Preview of US Stock Market | Major stock index futures are mixed as the Jackson Hole debut of Wojcik approaches tonight; Marvell Technology, Inc. (MRVL.US) plummets after earnings report.

Pre-Market Market Trends 1. As of August 28 (Friday) pre-market, the three major U.S. stock index futures were mixed. At the time of writing, Dow futures were up 0.10%, S&P 500 futures were down 0.03%, and Nasdaq futures were down 0.34%. 2. As of the time of writing, the German DAX index was up 0.54%, the UK FTSE 100 index was up 0.14%, the French CAC40 index was up 0.96%, and the European Stoxx 50 index was up 0.68%. 3. As of the time of writing, WTI crude oil was down 0.73%, priced at $82.92 per barrel. Brent crude oil was down 0.59%, priced at $88.00 per barrel. Market News Wash arrives for his Jackson Hole debut, with markets focusing on signals regarding interest rates and inflation. Federal Reserve Chairman Kevin Wash is scheduled to speak at the Jackson Hole annual meeting at 22:00 Beijing time. The market is paying attention to his remarks on Fed reform and the direction of monetary policy, as he has not yet provided clear short-term interest rate guidance since taking office. Wash has taken a hardline stance, committed to reducing inflation to the 2% target, but the path to achieving this goal remains unclear; with long-term borrowing costs reaching nearly a two-decade high, investors are highly anticipating policy clues from this speech. Japan spends nearly $100 billion in a single month to intervene in the foreign exchange market, setting a record high. Data from Japan's Ministry of Finance shows that within the four weeks ending August 26, the Japanese government invested approximately $96.4 billion (about 15.4 trillion yen) to intervene in the foreign exchange market, setting a record for the largest intervention in a single month, following the yens drop to a 40-year low at one point. This intervention was clearly supported by the U.S., as the two countries coordinated interventions on July 31, with the Japanese Finance Minister and U.S. Treasury Secretary jointly confirming this action, also stating they would not hesitate to intervene again if necessary. Although the U.S. involvement was not counted in Japan's official data, its symbolic significance greatly strengthened the deterrent signal. Goldman Sachs Group, Inc.: Gulf oil exports have returned to two-thirds of pre-war levels. Goldman Sachs Group, Inc. states that Gulf oil exports have recovered to approximately two-thirds of pre-war levels. Analysts at Goldman Sachs, including Daan Struyven, indicated that the total exports of crude oil and petroleum products in the region have risen to 15 to 16 million barrels per day, driven by increased traffic through the Strait of Hormuz, still down by 7 to 8 million barrels compared to pre-conflict levels, but significantly up from the low of 5 to 6 million barrels in March. The oil transported through the Strait of Hormuz may be nearing the 8 to 10 million barrels per day range estimated by U.S. officials. Goldman Sachs stated: "In a scenario of continued supply disruptions, we still believe the upside potential for European gas prices and forward refined oil prices will be greater than that for crude oil." The U.S. plans to push for growth consensus and pressure Iran at the G20 meeting, with Basent to chair the finance ministers' meeting. A senior U.S. Treasury official noted that the Trump administration hopes to promote consensus among major economies at next week's G20 finance ministers and central bank governors meeting regarding topics such as promoting economic growth, reducing global imbalances, and addressing sovereign debt challenges. The U.S. will also urge member countries to cut off Iran's economic lifeline, further strengthening economic pressure on Tehran. U.S. Treasury Secretary Basent will chair the G20 finance ministers' meeting in Asheville, North Carolina, next Monday and Tuesday. The U.S. previously avoided the South Africa-led G20 process last year, and this return marks a point where the U.S. will reassert leadership over the agenda of this multilateral economic platform. The U.S. is reported to be negotiating with Venezuela to invest in oil fields, potentially securing a hundred-year lease. According to informed sources, the U.S. is in talks with Venezuela about the possibility of a significant investment in the country's oil fields, with one discussed proposal being a hundred-year lease on several oil fields. If successful, this will further expand the Trump administration's influence over the Venezuelan government and its vast energy reserves following Maduro's ousting. Neither the White House nor the Venezuelan government commented on this. Negotiations are ongoing, and the specific terms of any potential agreement may change; there have been previous reports that the Trump administration was negotiating with the Venezuelan interim government regarding investment in the country's oil resources. SoftBank seeks a $10 billion loan to refinance investments in OpenAI. Informed sources indicate that SoftBank is seeking a $10 billion loan to secure additional funds to refinance the debt used for its investment in the American tech giant OpenAI. This two-year loan is expected to have a spread approximately 275 basis points above the benchmark Secured Overnight Financing Rate (SOFR). Some of the funds from this loan may be used to repay the $40 billion bridge loan SoftBank secured earlier this year to invest in OpenAI. Anthropic is reported to unveil its IPO prospectus as early as ten days later, as the IPO reaches its final sprint stage. Informed sources say Anthropic plans to release its IPO prospectus after Labor Day (September 7) and may list in the U.S. in late September or early October. The company intends to allow existing shareholders to sell shares in the IPO, with some shareholders possibly facing a lock-up period exceeding 180 days, which will reduce post-IPO selling pressure. It is currently unclear what percentage of newly issued shares versus existing shares will be available in Anthropics IPO. However, reports indicate that Anthropic aims to raise at least $13 billion to expand its computing capacity, exceeding the $8.6 billion raised by SpaceX during its June IPO. Stock News NVIDIA Corporation (NVDA.US) reportedly suspends part of its AI cloud revenue-sharing agreements, involving a $36 billion commitment; NVIDIA Corporation spokesperson refutes the statement. Informed sources say NVIDIA Corporation has suspended credit support for certain revenue-sharing agreements with AI cloud service providers, which were only initiated in July. The agreement required NVIDIA Corporation to guarantee GPU computing capacity in exchange for 50% of excess revenue, involving a commitment of $36 billion. Some NVIDIA Corporation employees are concerned that the plan may trigger antitrust scrutiny. However, NVIDIA Corporation stated that the model is still being implemented. Zuckerberg criticizes but Meta (META.US) still pays hundreds of millions monthly to Anthropic. Informed sources indicate that Meta has calculated this year that annual spending on Anthropics models could reach a maximum of $10 billion. Despite reducing some procurements this summer, Meta is still spending hundreds of millions each month on Anthropics tools. Both Meta and Anthropic declined to comment. Earlier this month, Zuckerberg criticized some leading AI labs for consolidating power under the "end of days" narrative, with the article not naming Anthropic. However, Anthropic CEO Dario Amodei has been one of the most vocal proponents of "AI risk," and the piece was widely read as targeting him. The $53 billion "digital payment century acquisition" falls through! PayPal (PYPL.US) plummets over 15% pre-market. Informed sources state that the private equity firm Advent International has officially abandoned its acquisition of PayPal in consortium with Stripe, leading to a nearly 16% drop in PayPal's pre-market stock price. The consortium previously offered about $53 billion at $60.50 per share, which was rejected by PayPal's board on the basis of insufficient valuation; compared to PayPals peak valuation of approximately $360 billion during the global pandemic's online payment boom in 2021, this offer was only a small fraction of that. Musk claims SpaceX (SPCX.US) revenue could reach $3.5 trillion by 2033. A user shared an investor report from Morgan Stanley on the X platform, stating that SpaceX's "valuation is quite attractive," and investors are underestimating the scale of Starships development. The report also mentioned that SpaceX could perform 5,800 Starship launches at eight launch sites annually and project revenue of $3.5 trillion by 2040. Aaron Burnett, CEO of Mach 33, quoted the post and stated that Morgan Stanley's estimation "utilized data representing only about half of the company's publicly stated objectives, with a timeline that is ten years later than the company itself targets." Musk responded to Burnett's post, stating: By my most optimistic estimates, around $3.5 trillion in revenue is likely to be achieved around 2033, for reference. Surge in AI cloud revenue masks transformation pains. IREN (IREN.US) reports an unexpected widening of fourth-quarter losses. For the fourth quarter, IREN recorded revenue of $137.2 million, falling short of expectations, with net losses widening to $684 million, significantly exceeding forecasts. AI cloud service revenue rose to $70.5 million quarter-over-quarter, a year-on-year increase of about seven times; however, Bitcoin mining revenue declined, and rising employee costs and platform investments weighed on EBITDA. The CEO stated that the 2026 capacity is nearly sold out and that the first liquid-cooled GPU project has been delivered to Microsoft Corporation. Marvell Technology, Inc. (MRVL.US) drops over 8% pre-market as AI order fulfillment timing raises concerns. Marvell Technology, Inc. reported Q2 FY2026 revenue of $2.74 billion and earnings per share of 94 cents, both exceeding expectations, with Q3 guidance also better than forecast. Despite forming an AI chip partnership with Alphabet Inc. Class C, the long-term revenue outlook has not been significantly upgraded, and the market awaits volume growth in Alphabet Inc. Class Cs revenue until FY2029, leaving the market disappointed; as of the time of writing, the stock price is down more than 8% pre-market. Autodesk, Inc. (ADSK.US) posts better-than-expected Q2 results but downgrades profit guidance due to acquisition costs, leading to a drop in stock price. Autodesk, Inc. reported Q2 revenue of $2.05 billion and earnings per share of $3.30, both surpassing expectations. The architecture and manufacturing segments drove a 16% revenue increase. However, the Q3 profit guidance was far below expectations, compounded by the integration costs from the $3.6 billion acquisition of MaintainX, raising market concerns about the disruption caused by AI to traditional software and the pressure on short-term profits, with pre-market stock prices down over 4%. Workday (WDAY.US) reports mixed results in Q2, with subpar guidance for Q3 subscription backlogs challenging rebound momentum. Workday reported Q2 revenue of $2.65 billion and adjusted earnings per share of $2.75, both exceeding expectations. However, the guidance for Q3 subscription backlogs was only $27.4 billion, falling short of the expected $28.6 billion, raising market concerns. The company indicated that AI contributed to over 25% of new annual contract value and announced a $4 billion buyback plan alongside expanded collaboration with AWS and Alphabet Inc. Class C cloud. Important Economic Data and Event Forecast At 22:00 Beijing time: U.S. August Michigan Consumer Sentiment Index final value, U.S. 2026 non-farm payroll benchmark year-on-year change - unadjusted preliminary value, and Fed Chairman Wash's inaugural speech at the Jackson Hole global central bank meeting (speech may last until around 23:00). At 01:00 the next day Beijing time: Total U.S. rig count ending the week of August 28.