Wall Street futures flat in countdown to Nvidia results

⚖️ Musk's lawyers try to stop OpenAI obtaining bid documents from Meta, filing shows:

Lawyers for Elon Musk have asked a U.S. judge to block ChatGPT-owner OpenAI from obtaining documents from Meta Platforms (META.O) related to a previous $97.4 billion bid for OpenAI's assets, a court filing showed.

OpenAI said last week Musk had tried to enlist his rival Mark Zuckerberg in his bid for the AI company earlier this year, but that the Meta boss did not come on board.

OpenAI then requested the judge to order Meta to produce documents and communications related to any bid for the company. Meta asked the judge to deny the request, saying it should seek relevant documents directly from Musk and his AI startup xAI. Reuters reports.


💻 China Nvidia rival Cambricon posts record profit, 4,000% revenue jump:

Chinese semiconductor firm Cambricon posted record profit in the first half of the year underscoring how local challengers to Nvidia are gaining traction as Beijing looks to boost its domestic industry. Cambricon is among a plethora of companies in China that are vying to be an alternative to American giant Nvidia when it comes to providing the chips required to train and run artificial intelligence applications and models.

In the first half of the year, Cambricon said revenue surged more than 4,000% year-on-year to 2.88 billion Chinese yuan ($402.7 million) and net profit hit a record 1.04 billion yuan. The numbers remain small when compared to Nvidia which reported $44 billion of revenue in its February to April quarter. The tech giant is due to report its fiscal second-quarter earnings later today. CNBC reports.


📡 Amazon aiming to deploy Kuiper satellite services in Vietnam:

Amazon is aiming to deploy its Kuiper satellite services in Vietnam, Vietnam's Ministry of Science and Technology said in a statement. The statement from late on Tuesday came after a meeting in Hanoi between deputy minister Pham Duc Long and Gonzalo de Dios, head of Global Licensing and Project Kuiper at Amazon.

The U.S.-based tech giant has pledged to invest $570 million by 2030 to build infrastructure, including up to six ground stations and terminal manufacturing in the northern province of Bac Ninh through local partnerships, the ministry said.

Amazon has also established a Vietnamese entity, Amazon Kuiper Vietnam Co., Ltd., based in business hub Ho Chi Minh City, and submitted an application for low Earth orbit satellite services. Reuters reports.


📦 EU to propose removing US tariffs this week to meet Trump demand:

The European Union will seek to fast track legislation by the end of the week to remove all tariffs on US industrial goods, a demand made by President Donald Trump before the US will lower its duties on the bloc’s automobile exports.

The European Commission, which handles trade matters for the EU, will also give preferential tariff rates on certain seafood and agricultural goods, according to people familiar with the matter.

The EU has conceded that the trade arrangement struck with Trump favors the US but that the accord is necessary to give businesses stability and certainty. Commission President Ursula von der Leyen previously described it as “a strong, if not perfect deal.” Yahoo Finance reports.


🚀 SpaceX makes comeback with Starship test launch after fiery setbacks:

SpaceX on Tuesday launched its mammoth Starship rocket, breaking a string of explosive failed attempts earlier this year to deploy its first batch of dummy Starlink satellites and notch key developmental milestones. The more-than 400-feet rocket, critical for SpaceX’s commercial dominance and NASA’s ambitions to return astronauts to the Moon, took off from the company’s Starbase facilities at 6:30 p.m. local time in Texas for a roughly one-hour nail-biting flight.

Throughout the test flight — the rocket’s 10th — it made its first successful payload deployment of eight mock Starlink satellites, relit its Raptor engine in orbit and stress trialed its heat shield. The latter performance is of particular note for tech billionaire Elon Musk, who is hoping to deliver reusable heat shields. Typically, rocket heat shields require extensive and costly refurbishment or wholesale replacement after flights. CNBC reports.


🎉 Lego first-half 2025 earnings post record revenue:

Flowers, succulents and Formula One race cars helped fuel a 12% revenue bump for Lego during the first half of the year.The company reported a record 34.6 billion Danish kroner, or $5.4 billion, in revenue as part of its biannual earnings report on Wednesday. Operating profit rose 10% year over year to 9 billion Danish kroner, or $1.4 billion, the company said.

“It’s the best first half ever,” Lego CEO Niels Christiansen told CNBC. “It’s a record on revenue, a record on operating profit, it’s a record on net profit. … So, we are very happy.”

The brick maker launched 314 new sets during the first six months of the year, another record high. Lego has steadily added new product to its portfolio, branching out into home decor with wall art sets. It has also added new license partners and released sets tied to animated children’s program “Bluey” and fan-favorite anime “One Piece.” CNBC reports.


🧥 Canada Goose rises 7% in premarket trading after controlling shareholder gets take-private bids:

New York-listed shares of Canada Goose rose by nearly 7% in premarketing trading, after a CNBC report that the winter-clothing maker’s controlling shareholder, Bain Capital, has received bids to take the company private.

Private equity firm Bain Capital is looking to offload its holding in Canada Goose, sources told CNBC’s Anniek Bao, with Goldman Sachs advising on the sale.

The offers aim to take the Toronto-listed company private, according to sources who asked not to be named as the information is confidential. CNBC reports.


📈 Cracker Barrel stock jumps, company abandons logo redesign after Trump says should 'admit a mistake':

Cracker Barrel's controversial redesign made its way to the president's desk, and now the company says its reverting to its old logo.

“We thank our guests for sharing your voices and love for Cracker Barrel. We said we would listen, and we have. Our new logo is going away and our ‘old timer’ will remain,” the company said in a statement.

Shares of the restaurant operator rose about 7% in premarket trading on Wednesday. On Tuesday, the stock closed more than 6% higher after President Trump called on the company to change its logo back following a redesign it unveiled last week, which sent shares tumbling amid broad customer backlash. Yahoo Finance reports.

“The lesson for investors is clear: markets are not perfectly efficient, but for most individuals, it is wiser to assume they are close to it.”

- Burton G. Malkiel

Sourced in: “A Random Walk Down Wall Street”, by Burton G. Malkiel, published in 2011.

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