Today's Highlights | US Futures Rebound; Amazon Tumbles Nearly 9% Pre-market

US stock index futures rose across the board Friday, potentially ending a turbulent week on a high note. Major European indices also trended upward during their trading sessions.

 

This follows another difficult session on Wall Street, where tech once again dragged down the broader market. The tech-heavy Nasdaq Composite fell about 1.6%, with Qualcomm plunging 8.5% post-earnings as a major weight. Bitcoin plummeted 16% overnight, briefly dipping below $61,000, though it recouped some losses on Friday, rising 4% to reclaim the $66,000 mark.

 

Venu Krishna, equity strategist at Barclays, noted: "A reassessment of AI sentiment does not materially change our positive view of the fundamentals for Big Tech companies at the heart of the AI capex cycle. Valuations remain attractive, and despite a temporary pullback in the AI narrative, we believe their profitability remains resilient."

 

Amazon shares tumbled nearly 9% in pre-market trading. The e-commerce giant reported earnings per share slightly below analyst expectations and spooked investors by announcing that capital expenditures would reach a staggering $200 billion this year.

Corporate News

Musk Reportedly Uses "Triangular Merger" for SpaceX-xAI Deal

 

Elon Musk reportedly utilized a common two-step merger process for SpaceX’s acquisition of xAI. This structure offers a dual advantage: avoiding the repayment of billions in debt while providing tax benefits for shareholders. It also shields SpaceX from xAI’s legal liabilities.

 

Rather than a full operational integration, xAI—which operates X and developed the Grok chatbot—will remain a wholly-owned subsidiary of SpaceX. Known as a triangular merger, this structure is a standard corporate strategy used to optimize taxes and mitigate legal risks.

 

LG Energy Solution to Terminate Joint Venture with Stellantis

 

Regulatory filings show that LG Energy Solution will terminate its joint venture with Stellantis, acquiring Stellantis’s 49% stake in the JV, NextStar Energy. The partnership was originally established in March 2022.

 

Stellantis Scales Back EV Business, Takes €22.2 Billion Hit

 

Stellantis, the world’s fourth-largest automaker, announced Friday a restructuring plan to significantly scale back its electric vehicle operations, resulting in a €22.2 billion loss. Following the news, Stellantis shares plummeted 25%.

 

WeRide and Uber Upgrade Partnership to Deploy 1,200 Robotaxis in Middle East

 

On February 6, WeRide and Uber announced an expanded strategic partnership. The companies plan to deploy at least 1,200 Robotaxis across Abu Dhabi, Dubai, and Riyadh by 2027. All 1,200 vehicles will be available to the public via the Uber app.

 

NVIDIA Reportedly May Not Launch New Gaming GPUs This Year

 

Reports suggest NVIDIA is likely to skip any new gaming graphics card launches in 2026. While the design for the RTX 50 Super series is complete, a shortage of memory chips has forced the company to deprioritize production in favor of securing memory supply for its AI chips.

 

Saudia in Talks with Boeing and Airbus for Historic Aircraft Order

 

Saudi Arabian Airlines (Saudia) is reportedly in preliminary talks with Boeing and Airbus for at least 150 narrow-body and wide-body aircraft, which would mark the largest procurement in the country’s history. The new planes would replace part of Saudia’s 200-aircraft fleet while also expanding capacity. Negotiations are in the early stages.