5 Things to Know Before the Stock Market Opens (2024)

Nvidia (NVDA) shares are rising after CEO Jensen Huang said the chip designer's next-generation artificial intelligence (AI) chip would be released in 2026 and a new family of semiconductors would be unveiled yearly; GameStop (GME)stock is once again surging following a post by Keith Gill—this time showing on Reddit that he bought 5 million shares; AMD is rising after the company unveiled its latest AI chip; the Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, are extending their output curbs through next year; and Paramount Global (PARA) shares are jumping on a revised takeover bid by Skydance Media. U.S. stock futures are higher after the Dow Jones Industrial Average notched its best day of the year Friday. Here’s what investors need to know today.

1.Nvidia Rises as CEO Announces Next-Gen AI Chip in 2026

Shares of Nvidia (NVDA) are rising nearly 3% in premarket trading after Chief Executive Officer (CEO) Jensen Huang said that the company’s next-generation artificial intelligence chip—branded as Rubin—would be released in 2026. The AI chip designer, which sits on the precipice of joining the exclusive $3 trillion market capitalization club, is planning to unveil a new family of chips each year—ramping up from its current release schedule of every two years.Huang, speaking at a trade show Sunday at National Taiwan University in Taipei, said the new family of chips will include new graphics processing units (GPUs) and central processing units (CPUs) as well as networking chips. He said the new CPU will be named Versa and that the next-gen GPUs used to power AI applications will bundle high-bandwidth memory.

2.GameStop Soars on Keith Gill's Reddit Post; AMC Jumps

GameStop (GME)shares are back on a volatile ride, surging a whopping 80% in premarket trading following a screenshot in stock influencer Keith Gill's Reddit account that appeared to show a more than $100 million position in the company. The screenshot uploaded Sunday by Keith Gill, who goes by "DeepF— Value" on Reddit and is credited with driving 2021's meme stock mania, showed 5 million shares in the struggling video game retailer bought at $21.27 per share. The account also showed that he bought 120,000 call options expiring June 21.Gill also posted an image of a UNO reverse card—indicating a change in direction in the card game—on social media platform X, where he goes by the handle "Roaring Kitty." Gill revived a frenzy for GameStop and other meme stocks like AMC Entertainment (AMC) last month after an X post that seemed to indicate he was coming back to the market.AMC is jumping 26% two hours before the opening bell.

3. AMD Gains on Plan to Take on Nvidia With New AI Chip

Advanced Micro Devices (AMD) shares are up 1.3% in premarket trading after the company unveiled its latest chip designed to powerartificial intelligence (AI)systems at the same trade show in Taiwan where Nvidia announced the rollout of its Rubin next-generation chip. The Santa Clara, Calif.-based company presented its latest MI325X accelerator in its latest challenge to Nvidia, which has dominated the AI race. The chip will be available in the fourth quarter, the company said, with CEO Lisa Su announcing plans to introduce new products every year.

4.OPEC+ Extends Oil Output Curbs, Outlines Gradual Phase Out

The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, agreed on Sunday to extend their production curbs through next year, in a move to lift oil prices as demand weakens. The group also outlined a gradual phase-out of some of the curbs. Starting in October, eight countries—including Saudi Arabia, the United Arab Emirates, Russia, and Iraq—will gradually increase oil output in monthly increments through 2025. The group’s official reductions have been at 3.66 million barrels a day for over a year.

5.Paramount Jumps on Skydance's $15-Per-Share Offer

Paramount Global (PARA) shares are rising more than 6% after The Wall Street Journal reported that Skydance Media is giving the entertainment conglomerate’s nonvoting shareholders an option to cash out at a premium of around $15 a share. David Ellison’s Skydance made the sweetened offer to buy up to a certain number of nonvoting Paramount shares last week, the report said, while also giving shareholders the option to roll into the new deal. A prior Skydance offer received pushback from shareholders who saw it benefiting Paramount's controlling stakeholder, Shari Redstone, over the broader investor base, and led to the departure ofChief Executive Officer (CEO) Bob Bakish.

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