U.S. Pre-Market: Nvidia Results Drive Memory Stocks Higher, Quantum Computing Stocks Surge, New Fed Chair Warsh to Take Office

U.S. quantum computing stocks surged in pre-market trading, with D-Wave (QBTS) rising more than 17%, while Quantum Computing (QUBT) gained over 13%. According to The Wall Street Journal, the U.S. Department of Commerce stated that the Trump administration will provide $2 billion in grants to nine quantum computing companies, with terms requiring the U.S. government to receive equity stakes.

Walmart (WMT) reported earnings pre-market and fell more than 2% as of press time. The report showed that Walmart's revenue for the quarter exceeded expectations and earnings per share were in line with estimates, but the company maintained its full-year guidance as geopolitical conflicts raised supply chain costs.

Tesla (TSLA) rose more than 1% in pre-market trading. On the news front, Tesla announced on social media platform X that supervised FSD is now available in China.

Nvidia's latest earnings report demonstrated the strength of its data center business, driving storage stocks higher. Micron Technology (MU) , Marvell (MRVL) gained nearly 1% in pre-market trading, while Seagate Technology (STX) rose 0.46%.

SpaceX has released its prospectus, designating "SPCX" as its ticker symbol. The company plans to raise $70 billion to $80 billion through the IPO, targeting a valuation between $1.75 trillion and $2 trillion. SpaceX is expected to list on the Nasdaq on June 12. According to the filing, the company reported $18.7 billion in total revenue for 2025 with a net loss of $4.9 billion; Elon Musk retains 85% of the voting power.

OpenAI may file for an IPO as early as this week, aiming for a September debut with a target valuation exceeding $1 trillion. Media reports indicate that OpenAI is fast-tracking its public offering to secure the largest IPO in the AI sector, aiming to list ahead of its rival, Anthropic.

Samsung Electronics management and labor have reached a preliminary agreement, temporarily easing the threat of a strike; shares of Samsung closed up 8.5%. Late on the night of May 20, Samsung Electronics issued a statement saying that both parties had reached a tentative consensus on wages and collective bargaining agreements, suspending the strike action originally scheduled for May 21 to June 7. Under the preliminary deal, the company will allocate 10.5% of operating performance as a source for special performance bonuses, with no upper limit. Of this funding, 40% will be allocated to the Device Solutions division, which handles the semiconductor business, while the remaining 60% will be distributed among other sub-divisions. However, the move immediately drew strong protests from shareholder groups, who argued that the agreement is legally invalid as it was made without a resolution from the general meeting of shareholders.

On Friday, May 22, Japan will release its national CPI and national core CPI year-on-year rates for April, and the U.S. will release the final reading of the University of Michigan consumer sentiment index for May.

On May 22, Richmond Fed President Barkin, a 2027 FOMC voting member, and Fed Governor Waller will deliver speeches. Kevin Warsh will be sworn in as the new Chairman of the Federal Reserve Board.

This content was translated using AI and reviewed for clarity. It is for informational purposes only.