Pre-Bell｜U.S. Futures Rise; Nvidia and AMD Dip; C3.ai Plunges 33%; Crypto, Cannabis, and Lithium Stocks Shine

Wall Street futures were flat-to-slightly-higher on Monday as investors geared up for a busy week, while major chip companies fell on the eve of a key tariff deadline with China following the latest twist in U.S. trade policy.

Market Snapshot

At 7:50 a.m. ET, Dow e-minis were up 128 points, or 0.29%, S&P 500 e-minis were up 11 points, or 0.17%, and Nasdaq 100 e-minis were up 21 points, or 0.09%.

Pre-Market Movers

Nvidia, AMD - Nvidia and AMD stocks fell 0.6% and 1.7% following a Sunday Wall Street Journal report that the chip makers will give the Trump administration a 15% cut of the revenue from sales of their artificial-intelligence semiconductors in China. The arrangement cames alongside approval for exports of Nvidia’s H20 AI chip and AMD’s MI308 to China, the report said, citing people familiar with the matter.

Tesla - Tesla shares gained 1.4% in premarket trading on Monday. A Tesla executive said the company is expanding the coverage of its Robotaxi service in Austin, Texas, and will launch Robotaxi operations in select Asian markets.

C3.ai - C3.ai stock tumbled 33.1% after it pre-announced quarterly results late Friday that would miss expectations. The artificial-intelligence software maker said revenue would come in at around $70.3 million for its July quarter, about 33% below its previous guidance.

Crypto Stocks - Crypto stocks jumped as Bitcoin topped $122,000 and Ethereum achieved its strongest performance since December 2021, propelled by President Donald Trump's executive order authorizing digital asset investments in 401(k) retirement plans. CEA Industries rose 16%; BitMine Immersion Technologies rose 13%; SharpLink Gaming and Nano Labs rose 8%; BTCS rose 6%; MARA Holdings, GameSquare, Riot Platforms, and Coinbase rose 4%; Strategy rose 3%; Circle rose 1%.

Cannabis Stocks - US President Trump is considering reclassifying marijuana as a less dangerous drug, according to people familiar with the matter, after pot companies have poured millions of dollars into Trump’s political groups, the Wall Street Journal reported. Cannabis stocks surged in premarket trading on Monday. Tilray rose 16%; Canopy Growth rose 13%; Cronos rose 12%; Aurora Cannabis rose 9%; SNDL rose 7%.

Lithium Stocks - Lithium prices and stocks spiked on Monday after battery giant Contemporary Amperex Technology Co. Ltd. halted operations at a major mine in China, spurring speculation that Beijing might move to suspend other projects as it tackles overcapacity across the economy. U.S.-listed lithium stocks surged in premarket trading on Monday. Piedmont Lithium and Albemarle rose 12%; Lithium Americas rose 9%; American Battery rose 7%.

AMC Entertainment - AMC Entertainment stock rose 7.5% after the movie chain reported second-quarter earnings that beat expectations early Monday. Adjusted earnings per share came in at 0 cents on revenue of $1.4 billion, beating expectations of a loss per share of 7 cents on revenue of $1.3 billion, according to FactSet.

XPeng - US-listed shares of XPeng surged 4.9% in premarket trading on Monday as the launch timeline for its first hybrid model sparked investor optimism about its sales prospects.

Rumble - U.S. video platform and cloud services provider Rumble is considering an offer of about $1.17 billion (1 billion euros) for German AI cloud group Northern Data, according to statements from both companies. Rumble shares gained 15.4% in premarket trading.

Sarepta Therapeutics - Sarepta Therapeutics stock fell 4.4% after media outlets over the weekend reported the return of Food and Drug Administration regulator Dr. Vinay Prasad, just two weeks after hissudden departure. Prasad, who will reportedly resume his role as the head of the FDA’s Center for Biologics Evaluation and Research, hasadvocated forhigher standards for drug approvals, and his exit in late July was largely seen as a good sign by biotech investors.

Tegna, Nexstar Broadcasting - Tegna stock jumped 29% after The Wall Street Journal reported late Friday that TV broadcaster Nexstar is in advanced talks to buy the smaller rival. Terms of a potential deal are still unclear but an agreement could be reached soon, according to people familiar with the matter. Nexstar shares fell 0.5%.

Clover Health - Clover Health shares jumped 8.3% in premarket trading on Monday. Those following along with Clover Health will no doubt be intrigued by the recent purchase of shares by Vivek Garipalli, Co-Founder & Executive Chairman of the company, who spent a stonking US$999k on stock at an average price of US$2.23. Aside from being a solid chunk in its own right, the deft move also saw their holding increase by some 32%.

Avantor - Avantor stock jumped 13% after activist investor Engine Capital was reported to have built a 3% stake in the life-sciences company, according to The Wall Street Journal reported, citing people familiar with the matter. Engine Capital is planning to push for either an immediate sale, or for significant changes such as a board refresh or cost cuts, according to the people. Neither company immediately responded to a request for comment.

Monday.com - Monday.com Ltd. reported second-quarter earnings that exceeded analyst expectations, but shares plunged about 20%.

MP Materials - MP Materials shares gained 1.9% in premarket trading on Monday. The Office of Strategic Capital (OSC) announces the recent execution of its first direct loan to strengthen the U.S. industrial base and protect critical minerals supply chains. As part of a wider July 2025 agreement between DoD and MP Materials, owner and operator of a U.S. rare earths mine, OSC provided a $150 million loan to add heavy rare earth separation capabilities to MP Materials' existing processing facility in Mountain Pass, California. 

Barrick Mining - Barrick Mining dropped 3.3% in pre-market trading after the Canadian miner posted a net charge of $1.04 billion related to the seizure of its vast Loulo-Gounkoto gold complex by Mali’s military junta.

Destiny Tech100 has launched a $1 billion "at-the-market" (ATM) offering, a bold maneuver to fuel its mission of democratizing access to high-growth private technology companies. The shares sank 14.5% in premarket trading on Monday.

Market News

Nvidia, AMD to Pay 15% of China Chip Sale Revenues to US, Official Says

Nvidia and AMD have agreed to give the U.S. government 15% of revenue from sales to China of advanced computer chips like Nvidia's H20 that are used for artificial intelligence applications, a U.S. official told Reuters on Sunday.

U.S. President Donald Trump's administration halted sales of H20 chips to China in April, but Nvidia last month announced the U.S. said that it would allow the company to resume sales and it hoped to start deliveries soon.

Another U.S. official said on Friday that the Commerce Department had begun issuing licenses for the sale of H20 chips to China.

Trump Weighs Reclassifying Marijuana as Less Dangerous Drug

U.S. President Donald Trump is considering reclassifying marijuana as a less dangerous drug, the Wall Street Journal reported on Friday, citing people familiar with the matter.

At a $1 million-a-plate fundraiser at his New Jersey golf club earlier this month, Trump told attendees he was interested in making such a change, the people, who declined to be named, told the newspaper.

The guests at Trump's fundraiser included Kim Rivers, chief executive of Trulieve, one of the largest marijuana companies, who encouraged Trump to pursue the change and expand medical marijuana research, the report said.

Intel CEO Singled Out by Trump to Visit White House on Monday

Intel CEO Lip-Bu Tan is set to visit the White House Monday after President Trump called for his removal last week over ties to Chinese businesses, according to people familiar with the matter.

Tan is expected to have a wide-ranging conversation with Trump, with the intent of explaining his personal and professional background, the people said. He could also propose ways that the government and Intel could work together, they said.

Tan hopes to win Trump’s approval by showing his commitment to the country and pledging the importance of keeping Intel’s manufacturing capabilities as a national security issue, one of the people said.