U.S. stock futures are trading higher in premarket trading as investors increase bets on a December rate cut and react to major AI news.
Major Tech & AI Movers
Alphabet (GOOGL): 4.25%
The stock is rallying after reports that Google has overtaken Microsoft in market capitalization, reclaiming its spot as the second-most valuable company. Investors are also reacting enthusiastically to the launch of its Gemini 3 AI model. The price is on pace to trade at a new all-time high at the open.
Alibaba (BABA): +4.30%
Chinese e-commerce giant is surging after announcing its new AI-powered app, "Qwen," hit 10 million downloads in just its first week, signaling strong consumer adoption of its AI tools.
Tesla (TSLA): +2.4%
Shares are ticking higher after CEO Elon Musk commented on the company's successful design of "millions" of proprietary AI chips for its vehicles and data centers, reinforcing its vertical integration narrative. Technically, the price held above the 100 day MA and trend line support near $381.04 last week. The bounce back to $400.25 puts some room between that key level and the price.
Nvidia (NVDA): +0.45%
Modest gains as the company remains supported by high AI chip demand, with some reports suggesting potential easing of specific export controls. However, the company is also suffering from the potential for disappointment from the lofty orders that may not materialize if there is more competition. Technically, the price is trading between the 50 day MA above at $186.46 and the 100 day MA at $180.29. The price is trading just below the 100 day MA in premarket trading.
Looking at the major indices:
- Dow is up 122 points
- S&P is up 42 points
- Nasdaq is up 236 points
