Pre-Bell | Stock Futures Slip; Alibaba, Novo-Nordisk up 3%; Alphabet, Broadcom Jump 4%; Kohl's Soars 24%; Nvidia Sinks 3%; AMD Falls 4%

Stock futures were lower Tuesday, led by Nvidia, a day after the major U.S. stock benchmarks jumped thanks to gains in AI-linked names and renewed hopes of a Federal Reserve interest rate cut.

Market Snapshot

At 8:20 a.m. ET, Futures tied to the Dow Jones Industrial Average fell 22 points, or 0.1%. S&P 500 futures were flat, while Nasdaq 100 futures lost 0.1%. Pony AI Inc rose 6%; Macy's up 5%.

Pre-Market Movers

Nvidia fell 3% after a report said Facebook owner Meta Platforms was in talks to buy artificial-intelligence chips from Alphabet's Google. Meta is in discussions to use Google's tensor processing units in its data centers from 2027, according to The Information, which cited a person familiar with the matter. TPUs aren't as flexible as Nvidia's graphics processing units -- but they are both cheaper to develop and use less power to run at full capacity, so their rise in prominence is a big worry for Nvidia investors. Rival GPU maker Advanced Micro Devices also took a hit ahead of the opening bell, falling 4%.

Shares in Google parent Alphabet gained 4% following the report. The stock has surged 68% in 2025, hitting a record high and putting it on pace for its best year since 2009. Wall Street is betting that Google can win the AI war thanks to its TPUs. It also has received rave reviews for its new large-language model, Gemini 3. Broadcom, which helps design Google's TPUs, climbed 2.5% on Tuesday, having surged 11% the previous session, which made it the best performer in the S&P 500 during the session. Broadcom up 4%.

NIO's U.S. shares climbed 2% after the Chinese electric-car maker said it had delivered 87,071 vehicles over the third quarter, up 41% from a year ago. NIO reported a narrower-than-expected adjusted loss for the third quarter.

Spotify Technology S.A. rose 2% in premarket trading after the company is preparing to raise US subscription prices in the first quarter of next year, according to three people familiar with the matter.

Kohl's rose 24% on Tuesday after it raised its annual profit forecast for the second time this year, as the company banks on new collections and promotions across categories to drive demand while navigating top-level changes.

Best Buy rose 3% after the company hiked its full-year forecast Tuesday, as it topped Wall Street’s quarterly sales expectations and customers turned to the retailer to upgrade tech devices and splurge on new computers, gaming consoles and smartphones.

Crypto stocks were falling as Bitcoin struggled to mount a sustained comeback following a brutal selloff. The large-cap cryptocurrency slid 2.4% between Monday's closing bell and early Tuesday. Bitcoin investor Strategy slid 2%, digital-asset exchange Coinbase fell 2%, and online-trading platform Robinhood was down 1% in the premarket session, after the three stocks racked up sizeable gains on Monday.

SanDisk Corp. rose 3%. The memory-chip maker, which spun off from Western Digital in February, will join the S&P 500 before the start of trading on Nov. 28, replacing the advertising company Interpublic Group. With a market value of close to $30 billion, Sandisk was the largest company by far in the S&P Small Cap 600 index.

Keysight jumped 14% after the electronic equipment manufacturer reported better-than-expected profit and revenue for its fiscal fourth quarter, as revenue for its communications solutions group rose 11%.

Zoom climbed 6% after the videoconferencing app developer beat analysts' estimates for third-quarter adjusted earnings, thanks to a jump in the number of customers who pay $100,000 or more.

Market News

Meta in Talks to Spend Billions on Google's Chips, The Information Reports

Meta Platforms, Inc. is in talks with Google to spend billions of dollars on the Alphabet-owned company's chips for use in its data centers starting from 2027, The Information reported, a move that would cast Google as a serious rival to semiconductor giant NVIDIA.

The talks also involve Meta renting chips from Google Cloud as early as next year and are part of Google's broader push to get customers to adopt its tensor processing units (TPUs) - used for AI workloads - in their own data centers, the report said, citing people involved in the talks.

Alibaba Revenue Tops Estimates with Strong Instant Retail, AI Push

Chinese e-commerce giant Alibaba, beat analysts' estimates for quarterly revenue on Tuesday as investments in one-hour delivery helped drive more users to its shopping apps, while its cloud division reported strong growth.

U.S.-listed shares of the company rose 3% in premarket trading.

The company reported revenue of 247.80 billion yuan ($34.97 billion) in the second quarter, compared with estimates of 242.65 billion yuan, according to data compiled by LSEG.

Novo Nordisk's Obesity Drug Shows Weight Loss of up to 14.5% in Mid-Stage Study

Novo-Nordisk A/S said on Tuesday its experimental obesity drug, amycretin, showed statistically significant weight loss of up to 14.5% at 36 weeks in patients with type 2 diabetes in a mid-stage study.

The drugmaker's Denmark-listed shares were up 3%.