Daily US Equity Opening News - NVDA nears USD 14bln Hugging Face acquisition; DELL rises after beat & raise; PANW reverses lower despite beat & strong guidance; GOOG prepares 3.8 Flash AI model launch; DBX says hackers compromised about 5,000 accounts

DAY AHEAD: DATA: In North America, US monthly ADP employment figures are due (exp. 48K, prev. 44K); US factory orders (prev. -0.3% M/M) and weekly MBA mortgage applications data. CENTRAL BANKS: The BoC is expected to hold rates at 2.25% (prev. 2.25%); BoC’s Macklem and Rogers hold a post-meeting press conference. Fed’s Williams will give an interview to CNBC at 13:15BST/08:15EDT. Fed publishes its Beige Book. ECB’s Nagel is due to deliver remarks. ENERGY: EIA weekly energy inventories data is due; afterhours on Tuesday, API data reportedly showed headline crude stocks posting a larger than expected draw of -2.6mln bbls (exp. -0.8mln), Cushing seeing a small build of +0.2mln bbls, gasoline stocks posting a surprise build of +0.3mln bbls (exp. -2.4mln), while distillate posted a surprise draw of -0.3mln bbls (exp. -1.3mln); last week, DoE data showed weekly crude production at 13.843mln bbl/d. EARNINGS: Notable corporates reporting today include: Broadcom (AVGO), Snowflake (SNOW), Hewlett Packard Enterprise (HPE), NetApp (NTAP), Brown-Forman (BF.B), PVH Corp. (PVH). GEOPOLITICS: US-Iran - CENTCOM said strikes on 1st September targeted Iranian air defences, radar, maritime assets, mine-laying capabilities and communications sites following attempted attacks on shipping and US forces. It was also reported that the strikes included two Iranian government tankers under a new “tanker for tanker” policy. US President Trump said the US struck Iranian targets near the Strait of Hormuz in retaliation for attempted mining and attacks on a US base in Jordan. He warned Iran against further retaliation, threatened substantially larger attacks and said he preferred the current position, citing near-total US control of Hormuz and Iran’s collapsing economy. US Treasury Secretary Scott Bessent said Iran does not control the Strait of Hormuz, the US had destroyed Iranian radar along the strait and 17mln barrels of crude transited on Monday. He said Iran is entering an accelerated phase of bankruptcy, citing its reliance on yuan payments from China, while warning Tehran may respond with further military action. US-Iran - Iran launched retaliatory missile attacks against US bases and interests, saying attacks would continue, while an IRGC spokesperson warned of further punishment. The IRGC claimed a strike on a US Marines base in Jordan killed numerous US personnel, but US officials and Jordan’s military reported no casualties. Iranian President Pezeshkian again reiterated that Iran “absolutely” does not want war, and believes conflict is not in anyone’s interest. China-Taiwan - Taiwan plans to send Labour Minister Hung Sun-han to an APEC meeting in Nanjing on 21st September; if the trip proceeds, he would be the first Taiwanese minister to visit China since President Lai Ching-te took office in 2024. China said Taiwan’s participation would be handled under the One China principle and established APEC practices. TRADE: G20, US-China - US Treasury Secretary Bessent said China blocked a G20 communique over language addressing trade imbalances. China said members should take a balanced view of global imbalances and protect free trade. The US-issued chair statement said countries with persistent surpluses should reduce distortions that constrain domestic consumption and overreliance on exports. Germany-China - Germany plans to agree measures within weeks to counter what it sees as unfair Chinese trade practices. Finance Minister Klingbeil said options include JV requirements for Chinese companies, additional tariffs including on hybrid vehicles, and ‘Buy European’ policies. Germany would then seek to advance agreed measures at the EU level. MACRO: US Funding Bill - Congress approved stopgap funding through 11th December to avert an 1st October government shutdown; the House passed the measure 370-48 after Senate approval in August, sending it to President Trump. The bill delays major spending disputes until after the November midterms. RBNZ - The RBNZ raised its Official Cash Rate by 25bps to 2.75%, its second consecutive hike. The committee reached its decision by consensus. The central bank said that further tightening may be needed; its forecasts imply one more 25bps increase before year-end. Inflation is now expected to reach the 2% midpoint in early 2028, later than previously projected. Westpac said the statement was appropriately balanced. The bank continues to forecast a hold in October, and then a hike in December, noting that the majority of the MPC sees upside risks to inflation, keeping further hikes on the table, though the committee still wants to see more evidence on the recovery’s durability before committing to additional increases. BoJ - Governor Ueda said policymakers will give greater attention to upside inflation risks as underlying inflation approaches 2%. Ueda said economic data remain broadly consistent with the BoJ’s July outlook, while the price trend is very close to its 2% target. Elsewhere, hawkish dissenter Takata called for nimble, data-dependent rate hikes to address upside inflation risks. He proposed raising the policy rate by 25bps to 1.25% in July, stating that Japan’s 2% inflation target has largely been achieved. Takata added that policymakers should consider a broad range of options rather than limiting moves to 25bps hikes, and that tightening may need to proceed differently from the usual semi-annual pace. OIS are fully pricing a September rate hike. Aussie Growth - Australia’s Q2 GDP rose 0.4% Q/Q (exp. 0.3%) and 2.1% Y/Y (exp. 1.8%; vs RBA est. 1.9%); analysts said it strengthens the case for further RBA tightening. Markets priced a rate hike by November, with September seen as more likely than not. INDEX: Euro Stoxx 50 - Nokia (NOK) and Engie (ENGIY) will join the Euro Stoxx 50 before trading on 21st September 2026, while Volkswagen (VWAGY) and Wolters Kluwer (WTKWY) will leave. TECH: Data Centre Spending - Global data centre spending could reach USD 31.6tln through 2050, according to research from PwC. The US is projected to capture USD 15.1tln, followed by APAC at USD 8.2tln, with Europe seen at USD 5.6tln. Annual spending is forecast to rise from about USD 800bln this year to USD 1.8tln by 2050. Nvidia (NVDA), Hugging Face - Nvidia is in advanced talks to acquire AI startup Hugging Face for about USD 14bln, with an agreement potentially reached as soon as this week, according to sources cited by Bloomberg. The deal, valued at USD 12.9bln plus a USD 1bln employee retention package, is not yet final. Nvidia is already a Hugging Face backer alongside Alphabet’s Google (GOOG), Amazon (AMZN), Intel (INTC) and Salesforce (CRM). GMI Cloud, Nvidia (NVDA) - Nvidia partner GMI Cloud received loan commitments of about TWD 30bln, more than double the TWD 13.9bln sought, Bloomberg reports. The 5yr financing will fund GPUs for a Taiwan AI data centre, with Nvidia providing advanced chips and leasing unused capacity. Apple (AAPL) - Apple set FY27 compensation targets of about USD 58mln for new CEO John Ternus, and USD 47mln for Executive Chairman Tim Cook, Bloomberg reports. Ternus will receive a USD 3mln salary and USD 55mln target stock grant, while Cook’s salary falls to USD 2mln with a USD 45mln stock package. Dell Technologies (DELL) - Dell shares rose 9.5% in extended US trading after a quarterly beat expectations, and it sharply raised its FY outlook, driven by surging demand for AI-optimised servers and broader data centre infrastructure. It reported Q2 adj. EPS of 7.04 (exp. 4.92), Q2 revenue of USD 47.0bln (exp. 44.51bln). AI-optimised server revenue was USD 16.4bln, AI orders USD 60.9bln, and ending AI backlog USD 95bln. Over the past 12 months, Dell booked more than USD 130bln of AI server orders. Infrastructure Solutions Group revenue +89% Y/Y to USD 31.78bln, traditional servers and networking +122% Y/Y to USD 10.53bln, storage +26% Y/Y to USD 4.85bln, Client Solutions Group revenue +20% Y/Y to USD 15.03bln. CFO said AI momentum accelerated, with modernisation efforts driving operating leverage and faster earnings growth than revenue. Sees Q3 adj. EPS 6.50 (exp. 4.57), Q3 revenue at USD 49bln (exp. 41.36bln). Raises FY27 adj. EPS view to 25.50 at the midpoint (exp. 18.82; prev. saw 17.90), and raises FY27 revenue to USD 192bln at the midpoint (exp. 173.33bln; prev. saw 167bln), and now sees FY27 AI-optimised server sales of USD 74bln. Palo Alto Networks (PANW) - Palo Alto Networks initially rose after beating quarterly expectations and issuing strong guidance, but fell later in extended trading, with reports citing an already sharp YTD rally. Q4 adj. EPS 1.02 (exp. 0.98), Q4 revenue USD 3.41bln (exp. 3.35bln). Added nearly USD 1bln of net new NGS ARR in the quarter. CEO said accelerating AI-related cyber threats are pushing security higher on CIO priority lists, and should provide a durable long-term growth tailwind. It targets USD 20bln of NGS ARR by FY30. It also acquired Console, an AI-native platform designed to add agentic capabilities for analysing and resolving enterprise security alerts and issues at machine speed; terms were not disclosed. Sees Q1 adj. EPS between 0.96-0.98 (exp. 0.94), Q1 revenue between USD 3.30-3.31bln (exp. 3.22bln). Sees FY27 adj. EPS between 4.16-4.19 (exp. 4.11), and sees FY27 revenue between USD 14.1-14.2bln (exp. 13.84bln). OpenAI - OpenAI said its upcoming Astra model is its first to cross the company’s “Critical” cybersecurity capability threshold. Astra can identify previously unknown vulnerabilities and exploit them without step-by-step human guidance. OpenAI plans to release the model soon, with advanced cyber capabilities limited to selected organisations in its Daybreak cybersecurity coalition. Dropbox (DBX), Lenovo (LNVGY) - Dropbox said hackers compromised about 5,000 accounts, accessing files in fewer than a third. The affected accounts lacked multifactor authentication, and were accessed through improperly registered Lenovo IDs. Dropbox and Lenovo said they mitigated the issue; Lenovo customers were unaffected. Dropbox does not expect the breaches to materially affect its business. GitLab (GTLB) - GitLab rose 18% in extended trading after a quarterly beat, and it issued upbeat FY guidance. Q2 adj. EPS 0.24 (exp. 0.18), Q2 revenue USD 286.3mln (exp. 273.4mln). Net ARR growth exceeded 40% Y/Y, first orders more than doubled Y/Y, and first order net ARR +40% Y/Y; customers with ARR above USD 100,000 rose +17% Y/Y to 1,571, USD-based net retention rate was 117%, RPO +16% Y/Y to USD 1.2bln, and cRPO +20% Y/Y to USD 744.7mln. CEO said AI is driving more software creation and increasing the value of GitLab’s context, security, governance and control capabilities; management described AI as a durable secular tailwind across customer additions and seat growth. Sees Q3 adj. EPS between 0.19-0.20 (exp. 0.18), sees Q3 revenue between USD 281-283mln (exp. 281.4mln). Raises FY27 adj. EPS view to between 0.85-0.87 (exp. 0.81; prev. saw 0.79-0.82), and raises FY27 revenue view to between USD 1.129-1.133bln (exp. 1.12bln; prev. saw 1.112-1.118bln). MongoDB (MDB) - MongoDB shares fell by almost 14% in extended trading despite better than expected earnings and upbeat guidance. Q2 adj. EPS 1.90 (exp. 1.61), Q2 revenue USD 771.8mln (exp. 734.4mln). Execs said revenue +30% Y/Y, the fastest growth in several years, while adj. operating margin expanded to 24% (from 15% Y/Y), and FCF nearly doubled Y/Y to USD 137.6mln. Atlas growth remained strong, supported by large enterprise customers, multi-product adoption and early AI workloads; management sees Q3 Atlas growth of about 26%, and raised its FY27 Atlas growth expectations to about 27%. CEO said strength across Atlas and Enterprise Advanced reflects the mission-critical role of MongoDB’s platform and early momentum in AI use cases. Sees Q3 adj. EPS between 1.57-1.61 (exp. 1.51), sees Q3 revenue between USD 756-761mln (exp. 744.25mln). Raises FY27 adj. EPS view to between 6.39-6.58 (exp. 6.13; prev. saw 5.95-6.14), and raises FY27 revenue view to between USD 2.99-3.03bln (exp. 2.96bln; prev. saw 2.92-2.96bln). Palantir (PLTR) - Palantir Technologies said Army Contracting Command awarded its Palantir USG subsidiary a prime agreement to produce and deliver eight TITAN ground station systems. The order includes four Advanced and four Basic variants, technology integration and Army fielding. TITAN uses AI and machine learning to combine sensor data and provide actionable targeting information. Rubrik (RBRK), CrowdStrike (CRWD) - Rubrik and CrowdStrike announced an agentic identity resilience workflow orchestrated by Charlotte Agentic SOAR. The integration combines CrowdStrike Falcon Next-Gen Identity Security with Rubrik Identity Resilience to help organisations detect, investigate and recover from compromised identity environments in hours rather than days. COMMUNICATIONS: Alphabet (GOOG) - Google is preparing to release its 3.8 Flash AI model, internally called “Skimaki,” with improved coding capabilities, WSJ reports. Employees said Google engineers preferred it to Anthropic’s Opus in internal testing. The smaller, faster model could launch as soon as Wednesday, while Google’s more powerful Pro model remains delayed, and Gemini 4 is still undergoing post-training. Hollywood - A Jon Voight-led group aims to introduce legislation this month creating federal tax incentives for US film and TV production. The proposal would expand transferable tax credits that could supplement state incentives. President Trump endorsed a federal incentive programme after meeting Voight’s team at the White House, Bloomberg said. CONSUMER CYCLICAL: Amazon (AMZN) - Amazon Teamsters at the DJT6 facility in Riverside, California, will hold a one-day strike on 2nd September over alleged unfair labour practices. The Teamsters union said Amazon has refused to recognise the union, and retaliated against workers seeking safer conditions and better wages. CONSUMER DEFENSIVE: Beef Prices - The DoJ is examining whether industry concentration contributed to higher beef prices, and has expanded its beef-affordability antitrust investigation to Kroger (KR), Publix, Walmart (WMT), Albertsons (ACI), Aldi, Ahold Delhaize (ADRNY), Costco (COST) and Amazon (AMZN), Fox reports. The probe follows an earlier investigation into JBS (JBS), Cargill, Tyson Foods (TSN) and National Beef, which the DoJ says control over 85% of US beef processing. Sprouts Farmers Market (SFM) - Sprouts Farmers Market named President and COO Nick Konat as CEO, effective 4th January 2027. Current CEO Jack Sinclair will become Executive Chairman; Joe Fortunato will serve as lead independent director. Nestle (NSRGY) - Nestle agreed to sell seven mainstream vitamin brands and its US private-label supplements business to Yellow Wood Partners for USD 1bln; transaction is expected to close in H1 2027. FINANCIALS: Coinbase (COIN) - Coinbase co-founder Fred Ehrsam is seeking control of at least three Venezuelan oil fields currently operated by Alvorada Heavy Industries, Bloomberg reports. US officials are considering revoking Alvorada’s contracts covering the Boca, Guico and Guara blocks. Further contract changes are expected as Energy Secretary Chris Wright visits Caracas to highlight as many as 17 oil and gas agreements. ENERGY: Venezuela Output - US Energy Secretary Wright said forthcoming deals could more than double Venezuelan oil production within several years, Bloomberg reports. Venezuela produced 1.16mln BPD of crude in July, less than half its output a decade earlier. Chevron (CVX) is expected to announce the largest agreement, with Shell (SHEL), BP (BP), Repsol (REPYY), and Eni (E) also expected to sign deals. US Gasoline, Diesel - In a closed-door meeting on Tuesday, President Trump pressed US refiners to boost gasoline and diesel production, and discussed regulatory changes, faster permitting and investment. Officials also discussed processing more Venezuelan crude and measures to ease fuel prices. Some refiners criticised biofuel blending mandates, Bloomberg reports. BP (BP) - BP appoints Ian Tyler as Chair, effective immediately; Tyler was previously the Chair of Grafton (GFTU LN). MATERIALS: Ferroglobe (GSM) - Ferroglobe said the European Commission has launched an interim review of antidumping duties on silicon metal imports from China. The probe will assess alleged dumping and injury to EU producers. Ferroglobe said the action adds to recent trade-remedy measures in the US and EU, including duties and safeguards on silicon-based products and alloys. BHP Group (BHP) - BHP Chief Commercial Officer Rag Udd will leave the company at the end of January to pursue another opportunity, Bloomberg reports. INDUSTRIALS: GE Aerospace (GE) - GE was awarded a USD 2.87bln US Navy contract to provide logistics support for 17 F414 engine components used in F/A-18 E/F/G aircraft. Maersk (AMKBY) - Maersk has signed a deal to install wind sails on its container ships to reduce fuel consumption and help comply with tighter environmental regulations, FT reports. UTILITIES: Edison International (EIX), PG&E (PCG) - California’s Assembly adjourned without passing the state’s wildfire response bill. Assembly Speaker Robert Rivas said lawmakers will continue working on reforms, arguing the current proposal does not provide sufficient relief, accountability or meaningful change for wildfire survivors. In a reaction to the news, shares of Edison International and PG&E moved higher. HEALTHCARE: Roche (RHHBY) - Roche entered a licensing agreement with Simcere Pharmaceutical for development of SIM0660; Roche will pay USD 75mln upfront, while Simcere is eligible for up to USD 1.455bln in milestone payments. Novartis (NVS), Aleogen (196170 KS) - Aleogen signed an exclusive option and licence agreement with Novartis for ALT-B4; Aleogen could receive up to USD 3.22bln if all options are exercised and all development and commercialisation milestones are achieved.