Nvidia shares fell 4.5% in premarket trading Monday after the chip maker's board launched an independent investigation into reports that CEO Jensen Huang was targeted by a foreign spy. The reports say Huang had an affair with an executive suspected of working for Chinese intelligence, and CNBC reported that Huang admitted to the relationship.
The probe added pressure on AI-related stocks, with Intel, Marvell, Qualcomm, Sandisk and Super Micro Computer also declining before the open.
AMD upgraded by Oppenheimer
Advanced Micro Devices rose 2.3% to $458.86 after Oppenheimer analyst Rick Schafer upgraded the stock to Outperform and set a $600 price target. Schafer expects AMD's data-center revenue to jump 135% in 2027.
JPMorgan highlights Amazon and Meta
Amazon rose 3% and Meta gained 2.5% in premarket trading after JPMorgan analyst Doug Anmuth named both companies to the bank's analyst focus list. Anmuth expects strong revenue growth at Meta from AI-driven ad improvements. For Amazon, he expects Amazon Web Services revenue growth of more than 40% in 2027 and 2028, with the unit reaching $1 trillion in revenue in the next five to 10 years.
Other analyst moves
SAP gained nearly 3% after JPMorgan upgraded it to Overweight from Neutral. Analyst Toby Ogg raised the price target to £275 from £175 and said AI is moving from pilot to production.
Eli Lilly rose nearly 2% after Canada's Drug Agency made a positive recommendation to reimburse Kisunla, the company's early Alzheimer's treatment, for eligible adults.
Molson Coors slipped 1% after JPMorgan cut it to Underweight from Neutral. Analyst Drew Levine cited weak beer demand and inflation-driven cost pressures, and the company cut its full-year guidance on Thursday.
DraftKings fell 1.7% after UBS downgraded it to Neutral from Buy. UBS cut its price target to $22 from $48, and analyst Robin Farley cited an uncertain regulatory outlook in prediction markets. UBS noted the company recently lowered its 2026 core revenue guidance, and DraftKings also expects roughly $1 billion of prediction market losses through 2027.
Berkshire Hathaway reports lower operating earnings
Berkshire Hathaway moved about 0.4% after its third-quarter report on Saturday. Operating earnings fell 6% from a year earlier, as insurance results declined and gains on stock investments were lower. Its railroad, utility, manufacturing and service businesses posted higher profits. Operating earnings still met analyst expectations, and the company stepped up share buybacks.
Crypto-linked stocks fall
Coinbase fell 2.7% and Robinhood dropped 1.7%. Strategy lost 4.2%. The moves followed a pullback in Bitcoin over the weekend as investors kept selling risk assets.
Market backdrop
U.S. stock futures rose Monday after President Donald Trump said it was "highly unlikely" he would order more attacks on Iran. Oil prices fell, which eased some inflation fears. Chip stocks and a few large names drew most of the early attention, while analyst calls from JPMorgan, Oppenheimer and UBS also moved shares before the opening bell.
