Tonight's Highlights | U.S. Stock Futures Mixed, IREN Surges Over 21% Pre-Market  

Monday saw U.S. stock index futures mixed as a new trading month began. Most major European indices climbed.

 

U.S. earnings season stays packed this week, with companies across sectors reporting.

 

Per FactSet, over 300 S&P 500 components have posted Q3 results so far, with more than 80% beating estimates. Another 100+ report this week, including AI players Palantir and AMD.

 

Fundstrat research head Tom Lee wrote in a note: "Fundamentals for U.S. companies remain solid, backed by three key factors. First, AI investment outlook stays strong—Amazon's Q3 is the latest proof. Second, financials are innovating via blockchain. Third, the Fed is dovish, cutting rates, with QT ending December 1."

 

U.S. stocks closed October on a high note: S&P 500 and Dow up 2.3% and 2.5%, Nasdaq up 4.7%.

 

Part of the push came from heating AI trades and easing trade tensions.

 

The rally could keep going—Stock Trader's Almanac data shows the S&P 500 averages 1.8% gains in November, its best month historically.

 

Chip stocks mostly higher pre-market: Micron up over 3%, Nvidia and AMD both over 1%.

Company News

Altman Denies OpenAI 2026 IPO Rumors, Says Revenue Far Above $13B  

 

In a recent podcast, OpenAI CEO Sam Altman shot down talk of a 2026 listing and shared revenue details.

 

On reports of OpenAI eyeing a 2026 IPO, Altman said there's no set date and the board hasn't decided. "I just think things will head that way eventually."

 

Asked how OpenAI can make trillion-dollar commitments on $13 billion annual revenue, Altman said "our actual revenue is way higher than that."

 

Microsoft: Nearly $8B Investment in UAE for Cloud and Chips by 2029  

 

Microsoft plans to invest over $7.9 billion in the UAE over the next four years, with more than $5.5 billion going to AI and cloud infrastructure buildout.

 

IREN Inks $9.7B GPU Cloud Deal with Microsoft  

 

On November 3, AI cloud provider IREN announced a multi-year GPU cloud contract with Microsoft. Under the deal, IREN will supply Nvidia GB300 GPU access over five years, total value around $9.7 billion, including 20% upfront. IREN also struck a deal with Dell for about $5.8 billion in GPUs and gear.

 

The news sent IREN up over 21% pre-market as of press time.

 

BP Sells Stake in U.S. Onshore Assets for $1.5B  

 

On November 3, BP said it sold non-controlling interests in Permian and Eagle Ford midstream assets to Sixth Street for $1.5 billion. About $1 billion paid at signing, rest expected by year-end.

 

After the deal, BPX Energy's Permian midstream stake drops from 100% to 51%, Eagle Ford from 75% to 25%; Sixth Street takes the rest as non-op.

 

BP aims to raise $20 billion from asset sales by end-2027.

 

Kimberly-Clark to Buy Kenvue for ~$48.7B  

 

Kimberly-Clark announced plans to acquire consumer goods firm Kenvue for about $48.7 billion in cash and stock for all outstanding shares.

 

BASF to Consolidate Asia PolyTHF Operations, Shut Ulsan Plant in Korea  

 

On November 3, chemicals giant BASF said it will consolidate Asia PolyTHF business to its Caojing site in China and halt PolyTHF production at its Ulsan chemical base in Korea. The shutdown is set for 2026.