US stocks closed mixed on Monday as tech rose on the heels of bullish optimism surrounding AI and yet another deal between OpenAI (OPAI.PVT) and Big Tech.

The Nasdaq Composite (^IXIC) rose about 0.5%, led by shares of chipmaker Nvidia (NVDA). The S&P 500 (^GSPC) was about 0.2% higher. The Dow Jones Industrial Average (^DJI) lost about 0.4%.

A $38 billion deal between Amazon (AMZN) and OpenAI, the maker of ChatGPT, sent shares of the e-commerce giant up more than 4%, extending gains from last week.

President Trump’s optimism over access to some of Nvidia chips in China sent the stock of the AI chip heavyweight up more than 2%.

The US dollar (DX-Y.NYB) crept higher, putting pressure on cryptocurrencies. Bitcoin (BTC-USD) fell by more than 3% to hover near $106,000 per token.

Yahoo Finance’s Laura Bratton reports:

Read more here.

Bitcoin (BTC-USD) fell by more than 2% on Monday, hovering near $107,000 per token.

The world’s largest cryptocurrency sank to a low just below $106,000 during the session before trimming losses.

Other tokens also rolled over. Ether (ETH) declined more than 5% to hover near $4,600 per token.

Debt issuance by the world’s largest tech companies to fund datacenter spending exploded through September and October, according to data from Bank of America (BAC).

Meta (META), Oracle (ORCL), and the joint-venture financing vehicle formed by Meta and Blue Owl Capital (OWL) to fund Meta’s Louisiana data center project, Beignet Investor LLC, issued a combined $75 billion in investment-grade bonds through September and October as the companies race to fund their AI infrastructure buildouts, BofA data shows.

A group of banks, including JPMorgan Chase (JPM) and Mitsubishi UFJ Financial Group, is also preparing a $38 billion debt offering that will fund data center development by Oracle on top of the $75 billion total, according to Bloomberg.

Bond issuance hadn’t exploded in the AI arena prior to September because the biggest players in AI spending — Amazon (AMZN), Alphabet (GOOG), Meta, Microsoft (MSFT), and Oracle — have largely been funding their developments through strong cash flow generation.

But Meta’s bond issuance, on top of its predictions to spend even more money on AI next year, “suggests the companies collectively may be reaching a limit on how much AI capex they are willing to fund purely from cash flows,” BofA analysts Yuri Seliger and Sohyun Marie Lee wrote.

Analyst estimates also show that AI capex is projected to reach 94% of operating cash flow, minus spending on dividends and share buybacks, in 2025 and 2026, up from 76% in 2024. If that percentage is below 100%, the companies don’t technically need to issue debt to fund their spending, but they are quickly hitting their limits, the BofA analysts wrote.

Eight leading member nations of OPEC+, a group of major oil producers, agreed on Sunday to raise production by 137,000 barrels per day (b/d) in December but signaled a pause in rate changes through the first quarter of 2026.

Futures on Brent crude oil (BZ=F), the global benchmark, lost roughly 0.4% Monday morning. Futures on US benchmark West Texas Intermediate (WTI) crude (CL=F) fell 0.6%.

The December unwind, identical to the 137,000 b/d increase through November announced in early October, brings the total amount of cuts unwound since April to 2.91 million b/d, according to energy consultancy Rystad Energy.

The choice to pause production increases through the first three months of 2026 reflects a shift in views by the bloc. The group of Middle Eastern oil-producing nations, led by Saudi Arabia, has spent every month since April unwinding previous cuts and raising its daily production of crude oil, even in the face of what analysts agree is an impending oil glut throughout next year as the countries look to reclaim market share.

“In their continuous efforts to support market stability, [the member nations] reaffirmed the importance of adopting a cautious approach and retaining full flexibility to continue pausing or reverse the additional voluntary production adjustments,” the cartel said in a statement announcing the December unwind.

OPEC+ attributed the pause to “seasonality.” Traditionally, demand has dropped in the first quarter of each year as refineries reduce production runs.

Recently announced US sanctions by the US Treasury on Rosneft and Lukoil, Russia’s largest oil-producing companies, have also added an increased level of uncertainty to the market, as a slowdown in Russian barrels could swing the balance of the incoming glut.

“Yes, OPEC+ is blinking, but it’s a calculated move,” said Rystad head of geopolitical analysis Jorge León. “By pausing, OPEC+ is protecting prices, projecting unity, and buying time to see how sanctions play out on Russian barrels. The group knows that overproducing now could backfire later.”

Mega hedge fund Millennium Management has sold its first minority stake, valuing the firm at $14 billion.

The investment firm, which manages roughly $79 billion in assets across several hundred separate trading desks, has been entirely owned since its founding by 77-year-old founder and chief investment officer Israel “Izzy” Englander and a group of entities directly related to the fund.

Millennium has spent the past few years fielding questions from investors about succession planning. The success of hedge funds, which typically aim to offer non-correlated returns to the broader stock market, is often driven in large part by the founder and their relationships with investors, ranging from state pension plans to ultra-high-net-worth clients.

“Izzy and the management team believe that the actions we have taken further reinforce the durability of the firm, support the longevity of our business, and position Millennium for continued growth and success in the future,” Millennium said in a note reviewed by Bloomberg.

The stake, worth roughly $2 billion or about 15% of the company, was sold to a group of buyers that includes large institutional investors and high-net-worth clients of the firm, according to Bloomberg. Goldman Sachs’ (GS) Petershill Partners led the transaction.

Millennium, founded by Englander in 1989, has returned an average performance of roughly 14% per year, according to Bloomberg.

The US manufacturing sector contracted for the eighth consecutive month, according to data released Monday morning by the Institute for Supply Management.

The manufacturing Purchasing Managers’ Index came in at 48.7 for October, down 0.4 points from 49.1 in September. Analysts had expected a reading of 49.2. Readings below 50 mark a contraction, while those above 50 mark an expansion.

Readings on new orders, new export orders, backlog of orders, and customers’ inventories — the four demand indicators — all improved, though they remain in contraction territory.

Output measures production and employment contracted during the month, albeit at a slower pace, while input measures supplier deliveries, inventories, prices, and imports were mixed.

“Short gains have not appeared to translate into sustained growth for the sector, a reflection of continuing economic uncertainty,” ISM chair Susan Spence said.

The report noted that prices for imported materials, including aluminum, copper, precious metals, and some steel, have increased. Critical minerals and rare earth magnets, at the heart of trade negotiations between President Trump and Beijing, were in “short supply,” the ISM report said.

“Business continues to remain difficult, as customers are cancelling and reducing orders due to uncertainty in the global economic environment and regarding the ever-changing tariff landscape,” a survey respondent from the chemical products sector said.

Shares in Nvidia (NVDA) rose by more than 2.2% in the first hour of the trading session on Monday as investors remained enthusiastic about AI spending despite a bearish signal from President Trump on sales of Nvidia’s chips to China. Nvidia’s stock continued its rally, notching more than a 54% gain since the start of the year.

President Trump, in an interview with CBS News on Sunday, said that while the chipmaking leader can interface directly with Beijing on many of its products, that will not be true “in terms of the most advanced [chips].”

“The most advanced, we will not let anybody have them other than the United States,” Trump said during the interview.

Meanwhile, on Monday, Loop Capital Markets raised its price target for Nvidia shares to a Street-high of $350, implying a market cap of $8.5 trillion for the company.

Loop analyst Ananda Baruah wrote in a note to clients, “We are entering the next ‘Golden Wave’ of Gen AI adoption and NVDA is at the front-end of another material leg of stronger-than-anticipated demand.”

In another positive headline for the company, Amazon (AMZN) Web Services on Monday morning announced a $38 billion deal with OpenAI (OPAI.PVT) that will provide the ChatGPT maker access to AWS computing capacity powered by Nvidia chips for its AI development work.

Throughout recent earnings reports, “Magnificent Seven” stocks Amazon, Alphabet (GOOG), Microsoft (MSFT), and Meta (META) have signaled that they expect nearly $405 billion in capital expenditures this year — much of which will go toward AI — according to Barron’s.

Rare earth stocks fell in premarket trading Monday morning after President Trump said that the threat to the supply of rare earth minerals from China was “completely gone” in an interview with CBS News on Sunday.

Shares in MP Materials (MP) and USA Rare Earth (USAR) fell by roughly 4.5% and 6.2%, respectively, early Monday morning. Ramaco Resources (METC) fell by roughly 6.5%, while Energy Fuels (UUUU), which has recently been leaning into rare earths after a traditional focus on uranium, traded down by more than 6.7%.

Trump’s comments to CBS News come after a long-awaited summit between the American president and his Chinese counterpart, Xi Jinping, in South Korea on Thursday. Among other outcomes of the meeting was a commitment from Beijing to delay implementation of its strict rare-earth export controls, introduced in early October, for at least a year.

“I got everything that we wanted,” Trump said during the interview. “We got no rare-earths threat. That’s gone, completely gone.”

China controls roughly 70% of rare earth mining, 90% of separation and processing, and 93% of magnet manufacturing, according to the Center for Strategic and International Studies.

US stocks rose at the market open on Monday as investors began digesting another wave of earnings and more AI-related deals.

The S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) made gains of roughly 0.3% and 0.8%, respectively. The Dow Jones Industrial Average (^DJI), which includes fewer tech stocks, lost 0.1%.

Wall Street is looking to maintain a rally that raged throughout October. Investors piled into growth and AI-linked names, with Big Tech and the “Magnificent Seven” leading market moves. Optimism around easing US-China trade tensions also fueled gains.

Amazon stock rose nearly 6% at the open after the company struck a $38 billion deal with OpenAI (OPAI.PVT). Nvidia rose over 2%.

Earnings season continues in full swing. Roughly 300 S&P 500 companies have now reported third quarter results. Another 100-plus reports are due this week, including from Palantir (PLTR), Super Micro (SMCI), and AMD (AMD).

Amazon (AMZN) stock rose roughly 0.4% in premarket trading on Monday after Amazon Web Services announced a multiyear partnership with OpenAI (OPAI.PVT) that will grant the ChatGPT maker access to AWS infrastructure.

The agreement, worth $38 billion, will “[provide] AWS’s world-class infrastructure to run and scale OpenAI’s core artificial intelligence (AI) workloads starting immediately,” according to a press release.

The deal is set to last seven years as OpenAI gains use of several hundred thousand Nvidia (NVDA) GPUs to power its AI work. The capacity is expected to be live for OpenAI before the end of 2026, according to the press release, with expansion into 2027 and beyond.

“As OpenAI continues to push the boundaries of what’s possible, AWS’s best-in-class infrastructure will serve as a backbone for their AI ambitions,” said Matt Garman, CEO of AWS. “The breadth and immediate availability of optimized compute demonstrates why AWS is uniquely positioned to support OpenAI’s vast AI workloads.”

In August, AWS began offering access to open-weight models from OpenAI, which allow users to build generative AI applications via AWS’s Bedrock and SageMaker AI platforms.

Economic data: S&P global manufacturing PMI (October final reading); ISM manufacturing (October); ISM prices paid (October); ISM new orders (October); ISM employment (October); Construction spending, (September); Wards total vehicle sales (October)

Earnings calendar: Palantir (PLTR), Vertex Pharmaceuticals (VRTX), The Williams Companies (WMB), Simon Property Group (SPG), Realty Income Corporation (O), IDEXX Laboratories (IDXX), Ares Management (ARES), Diamondback Energy (FANG), PSEG (PEG), Ryanair (RYAAY), ON Semiconductor (ON), Loews Corporation (L), BWX Technologies (BWXT), Coterra Energy (CTRA), Lattice Semiconductor (LSCC), Hims & Hers (HIMS), Vornado Realty Trust (VNO)

Here are some of the biggest stories you may have missed over the weekend and early this morning:

Fed fallout and a busy earnings calendar: What to watch this week

Trump: China and others can’t have Nvidia’s top AI chips

Kimberly-Clark buying Tylenol maker Kenvue in $48.7B deal

Bessent says high US interest rates may have caused housing recession

US allows Microsoft to ship Nvidia AI chips to UAE for first time

IREN jumps after signing $9.7B deal with Microsoft for Nvidia chips

Tesla to buy $2B of ESS batteries from Samsung SDI over 3 years

Why the Goldman Sachs CEO isn’t buying the AI jobs freakout

Big Oil CEOs warn Trump’s Russia sanctions will hit supplies

Kimberly-Clark (KMB) stock fell 15% before the bell on Monday after announcing it will acquire Kenvue (KVUE), in a $48.7 billion dollar deal, which will create a $30 billion plus health and wellness company.

Kenvue (KVUE) stock soared 20% following the news.

The AP reports:

Read more here.

IREN (IREN) stock surged 24% before the bell on Monday following the announcement that the data center owner and operator had signed a neasrly $9.7 billion cloud services contract with Microsoft to provide the tech giant with access to Nvidia‘s (NVDA) GB300 processors over a five-year period.

Read more here.

US stocks closed mixed on Monday as tech rose on the heels of bullish optimism surrounding AI and yet another deal between OpenAI (OPAI.PVT) and Big Tech.

The Nasdaq Composite (^IXIC) rose about 0.5%, led by shares of chipmaker Nvidia (NVDA). The S&P 500 (^GSPC) was about 0.2% higher. The Dow Jones Industrial Average (^DJI) lost about 0.4%.

A $38 billion deal between Amazon (AMZN) and OpenAI, the maker of ChatGPT, sent shares of the e-commerce giant up more than 4%, extending gains from last week.

President Trump’s optimism over access to some of Nvidia chips in China sent the stock of the AI chip heavyweight up more than 2%.

The US dollar (DX-Y.NYB) crept higher, putting pressure on cryptocurrencies. Bitcoin (BTC-USD) fell by more than 3% to hover near $106,000 per token.

Yahoo Finance’s Laura Bratton reports:

Read more here.

Bitcoin (BTC-USD) fell by more than 2% on Monday, hovering near $107,000 per token.

The world’s largest cryptocurrency sank to a low just below $106,000 during the session before trimming losses.

Other tokens also rolled over. Ether (ETH) declined more than 5% to hover near $4,600 per token.

Debt issuance by the world’s largest tech companies to fund datacenter spending exploded through September and October, according to data from Bank of America (BAC).

Meta (META), Oracle (ORCL), and the joint-venture financing vehicle formed by Meta and Blue Owl Capital (OWL) to fund Meta’s Louisiana data center project, Beignet Investor LLC, issued a combined $75 billion in investment-grade bonds through September and October as the companies race to fund their AI infrastructure buildouts, BofA data shows.

A group of banks, including JPMorgan Chase (JPM) and Mitsubishi UFJ Financial Group, is also preparing a $38 billion debt offering that will fund data center development by Oracle on top of the $75 billion total, according to Bloomberg.

Bond issuance hadn’t exploded in the AI arena prior to September because the biggest players in AI spending — Amazon (AMZN), Alphabet (GOOG), Meta, Microsoft (MSFT), and Oracle — have largely been funding their developments through strong cash flow generation.

But Meta’s bond issuance, on top of its predictions to spend even more money on AI next year, “suggests the companies collectively may be reaching a limit on how much AI capex they are willing to fund purely from cash flows,” BofA analysts Yuri Seliger and Sohyun Marie Lee wrote.

Analyst estimates also show that AI capex is projected to reach 94% of operating cash flow, minus spending on dividends and share buybacks, in 2025 and 2026, up from 76% in 2024. If that percentage is below 100%, the companies don’t technically need to issue debt to fund their spending, but they are quickly hitting their limits, the BofA analysts wrote.

Eight leading member nations of OPEC+, a group of major oil producers, agreed on Sunday to raise production by 137,000 barrels per day (b/d) in December but signaled a pause in rate changes through the first quarter of 2026.

Futures on Brent crude oil (BZ=F), the global benchmark, lost roughly 0.4% Monday morning. Futures on US benchmark West Texas Intermediate (WTI) crude (CL=F) fell 0.6%.

The December unwind, identical to the 137,000 b/d increase through November announced in early October, brings the total amount of cuts unwound since April to 2.91 million b/d, according to energy consultancy Rystad Energy.

The choice to pause production increases through the first three months of 2026 reflects a shift in views by the bloc. The group of Middle Eastern oil-producing nations, led by Saudi Arabia, has spent every month since April unwinding previous cuts and raising its daily production of crude oil, even in the face of what analysts agree is an impending oil glut throughout next year as the countries look to reclaim market share.

“In their continuous efforts to support market stability, [the member nations] reaffirmed the importance of adopting a cautious approach and retaining full flexibility to continue pausing or reverse the additional voluntary production adjustments,” the cartel said in a statement announcing the December unwind.

OPEC+ attributed the pause to “seasonality.” Traditionally, demand has dropped in the first quarter of each year as refineries reduce production runs.

Recently announced US sanctions by the US Treasury on Rosneft and Lukoil, Russia’s largest oil-producing companies, have also added an increased level of uncertainty to the market, as a slowdown in Russian barrels could swing the balance of the incoming glut.

“Yes, OPEC+ is blinking, but it’s a calculated move,” said Rystad head of geopolitical analysis Jorge León. “By pausing, OPEC+ is protecting prices, projecting unity, and buying time to see how sanctions play out on Russian barrels. The group knows that overproducing now could backfire later.”

Mega hedge fund Millennium Management has sold its first minority stake, valuing the firm at $14 billion.

The investment firm, which manages roughly $79 billion in assets across several hundred separate trading desks, has been entirely owned since its founding by 77-year-old founder and chief investment officer Israel “Izzy” Englander and a group of entities directly related to the fund.

Millennium has spent the past few years fielding questions from investors about succession planning. The success of hedge funds, which typically aim to offer non-correlated returns to the broader stock market, is often driven in large part by the founder and their relationships with investors, ranging from state pension plans to ultra-high-net-worth clients.

“Izzy and the management team believe that the actions we have taken further reinforce the durability of the firm, support the longevity of our business, and position Millennium for continued growth and success in the future,” Millennium said in a note reviewed by Bloomberg.

The stake, worth roughly $2 billion or about 15% of the company, was sold to a group of buyers that includes large institutional investors and high-net-worth clients of the firm, according to Bloomberg. Goldman Sachs’ (GS) Petershill Partners led the transaction.

Millennium, founded by Englander in 1989, has returned an average performance of roughly 14% per year, according to Bloomberg.

The US manufacturing sector contracted for the eighth consecutive month, according to data released Monday morning by the Institute for Supply Management.

The manufacturing Purchasing Managers’ Index came in at 48.7 for October, down 0.4 points from 49.1 in September. Analysts had expected a reading of 49.2. Readings below 50 mark a contraction, while those above 50 mark an expansion.

Readings on new orders, new export orders, backlog of orders, and customers’ inventories — the four demand indicators — all improved, though they remain in contraction territory.

Output measures production and employment contracted during the month, albeit at a slower pace, while input measures supplier deliveries, inventories, prices, and imports were mixed.

“Short gains have not appeared to translate into sustained growth for the sector, a reflection of continuing economic uncertainty,” ISM chair Susan Spence said.

The report noted that prices for imported materials, including aluminum, copper, precious metals, and some steel, have increased. Critical minerals and rare earth magnets, at the heart of trade negotiations between President Trump and Beijing, were in “short supply,” the ISM report said.

“Business continues to remain difficult, as customers are cancelling and reducing orders due to uncertainty in the global economic environment and regarding the ever-changing tariff landscape,” a survey respondent from the chemical products sector said.

Shares in Nvidia (NVDA) rose by more than 2.2% in the first hour of the trading session on Monday as investors remained enthusiastic about AI spending despite a bearish signal from President Trump on sales of Nvidia’s chips to China. Nvidia’s stock continued its rally, notching more than a 54% gain since the start of the year.

President Trump, in an interview with CBS News on Sunday, said that while the chipmaking leader can interface directly with Beijing on many of its products, that will not be true “in terms of the most advanced [chips].”

“The most advanced, we will not let anybody have them other than the United States,” Trump said during the interview.

Meanwhile, on Monday, Loop Capital Markets raised its price target for Nvidia shares to a Street-high of $350, implying a market cap of $8.5 trillion for the company.

Loop analyst Ananda Baruah wrote in a note to clients, “We are entering the next ‘Golden Wave’ of Gen AI adoption and NVDA is at the front-end of another material leg of stronger-than-anticipated demand.”

In another positive headline for the company, Amazon (AMZN) Web Services on Monday morning announced a $38 billion deal with OpenAI (OPAI.PVT) that will provide the ChatGPT maker access to AWS computing capacity powered by Nvidia chips for its AI development work.

Throughout recent earnings reports, “Magnificent Seven” stocks Amazon, Alphabet (GOOG), Microsoft (MSFT), and Meta (META) have signaled that they expect nearly $405 billion in capital expenditures this year — much of which will go toward AI — according to Barron’s.

Rare earth stocks fell in premarket trading Monday morning after President Trump said that the threat to the supply of rare earth minerals from China was “completely gone” in an interview with CBS News on Sunday.

Shares in MP Materials (MP) and USA Rare Earth (USAR) fell by roughly 4.5% and 6.2%, respectively, early Monday morning. Ramaco Resources (METC) fell by roughly 6.5%, while Energy Fuels (UUUU), which has recently been leaning into rare earths after a traditional focus on uranium, traded down by more than 6.7%.

Trump’s comments to CBS News come after a long-awaited summit between the American president and his Chinese counterpart, Xi Jinping, in South Korea on Thursday. Among other outcomes of the meeting was a commitment from Beijing to delay implementation of its strict rare-earth export controls, introduced in early October, for at least a year.

“I got everything that we wanted,” Trump said during the interview. “We got no rare-earths threat. That’s gone, completely gone.”

China controls roughly 70% of rare earth mining, 90% of separation and processing, and 93% of magnet manufacturing, according to the Center for Strategic and International Studies.

US stocks rose at the market open on Monday as investors began digesting another wave of earnings and more AI-related deals.

The S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) made gains of roughly 0.3% and 0.8%, respectively. The Dow Jones Industrial Average (^DJI), which includes fewer tech stocks, lost 0.1%.

Wall Street is looking to maintain a rally that raged throughout October. Investors piled into growth and AI-linked names, with Big Tech and the “Magnificent Seven” leading market moves. Optimism around easing US-China trade tensions also fueled gains.

Amazon stock rose nearly 6% at the open after the company struck a $38 billion deal with OpenAI (OPAI.PVT). Nvidia rose over 2%.

Earnings season continues in full swing. Roughly 300 S&P 500 companies have now reported third quarter results. Another 100-plus reports are due this week, including from Palantir (PLTR), Super Micro (SMCI), and AMD (AMD).

Amazon (AMZN) stock rose roughly 0.4% in premarket trading on Monday after Amazon Web Services announced a multiyear partnership with OpenAI (OPAI.PVT) that will grant the ChatGPT maker access to AWS infrastructure.

The agreement, worth $38 billion, will “[provide] AWS’s world-class infrastructure to run and scale OpenAI’s core artificial intelligence (AI) workloads starting immediately,” according to a press release.

The deal is set to last seven years as OpenAI gains use of several hundred thousand Nvidia (NVDA) GPUs to power its AI work. The capacity is expected to be live for OpenAI before the end of 2026, according to the press release, with expansion into 2027 and beyond.

“As OpenAI continues to push the boundaries of what’s possible, AWS’s best-in-class infrastructure will serve as a backbone for their AI ambitions,” said Matt Garman, CEO of AWS. “The breadth and immediate availability of optimized compute demonstrates why AWS is uniquely positioned to support OpenAI’s vast AI workloads.”

In August, AWS began offering access to open-weight models from OpenAI, which allow users to build generative AI applications via AWS’s Bedrock and SageMaker AI platforms.

Economic data: S&P global manufacturing PMI (October final reading); ISM manufacturing (October); ISM prices paid (October); ISM new orders (October); ISM employment (October); Construction spending, (September); Wards total vehicle sales (October)

Earnings calendar: Palantir (PLTR), Vertex Pharmaceuticals (VRTX), The Williams Companies (WMB), Simon Property Group (SPG), Realty Income Corporation (O), IDEXX Laboratories (IDXX), Ares Management (ARES), Diamondback Energy (FANG), PSEG (PEG), Ryanair (RYAAY), ON Semiconductor (ON), Loews Corporation (L), BWX Technologies (BWXT), Coterra Energy (CTRA), Lattice Semiconductor (LSCC), Hims & Hers (HIMS), Vornado Realty Trust (VNO)

Here are some of the biggest stories you may have missed over the weekend and early this morning:

Fed fallout and a busy earnings calendar: What to watch this week

Trump: China and others can’t have Nvidia’s top AI chips

Kimberly-Clark buying Tylenol maker Kenvue in $48.7B deal

Bessent says high US interest rates may have caused housing recession

US allows Microsoft to ship Nvidia AI chips to UAE for first time

IREN jumps after signing $9.7B deal with Microsoft for Nvidia chips

Tesla to buy $2B of ESS batteries from Samsung SDI over 3 years

Why the Goldman Sachs CEO isn’t buying the AI jobs freakout

Big Oil CEOs warn Trump’s Russia sanctions will hit supplies

Kimberly-Clark (KMB) stock fell 15% before the bell on Monday after announcing it will acquire Kenvue (KVUE), in a $48.7 billion dollar deal, which will create a $30 billion plus health and wellness company.

Kenvue (KVUE) stock soared 20% following the news.

The AP reports:

Read more here.

IREN (IREN) stock surged 24% before the bell on Monday following the announcement that the data center owner and operator had signed a neasrly $9.7 billion cloud services contract with Microsoft to provide the tech giant with access to Nvidia‘s (NVDA) GB300 processors over a five-year period.

Read more here.

US stocks closed mixed on Monday as tech rose on the heels of bullish optimism surrounding AI and yet another deal between OpenAI (OPAI.PVT) and Big Tech.

The Nasdaq Composite (^IXIC) rose about 0.5%, led by shares of chipmaker Nvidia (NVDA). The S&P 500 (^GSPC) was about 0.2% higher. The Dow Jones Industrial Average (^DJI) lost about 0.4%.

A $38 billion deal between Amazon (AMZN) and OpenAI, the maker of ChatGPT, sent shares of the e-commerce giant up more than 4%, extending gains from last week.

President Trump’s optimism over access to some of Nvidia chips in China sent the stock of the AI chip heavyweight up more than 2%.

The US dollar (DX-Y.NYB) crept higher, putting pressure on cryptocurrencies. Bitcoin (BTC-USD) fell by more than 3% to hover near $106,000 per token.

Yahoo Finance’s Laura Bratton reports:

Read more here.

Bitcoin (BTC-USD) fell by more than 2% on Monday, hovering near $107,000 per token.

The world’s largest cryptocurrency sank to a low just below $106,000 during the session before trimming losses.

Other tokens also rolled over. Ether (ETH) declined more than 5% to hover near $4,600 per token.

Debt issuance by the world’s largest tech companies to fund datacenter spending exploded through September and October, according to data from Bank of America (BAC).

Meta (META), Oracle (ORCL), and the joint-venture financing vehicle formed by Meta and Blue Owl Capital (OWL) to fund Meta’s Louisiana data center project, Beignet Investor LLC, issued a combined $75 billion in investment-grade bonds through September and October as the companies race to fund their AI infrastructure buildouts, BofA data shows.

A group of banks, including JPMorgan Chase (JPM) and Mitsubishi UFJ Financial Group, is also preparing a $38 billion debt offering that will fund data center development by Oracle on top of the $75 billion total, according to Bloomberg.

Bond issuance hadn’t exploded in the AI arena prior to September because the biggest players in AI spending — Amazon (AMZN), Alphabet (GOOG), Meta, Microsoft (MSFT), and Oracle — have largely been funding their developments through strong cash flow generation.

But Meta’s bond issuance, on top of its predictions to spend even more money on AI next year, “suggests the companies collectively may be reaching a limit on how much AI capex they are willing to fund purely from cash flows,” BofA analysts Yuri Seliger and Sohyun Marie Lee wrote.

Analyst estimates also show that AI capex is projected to reach 94% of operating cash flow, minus spending on dividends and share buybacks, in 2025 and 2026, up from 76% in 2024. If that percentage is below 100%, the companies don’t technically need to issue debt to fund their spending, but they are quickly hitting their limits, the BofA analysts wrote.

Eight leading member nations of OPEC+, a group of major oil producers, agreed on Sunday to raise production by 137,000 barrels per day (b/d) in December but signaled a pause in rate changes through the first quarter of 2026.

Futures on Brent crude oil (BZ=F), the global benchmark, lost roughly 0.4% Monday morning. Futures on US benchmark West Texas Intermediate (WTI) crude (CL=F) fell 0.6%.

The December unwind, identical to the 137,000 b/d increase through November announced in early October, brings the total amount of cuts unwound since April to 2.91 million b/d, according to energy consultancy Rystad Energy.

The choice to pause production increases through the first three months of 2026 reflects a shift in views by the bloc. The group of Middle Eastern oil-producing nations, led by Saudi Arabia, has spent every month since April unwinding previous cuts and raising its daily production of crude oil, even in the face of what analysts agree is an impending oil glut throughout next year as the countries look to reclaim market share.

“In their continuous efforts to support market stability, [the member nations] reaffirmed the importance of adopting a cautious approach and retaining full flexibility to continue pausing or reverse the additional voluntary production adjustments,” the cartel said in a statement announcing the December unwind.

OPEC+ attributed the pause to “seasonality.” Traditionally, demand has dropped in the first quarter of each year as refineries reduce production runs.

Recently announced US sanctions by the US Treasury on Rosneft and Lukoil, Russia’s largest oil-producing companies, have also added an increased level of uncertainty to the market, as a slowdown in Russian barrels could swing the balance of the incoming glut.

“Yes, OPEC+ is blinking, but it’s a calculated move,” said Rystad head of geopolitical analysis Jorge León. “By pausing, OPEC+ is protecting prices, projecting unity, and buying time to see how sanctions play out on Russian barrels. The group knows that overproducing now could backfire later.”

Mega hedge fund Millennium Management has sold its first minority stake, valuing the firm at $14 billion.

The investment firm, which manages roughly $79 billion in assets across several hundred separate trading desks, has been entirely owned since its founding by 77-year-old founder and chief investment officer Israel “Izzy” Englander and a group of entities directly related to the fund.

Millennium has spent the past few years fielding questions from investors about succession planning. The success of hedge funds, which typically aim to offer non-correlated returns to the broader stock market, is often driven in large part by the founder and their relationships with investors, ranging from state pension plans to ultra-high-net-worth clients.

“Izzy and the management team believe that the actions we have taken further reinforce the durability of the firm, support the longevity of our business, and position Millennium for continued growth and success in the future,” Millennium said in a note reviewed by Bloomberg.

The stake, worth roughly $2 billion or about 15% of the company, was sold to a group of buyers that includes large institutional investors and high-net-worth clients of the firm, according to Bloomberg. Goldman Sachs’ (GS) Petershill Partners led the transaction.

Millennium, founded by Englander in 1989, has returned an average performance of roughly 14% per year, according to Bloomberg.

The US manufacturing sector contracted for the eighth consecutive month, according to data released Monday morning by the Institute for Supply Management.

The manufacturing Purchasing Managers’ Index came in at 48.7 for October, down 0.4 points from 49.1 in September. Analysts had expected a reading of 49.2. Readings below 50 mark a contraction, while those above 50 mark an expansion.

Readings on new orders, new export orders, backlog of orders, and customers’ inventories — the four demand indicators — all improved, though they remain in contraction territory.

Output measures production and employment contracted during the month, albeit at a slower pace, while input measures supplier deliveries, inventories, prices, and imports were mixed.

“Short gains have not appeared to translate into sustained growth for the sector, a reflection of continuing economic uncertainty,” ISM chair Susan Spence said.

The report noted that prices for imported materials, including aluminum, copper, precious metals, and some steel, have increased. Critical minerals and rare earth magnets, at the heart of trade negotiations between President Trump and Beijing, were in “short supply,” the ISM report said.

“Business continues to remain difficult, as customers are cancelling and reducing orders due to uncertainty in the global economic environment and regarding the ever-changing tariff landscape,” a survey respondent from the chemical products sector said.

Shares in Nvidia (NVDA) rose by more than 2.2% in the first hour of the trading session on Monday as investors remained enthusiastic about AI spending despite a bearish signal from President Trump on sales of Nvidia’s chips to China. Nvidia’s stock continued its rally, notching more than a 54% gain since the start of the year.

President Trump, in an interview with CBS News on Sunday, said that while the chipmaking leader can interface directly with Beijing on many of its products, that will not be true “in terms of the most advanced [chips].”

“The most advanced, we will not let anybody have them other than the United States,” Trump said during the interview.

Meanwhile, on Monday, Loop Capital Markets raised its price target for Nvidia shares to a Street-high of $350, implying a market cap of $8.5 trillion for the company.

Loop analyst Ananda Baruah wrote in a note to clients, “We are entering the next ‘Golden Wave’ of Gen AI adoption and NVDA is at the front-end of another material leg of stronger-than-anticipated demand.”

In another positive headline for the company, Amazon (AMZN) Web Services on Monday morning announced a $38 billion deal with OpenAI (OPAI.PVT) that will provide the ChatGPT maker access to AWS computing capacity powered by Nvidia chips for its AI development work.

Throughout recent earnings reports, “Magnificent Seven” stocks Amazon, Alphabet (GOOG), Microsoft (MSFT), and Meta (META) have signaled that they expect nearly $405 billion in capital expenditures this year — much of which will go toward AI — according to Barron’s.

Rare earth stocks fell in premarket trading Monday morning after President Trump said that the threat to the supply of rare earth minerals from China was “completely gone” in an interview with CBS News on Sunday.

Shares in MP Materials (MP) and USA Rare Earth (USAR) fell by roughly 4.5% and 6.2%, respectively, early Monday morning. Ramaco Resources (METC) fell by roughly 6.5%, while Energy Fuels (UUUU), which has recently been leaning into rare earths after a traditional focus on uranium, traded down by more than 6.7%.

Trump’s comments to CBS News come after a long-awaited summit between the American president and his Chinese counterpart, Xi Jinping, in South Korea on Thursday. Among other outcomes of the meeting was a commitment from Beijing to delay implementation of its strict rare-earth export controls, introduced in early October, for at least a year.

“I got everything that we wanted,” Trump said during the interview. “We got no rare-earths threat. That’s gone, completely gone.”

China controls roughly 70% of rare earth mining, 90% of separation and processing, and 93% of magnet manufacturing, according to the Center for Strategic and International Studies.

US stocks rose at the market open on Monday as investors began digesting another wave of earnings and more AI-related deals.

The S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) made gains of roughly 0.3% and 0.8%, respectively. The Dow Jones Industrial Average (^DJI), which includes fewer tech stocks, lost 0.1%.

Wall Street is looking to maintain a rally that raged throughout October. Investors piled into growth and AI-linked names, with Big Tech and the “Magnificent Seven” leading market moves. Optimism around easing US-China trade tensions also fueled gains.

Amazon stock rose nearly 6% at the open after the company struck a $38 billion deal with OpenAI (OPAI.PVT). Nvidia rose over 2%.

Earnings season continues in full swing. Roughly 300 S&P 500 companies have now reported third quarter results. Another 100-plus reports are due this week, including from Palantir (PLTR), Super Micro (SMCI), and AMD (AMD).

Amazon (AMZN) stock rose roughly 0.4% in premarket trading on Monday after Amazon Web Services announced a multiyear partnership with OpenAI (OPAI.PVT) that will grant the ChatGPT maker access to AWS infrastructure.

The agreement, worth $38 billion, will “[provide] AWS’s world-class infrastructure to run and scale OpenAI’s core artificial intelligence (AI) workloads starting immediately,” according to a press release.

The deal is set to last seven years as OpenAI gains use of several hundred thousand Nvidia (NVDA) GPUs to power its AI work. The capacity is expected to be live for OpenAI before the end of 2026, according to the press release, with expansion into 2027 and beyond.

“As OpenAI continues to push the boundaries of what’s possible, AWS’s best-in-class infrastructure will serve as a backbone for their AI ambitions,” said Matt Garman, CEO of AWS. “The breadth and immediate availability of optimized compute demonstrates why AWS is uniquely positioned to support OpenAI’s vast AI workloads.”

In August, AWS began offering access to open-weight models from OpenAI, which allow users to build generative AI applications via AWS’s Bedrock and SageMaker AI platforms.

Economic data: S&P global manufacturing PMI (October final reading); ISM manufacturing (October); ISM prices paid (October); ISM new orders (October); ISM employment (October); Construction spending, (September); Wards total vehicle sales (October)

Earnings calendar: Palantir (PLTR), Vertex Pharmaceuticals (VRTX), The Williams Companies (WMB), Simon Property Group (SPG), Realty Income Corporation (O), IDEXX Laboratories (IDXX), Ares Management (ARES), Diamondback Energy (FANG), PSEG (PEG), Ryanair (RYAAY), ON Semiconductor (ON), Loews Corporation (L), BWX Technologies (BWXT), Coterra Energy (CTRA), Lattice Semiconductor (LSCC), Hims & Hers (HIMS), Vornado Realty Trust (VNO)

Here are some of the biggest stories you may have missed over the weekend and early this morning:

Fed fallout and a busy earnings calendar: What to watch this week

Trump: China and others can’t have Nvidia’s top AI chips

Kimberly-Clark buying Tylenol maker Kenvue in $48.7B deal

Bessent says high US interest rates may have caused housing recession

US allows Microsoft to ship Nvidia AI chips to UAE for first time

IREN jumps after signing $9.7B deal with Microsoft for Nvidia chips

Tesla to buy $2B of ESS batteries from Samsung SDI over 3 years

Why the Goldman Sachs CEO isn’t buying the AI jobs freakout

Big Oil CEOs warn Trump’s Russia sanctions will hit supplies

Kimberly-Clark (KMB) stock fell 15% before the bell on Monday after announcing it will acquire Kenvue (KVUE), in a $48.7 billion dollar deal, which will create a $30 billion plus health and wellness company.

Kenvue (KVUE) stock soared 20% following the news.

The AP reports:

Read more here.

IREN (IREN) stock surged 24% before the bell on Monday following the announcement that the data center owner and operator had signed a neasrly $9.7 billion cloud services contract with Microsoft to provide the tech giant with access to Nvidia‘s (NVDA) GB300 processors over a five-year period.

Read more here.