US Pre-Market: Nvidia GTC Kickoff Ignites Tech Stock Rally, US Stock Futures Rise, Qualcomm Plummets Nearly 10%

The opening of NVIDIA's GTC Taipei 2026 conference spurred a broad rally in AI supply chain stocks. During his keynote, Jensen Huang announced the launch of the RTX Spark, a PC processor compatible with the Windows on Arm architecture, with major brands like Dell and HP set to release devices powered by the chip this fall. The news pushed NVIDIA ( NVDA) up more than 2% in U.S. pre-market trading, while Microsoft ( MSFT) rose over 4%, and Arm ( ARM) saw its gains widen to 12%.

Impacted by expectations of heightened competition from NVIDIA's AI PC chips, Qualcomm ( QCOM) shares tumbled nearly 10% in pre-market trading. At Computex Taipei, NVIDIA unveiled the RTX Spark, a new processor for Windows PCs. CEO Jensen Huang announced that starting this fall, major PC brands including Dell, HP, Microsoft, and Lenovo will begin rolling out laptops and desktops powered by the chip. With Qualcomm’s Snapdragon series currently dominant in Windows AI PCs, market analysts believe NVIDIA’s entry will significantly intensify competition in the sector.

IBM ( IBM) surged more than 10% in U.S. pre-market trading. Following the company's announcement of a quantum computing investment plan exceeding $10 billion, Barclays initiated coverage with an "Overweight" rating and a $350 price target, while Melius Research raised its target to $390.

Advanced Micro Devices ( AMD) fell 4.3% in pre-market trading. Following new regulatory guidelines issued by the U.S. Department of Commerce late Sunday night—which closed loopholes for its MI350x AI accelerators to be shipped to Chinese-controlled subsidiaries via third countries—market concerns over demand grew. AMD is currently seeking clarification from the Department of Commerce regarding the specifics of the new regulations.

Over the weekend, the U.S. and Iran exchanged views on draft amendments regarding the extension of a ceasefire agreement and the reopening of the Strait of Hormuz. Iran's semi-official Tasnim News Agency revealed that both sides continue to propose revisions, but they may ultimately reject each other's proposals. Former U.S. President Donald Trump spoke out on social media Monday, stating that Iran "indeed intends to reach a deal" and that the agreement would be "very beneficial" to the U.S. and its allies. On the same day, Israeli Prime Minister Benjamin Netanyahu ordered the military to launch attacks on targets in Beirut, Lebanon.

COMPUTEX 2026 has officially kicked off, with NVIDIA (NVDA) hosting the GTC Taipei 2026 conference at the Taipei International Convention Center from June 1 to June 4. As the opening event, NVIDIA CEO Jensen Huang delivered a keynote speech at the Taipei Music Center at 11:00 AM on Monday, where he unveiled "RTX Spark," the world's first Windows PC chip specifically designed for personal AI agents. Co-designed by NVIDIA and MediaTek, the chip utilizes TSMC’s (TSM) advanced 3nm process technology.

Former Federal Reserve Chair and current Governor Jerome Powell delivered his first public speech since stepping down as chair on Sunday, May 31, explicitly defending the independence of the central bank. He warned that if the government could remove Fed officials over policy disagreements, it would severely damage the credibility needed for the central bank to maintain economic stability, and he urged all sectors of society to respect the principles of the rule of law.

At 8:30 AM ET on June 1, Fed Chair Jerome Powell speaks.

At 8:30 PM ET on June 1, Fed Governor Christopher Waller speaks.

At 9:45 PM ET on June 1, U.S. Markit Manufacturing PMI (May).

At 10:00 PM ET on June 1, U.S. ISM Manufacturing PMI (May), ISM Manufacturing Employment Index (May), ISM Manufacturing New Orders Index (May), and ISM Manufacturing Prices Paid Index (May).

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