【US Pre-Market】Three Major Index Futures Rise; Nvidia Falls Over 5% as Jensen Huang Faces Board Investigation; AI Cloud Computing Stocks Under Pressure, CoreWeave Falls Over 3%

TradingKey - In pre-market trading on November 9, Eastern Time, the three major U.S. stock index futures rose across the board. As of press time, Dow futures were up about 0.9%, S&P 500 index futures were up about 0.57%, and Nasdaq 100 index futures were up about 0.42%.

[Source: Investing]

In commodities, as of press time, gold (XAUUSD) rose above $4,100 per ounce, currently trading at $4,067 per ounce.

International oil prices fell. Brent crude (UKOIL) is currently trading at $93.8 per barrel; WTI crude (USOIL) is at $87.4 per barrel; the market continued to monitor the situation in the Middle East and energy supply risks. Bitcoin (BTCUSD) fluctuated near $74,650.

Market Movers

Nvidia (NVDA) fell over 5% pre-market as its board investigates whether Jensen Huang was targeted by a foreign intelligence operation.

As of press time, Nvidia was down about 5% in pre-market trading. The company's board announced on November 8 the formation of an independent committee to investigate reports that CEO Jensen Huang may have been targeted by a foreign intelligence operation.

Nvidia's board stated that there is currently no evidence showing that company trade secrets or U.S. national security have been compromised, and that Huang will continue to serve as CEO while cooperating with the investigation. The incident has heightened market focus on corporate governance and management risks.

Vir Biotechnology (VIR) jumped over 15% pre-market as its Phase 3 hepatitis D trial met its primary endpoint.

Data from the Phase 3 ECLIPSE-1 clinical trial released by Vir showed that following combination treatment with elebsiran and tobevibart for chronic hepatitis D, 79% of patients achieved viral levels below the limit of detection at week 48, with 44% of patients simultaneously achieving normalization of the liver enzyme ALT.

The company expects to release data from the subsequent ECLIPSE-2 and ECLIPSE-3 trials in 2027. While the clinical results boosted market expectations for the candidate therapy's commercial prospects, the drug still needs to complete follow-up development and regulatory approval.

CoreWeave (CRWV), Nebius (NBIS), and IREN (IREN) weakened pre-market as AI cloud computing stocks came under pressure.

As of press time, CoreWeave was down 3.75%, Nebius was down 2.94%, and IREN was down 4.81%.

AI infrastructure stocks suffered a selloff last week as market concerns over data center returns on investment and financing risks mounted. Companies such as CoreWeave, Nebius, and IREN continue to pour capital into building data centers and procuring GPUs, facing substantial capital expenditures and funding requirements.

Investors are focusing on their debt levels, financing costs, project delivery schedules, and cash flow performance to evaluate whether AI computing demand can translate into actual revenue and profitability.

Market News

Nvidia partners with SK Telecom and Rebellions to advance South Korea's sovereign AI infrastructure.

Nvidia, SK Telecom, and South Korean AI chipmaker Rebellions announced a partnership on November 9, planning to connect Rebellions' R200 neural processing unit (NPU) to Nvidia's computing platform via Nvidia NVLink Fusion technology and develop AI systems using the MGX rack architecture.

SK Telecom plans to deploy the systems in its AI data centers, combining them with proprietary models and services to build South Korea's sovereign AI infrastructure. The R200 system is expected to be ready for deployment in 2028.

Anthropic commits $3.4 billion to procure gas-fired power generation equipment to secure electricity for AI data centers.

According to a Financial Times report on November 9, Anthropic has committed approximately $3.4 billion to procure Caterpillar gas-fired power generation equipment with a total capacity of 1.7 gigawatts. The equipment was originally ordered by US supplier OnePWR Solutions; Anthropic took over the equipment order and did not acquire the company.

The equipment will be delivered in the near term and over the next two years to support AI data center construction. This reflects that AI companies are directly procuring power generation equipment to reduce reliance on public utility grids and third-party power arrangements.

CoreWeave writes to Texas governor-elect to advance data center projects.

CoreWeave has written to Texas Governor-elect Gina Hinojosa, seeking to work with the incoming administration to advance both permitted and future data center projects in the state.

CEO Michael Intrator stated that the company supports data center development aligned with Texas's interests and hopes to work with the new administration to establish clear and stable project approval standards.

Previously, Hinojosa advocated pausing approvals for new data center construction and requiring companies to bear more electricity costs. Related policy shifts could impact CoreWeave's expansion plans in Texas.

SpaceX plans 15th Starship test flight on November 13, attempting to catch both the spacecraft and booster for the first time.

SpaceX (SPCX) plans to conduct its 15th Starship integrated flight test at Starbase in Texas as early as November 13. The 75-minute launch window opens at 16:45 Central Time, subject to regulatory approval.

This test plans to make the first attempt to catch both the Starship upper-stage spacecraft and the Super Heavy booster using the launch tower's mechanical arms.

Previously, SpaceX successfully recovered the Super Heavy booster, but has yet to achieve a tower catch of the Starship upper-stage spacecraft. If successful, the test will advance the development of full Starship reusability and help lower future launch costs.

Berkshire's third-quarter operating earnings fall 5.8%, buybacks hit $9.6 billion, and cash reserves rise to $377.4 billion.

Berkshire Hathaway (BRK.B) reported its third-quarter results on November 7, with operating earnings falling 5.8% year-over-year to $12.705 billion and net profit dropping 28.2% to $22.112 billion.

Among these, insurance underwriting earnings fell from $2.369 billion in the prior-year period to $1.352 billion, serving as a primary driver of the decline in operating earnings. The company repurchased approximately $9.6 billion of stock during the quarter, with cash and US Treasury reserves reaching about $377.4 billion as of the end of September.

This marks a significant quarterly performance following Greg Abel taking over as CEO. Investors will focus on his capital allocation strategy, the profitability of the insurance business, and the subsequent deployment of the massive cash reserves.

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