaWave Semi technology, possibly including video processing units (VPUs) for mass production by year-end. This highlights continued U.S.-China tech cooperation despite ongoing tensions over AI chip exports.

• Qualcomm faces pressure from declining smartphone demand, with global shipments expected to show a record annual contraction this year amid surging memory-chip prices
• The potential deal would make ByteDance an early customer of Qualcomm's chip-design services as it expands into data center chips (CPUs, inference accelerators, and custom ASICs)
• Discussions remain uncertain with no guarantee of completion, and ByteDance is also developing its own AI chips for inference tasks and CPUs

Abbisko Therapeutics, a Shanghai-based biotech company, has signed a strategic research collaboration and licensing agreement with Eli Lilly to jointly discover and develop medicines across multiple targets. The deal includes potential milestone payments to Abbisko of up to $1.9 billion for development, regulatory, and commercial achievements.

• Abbisko Therapeutics is eligible for up to $1.9 billion in development, regulatory, and commercial milestone payments
• The collaboration will focus on discovery and development of medicines across multiple therapeutic targets
• The deal was announced by Abbisko Cayman, the parent company of the Shanghai-based Abbisko Therapeutics unit

Nvidia's AI chips have more than doubled in price on China's black market, according to the Financial Times citing multiple Chinese chip traders. The report highlights the impact of export restrictions on banned advanced semiconductors in China. Reuters could not immediately verify the pricing claims.

• Prices for banned Nvidia AI chips have surged by over 100% on China's underground market
• The price increase reflects strong demand in China despite U.S. export restrictions on advanced AI chips
• Multiple Chinese chip traders confirmed the price surge to the Financial Times, though Reuters has not independently verified the report

Alphabet has been added to the Dow Jones Industrial Average, replacing Verizon in the 30-stock index. This marks a significant shift in the composition of the blue-chip index, reflecting changes in market leadership and the growing dominance of technology companies in the U.S. economy.

• Alphabet's inclusion recognizes its status as a major technology leader and reflects the index's modernization
• Verizon is being removed from the Dow after years as a representative of the telecommunications sector
• The change signals a continued shift toward tech-heavy representation in traditional market benchmarks

Cerebras Systems reported first-quarter revenue of $193.4 million, nearly double the $99.5 million from the same period last year, in its first earnings report since going public. The AI chip designer is benefiting from strong enterprise demand for specialized chips used in AI model training and inference.

• Revenue nearly doubled year-over-year to $193.4 million in Q1, up from $99.5 million in the prior-year period
• The company has secured a $20 billion multi-year deal with OpenAI to deploy 750 megawatts of Cerebras chips for ChatGPT operations
• Cerebras focuses on AI inference processing, which involves running AI models in real-time to respond to user queries

FedEx reported strong fiscal fourth-quarter earnings that exceeded Wall Street expectations on both revenue and earnings per share. This was the company's final quarter including its freight business, which spun off into a separate publicly traded company on June 1. The results were driven by a 3% year-over-year increase in domestic volume.

• FedEx Freight spun off as a separate publicly traded company on June 1, paying a $4.1 billion cash dividend to FedEx Corporation in connection with the spinoff
• Fiscal Q4 revenue reached $25.01 billion versus $24.04 billion expected, with full-year revenue of $94.7 billion up from $87.9 billion the prior year
• The company expects 11% year-over-year revenue growth for the full year and is changing its fiscal year end from May 31 to December 31

Chinese tech and e-commerce giant Alibaba has filed a lawsuit against the U.S. Department of Defense challenging its designation as a 'Chinese military company.' The legal action was disclosed in a court filing on Tuesday, June 23. This dispute highlights escalating tensions between major Chinese technology firms and U.S. national security agencies.

• Alibaba is contesting the Pentagon's classification of the company as having military ties to China
• The lawsuit was filed in U.S. court seeking to overturn the Department of Defense designation
• This action reflects broader U.S.-China tensions over technology companies and national security concerns

Meta CEO Mark Zuckerberg has directed a small team to develop a smartphone app similar to prediction markets platforms Polymarket and Kalshi, according to a New York Times report citing two employees familiar with the matter. This move signals Meta's potential entry into the prediction markets space.

• A small internal team at Meta has been tasked with creating the prediction markets app
• The app would compete with existing platforms Polymarket and Kalshi, which allow users to bet on future events
• The initiative was reportedly ordered directly by CEO Mark Zuckerberg

AutoNation acquired three luxury dealerships (Mercedes-Benz, Audi, and Porsche) in Fremont, California from Fletcher Jones Automotive Group, with the transaction closing June 22, 2026. The Presidio Group exclusively advised Fletcher Jones on the sale, marking their third transaction together in less than a year. The deal reflects Fletcher Jones' strategic portfolio management as it exits Northern California while strengthening its Southern California presence.

• Fletcher Jones divested these Northern California stores following its March 2026 acquisition of Mercedes-Benz of Beverly Hills, realigning its portfolio toward Southern California markets
• The Presidio Group has advised on over 130 luxury franchise transactions (42% of its total deal activity) and 44 California dealership deals, including 24 Mercedes-Benz locations
• AutoNation, one of the largest U.S. dealership groups, is expanding its premium luxury portfolio in California's highly competitive market through this acquisition

Meta announced new smart glasses starting at $299, at least $80 cheaper than its entry-level Ray-Ban models, as CEO Mark Zuckerberg intensifies the company's push into wearable devices. The glasses include cameras, speakers, and Meta AI capabilities but lack screens. This move comes as competition heats up with Google and Snap entering the smart glasses market.

• Meta and EssilorLuxottica dominate the smart glasses market with over 80% share and millions of units sold since 2021
• The $299 Meta Glasses lack screens but feature cameras, speakers, and AI translation capabilities, positioning them as a stepping stone to more advanced $799 Ray-Ban Display glasses with built-in displays
• Competition is intensifying with Google partnering on Gemini AI-powered eyewear and Snap launching $2,195 Specs glasses

Finland's transport authority may approve Tesla's Full Self-Driving (FSD) supervised assistance system ahead of an EU-wide vote expected in October 2026. The Netherlands became the first EU country to grant provisional approval in April, with Denmark, Lithuania, and Estonia following suit. Finland is evaluating key safety aspects before making a decision after summer.

• Approximately 6,500 cars in Finland (0.24% of 2.7 million passenger vehicles) are equipped with Tesla's FSD system
• Finland's Traficom is assessing driver response time, low-visibility overtaking conditions, and speed offset features, with Sweden and Norway raising concerns about the latter
• An EU-wide committee vote is scheduled for October 2026, with the next member state discussion on June 30

Bath & Body Works is partnering with Ulta Beauty to sell its fragrances, soaps, and candles in over 600 Ulta stores starting July 12. The collaboration supports both companies' turnaround strategies, with Bath & Body Works expanding distribution channels and Ulta seeking to grow through brand partnerships. This follows Bath & Body Works' recent entry into Amazon in February as part of its multi-channel expansion.

• Products including fine fragrance mist, body cream, hand soap, three-wick candles ($25 price point), and air fresheners will be available at Ulta, filling a 'whitespace opportunity' in home fragrance where Ulta has limited presence
• The partnership is open-ended with no set end date, complementing Bath & Body Works' February 2024 Amazon launch, with executives positioning Amazon for convenience and Ulta for discovery and physical experience
• Bath & Body Works CEO Daniel Heaf emphasized home fragrance as a key industry category and sees Ulta's physical stores offering customers the chance to smell fragrances and interact with products, differentiating it from e-commerce channels

The Federal Reserve will release its annual bank stress test results on Wednesday, covering 32 banks tested against a severe global recession scenario. Unlike previous years, this year's results will not affect banks' capital requirements or distribution plans, as the Fed pauses updates while it overhauls the testing process in response to industry criticism. The tests still provide insight into banking system health by assessing whether banks can maintain minimum capital ratios during hypothetical economic downturns.

• The test models a severe global recession with heightened stress in commercial and residential real estate markets, requiring banks to stay above a 4.5% minimum capital ratio
• Capital buffers are frozen for this cycle as the Fed implements changes allowing banks to review and comment on previously confidential test models and scenarios
• The exercise covers 32 banks, with results releasing Wednesday at 4:00 p.m. ET, providing transparency into bank health without triggering capital requirement changes

Global stock markets experienced a broad selloff on Tuesday, with technology stocks leading declines following Monday's losses on Wall Street. Asian markets were hit hardest, with South Korea's Kospi closing down 10%, while European tech stocks fell over 3% and U.S. tech futures dropped significantly in pre-market trading.

• South Korea's Kospi index plunged 10%, with major chipmakers and tech giants losing more than 12% each
• European chipmakers suffered steep losses, with some companies down over 7%, while the Stoxx 600 Technology index fell 3.2%
• U.S. tech futures indicated continued weakness, with major semiconductor stocks down 6-8% in pre-market trading following SpaceX's 16% drop on Monday

Independent energy firm NatPower and Tesla have agreed to build 25 gigawatt hours of battery storage in Italy and Britain, marking the first phase of a project ultimately targeting over 100 GWh capacity. The full buildout could cost $4-5 billion in construction and generate more than $15 billion in revenue over 20 years, supporting Europe's push to balance intermittent renewable energy sources.

• Initial phase includes five projects totaling 25 GWh using Tesla's Megapack battery storage system and trading technology
• Full program aims to exceed 100 GWh of storage capacity at a construction cost of $4 billion to $5 billion
• Expected revenue could surpass $15 billion over 20 years as European countries ramp up battery storage to support renewable power expansion

Shopify will ban all vape sales from its e-commerce platform as soon as this week following pressure from 25 U.S. state attorneys general targeting the $9 billion illegal vape market. The ban will apply to both legal and illegal vapes in the U.S., marking the most significant enforcement action yet against the unlicensed vape industry that operates despite lacking FDA authorization.

• The FDA has authorized only 45 e-cigarette products to date, while unlicensed vapes remain widely available online and in retail stores despite being illegal to import or sell
• The ban's geographic scope beyond the U.S. remains unclear, but it will disrupt e-commerce channels that are more critical for illegal vapes than for licensed players like BAT or Juul
• Separately, Mastercard issued a May notice warning partners that unlicensed vape sales violate its standards and threatened investigations and fines for non-compliance

Meta has paused an internal program that tracked employee mouse movements, clicks, and keystrokes for AI training after sensitive employee data became accessible to all staff members. The company is investigating data security concerns following a high-priority security incident report filed by an employee regarding the exposure of personal information including tax and medical data.

• The mouse-tracking tool, rolled out in April for U.S.-based employees, was storing data in unencrypted form and capturing more information than initially disclosed
• Exposed data included full prompts, private conversations, performance data, and sensitive personal information such as employee tax and medical records
• Meta declined to specify how long the pause would last, stating the program has 'privacy safeguards' and there is no indication data was improperly accessed

The article content is unavailable as the page could not be loaded. Based on the title, Qualcomm is reportedly close to acquiring Modular, an AI chip startup, according to Bloomberg reporting.

• Qualcomm is nearing a deal to acquire AI chip startup Modular
• The information was reported by Bloomberg News
• Full details of the transaction, including financial terms and strategic rationale, are not available due to the missing article content

Three solar panel manufacturers operating in the U.S. have petitioned the Department of Commerce to investigate solar cell imports from South Korea, alleging that producers like Hanwha's Qcells are using them to circumvent existing U.S. tariffs on Chinese products. The petition was filed on June 18 by Canadian Solar, SEG, and Heliene, all of which operate U.S.-based solar panel factories.

• The petition targets South Korean solar cell imports, specifically alleging they are being used to evade longstanding anti-dumping tariffs originally imposed on Chinese solar products
• Three companies with U.S. manufacturing operations (Canadian Solar, SEG, and Heliene) filed the complaint, potentially seeking trade protection for domestic production
• Hanwha's Qcells, which operates a factory in Georgia, is named as one of the producers allegedly involved in the tariff circumvention

Oracle reduced its workforce by approximately 13%, cutting 21,000 employees during fiscal 2026, bringing total headcount from 162,000 to 141,000. The layoffs are part of ongoing business restructuring driven partly by AI adoption across the company's operations. The cloud computing giant disclosed the workforce reduction in its annual report released Monday.

• Total workforce dropped from approximately 162,000 employees in May 2025 to 141,000 in May 2026
• The 21,000-employee reduction represents a 13% decrease in Oracle's global headcount
• AI adoption across operations is cited as a partial driver of the restructuring and workforce cuts