Pre-Bell｜U.S. Futures Mixed; IREN and Kenvue Soar 20%; Cipher Mining Surges 18%; Palantir Jumps 3%; Nvidia Gains 2%

Wall Street futures mixed on Monday, on the back of optimism around AI demand and a U.S.-China trade truce.

Market Snapshot

At 8:00 a.m. ET, Dow E-minis were down 32 points, or 0.07%, S&P 500 E-minis were up 16.5 points, or 0.24% and Nasdaq 100 E-minis were up 143.5 points, or 0.55%.

Pre-Market Movers

IREN, Dell, Nvidia - Data center owner and operator IREN said on Monday it has signed a nearly $9.7 billion cloud services contract with Microsoft to provide the tech giant with access to Nvidia's GB300 processors over a five-year period. Shares of IREN surged about 20% in premarket trading after the announcement, with the company also entering into an agreement with Dell Technologies to purchase the chips and ancillary equipment for about $5.8 billion. Dell jumped 4%, and Nvidia gained 1.9%.

Kenvue, Kimberly-Clark - Kenvue jumped 20% to $17.23 after Kimberly-Clark agreed to buy the Tylenol maker in acash-and-stock deal valued at about $48.7 billion. Kimberly-Clarkwill pay $21.01 a share, based on its closing price from Friday. Kimberly-Clark fell 14%.

Cipher Mining - Cipher Mining stock soared 18% Monday after the company announced a significant $5.5 billion, 15-year lease agreement with Amazon Web Services to provide turnkey space and power for AI workloads.

Palantir - Palantir, which coming into Monday has gained 165% this year, rose 2.6% in the premarket session. Wall Street expects Palantir, which sells AI software to manage and analyze large amounts of data, to report third-quarter earnings of 17 cents a share share on revenue of about $1.09 billion.

Beyond Meat - Beyond Meat said on Monday it is delaying its third-quarter results report by a week as it requires more time to quantify an impairment charge related to some of its assets. The shares sank 10% in premarket trading.

Berkshire Hathaway - Berkshire Hathaway reported a 33% jump in third-quarter operating profit to $13.5 billion, lifted by insurance underwriting profits that rose to $2.4 billion from $750 million a year earlier, as well as gains at the company’s railroad and manufacturing businesses. Warren Buffett’s conglomerate didn’t buy back any its own stock in the period, continuing a trend that began in May 2024. Shares of Berkshire have declined more than 10% since Buffett announced at the company’s annual meeting in May that he would be stepping down as chief executive at the end of 2025 but remain chairman. Berkshire Hathaway’sclass B shares rose 1% ahead of Wall Street’s opening bell.

Data Storage Stocks - Data storage stocks gained in premarket trading on Monday. SanDisk rose 6%; Micron Technology rose 4%; Seagate Technology and Western Digital rose 2%.

AMD - AMD rose 1.2% in premarket trading. The chip maker, which is scheduled to report third-quarter earnings after the closing bell Tuesday, finished October as thebest-performing stock in theS&P 500, rising 26% during the month. It was AMD’s best month since 2001, according to Dow Jones Market Data. Propelling the stock in October was an announcement that it hadsecured an agreementto become a major supplier for ChatGPT maker OpenAI.

Market News

Berkshire Cash Sets Record as Profit Rises, Signaling Caution Ahead of Buffett Exit

Berkshire Hathaway signaled on Saturday that it remained cautious about markets, letting cash swell to a record $381.7 billion even as profit rose, in its last financial report before Warren Buffett bows out as chief executive.

For a 12th straight quarter, Buffett's conglomerate sold more stocks than it bought for its $283.2 billion equity portfolio, whose holdings include Apple and American Express.

Berkshire also did not repurchase any of its own stock, the fifth straight quarter without buybacks, though its stock price has significantly lagged the broader market.

Trump Says China, Other Countries Can't Have Nvidia's Top AI Chips

Artificial intelligence giant Nvidia's most advanced chips will be reserved for U.S. companies and kept out of China and other countries, U.S. President Donald Trump said.

During a taped interview that aired on Sunday on CBS' "60 Minutes" program and in comments to reporters aboard Air Force One, Trump said only U.S. customers should have access to the top-end Blackwell chips offered by Nvidia, the world's most valuable company by market capitalization.

The remarks suggest Trump may impose tighter restrictions around cutting-edge American AI chips than U.S. officials previously had indicated, with China and potentially the rest of the world barred from accessing the most sophisticated semiconductors.