U.S. pre-market news at a glance: Agility, the first U.S. humanoid robot stock, to list tonight; Apple plans to cut internal AI budget; Microsoft rejects tens of billions of dollars expansion agreement.
November 5: Key pre-market news for US stocks on Thursday is as follows:
1. Apple plans to cut its internal AI usage budget, lowering the daily spending cap for some engineers using AI models from $300 to $200 to control expenses.
2. Microsoft failed to reach a potential new multi-billion-dollar agreement with UK AI startup Nscale. Microsoft refused to more than double the scale of its existing data center computing power leasing contract.
3. Goldman Sachs noted that the outcome of this US midterm election may accelerate tech companies' capital expenditure through 2027 rather than suppress capital investment.
4. OpenAI reaffirmed that it will bear all costs generated by powering its data centers. For data centers it owns and operates, it will seek local community input and publicly disclose construction plans.
5. Optical communications leader Lumentum will release Q3 results after the bell tonight. The market consensus expects revenue of $1.248 billion, up about 138% year-over-year; adjusted earnings per share of $4.19, up about 307% year-over-year.
6. Republicans' midterm election setback may instead relieve a layer of political pressure on Fed Chair Warsh, allowing him to reduce interference from political factors and focus more on curbing inflation.
7. Challenger data showed that US companies announced 43,994 job cuts in October, down 71% year-over-year, the lowest for the same period in three years.
8. Agility, the first US humanoid robot stock backed by Nvidia, debuts on Nasdaq tonight.