Chip stocks shined in overnight trading. Broadcom, SOXL jumped over 2%; AMD, Microchip, Nvidia up over 1%.

The Trump administration on Wednesday unveiled its AI action plan, a package of initiatives and policy recommendations meant to cement the United States as a global leader in a technology that’s expected to be as influential as the internet itself.

The White House largely seeks to achieve that lofty, Silicon Valley-friendly goal through scaling back AI regulation — with a notable, MAGA-friendly exception that will work to eliminate political “bias” in AI.

Opendoor stock rose 4% in overnight trading.

Stocks are at all-time highs. Chatter on WallStreetBets is surging. Retail traders are flooding into low-priced shares.

It’s not 2021, and the shares of the moment aren’t GameStop Corp., AMC Entertainment Holdings Inc. or the now-bankrupt Bed Bath & Beyond. In 2025’s meme stock mania, the companies du jour are Opendoor and Kohl’s Corp.

The similarities are clear: Like the episode four years ago, which famously led Gabe Plotkin to shutter his hedge fund Melvin Capital Management, amateur traders are piling into heavily shorted companies with low share prices in a bid to strike quick riches. And, as was the case back then, it comes at a time of broad market euphoria: the S&P 500 is at an all-time high, Bitcoin has doubled in less than year and blank-check companies are all the rage again.

Tesla shares dropped over 4% in overnight trading after Musk warned of a potential rough stretch ahead after the electric vehicle maker posted one of its worst quarters in years.

Revenue fell 12% to $22.5 billion in the company’s second quarter — the sharpest decline in at least a decade. Adjusted earnings were 40 cents per share, Tesla said Wednesday in a statement, just below the average analyst estimate.

While the report was free of new bombshells and Tesla continues to move forward with its robotaxi and affordable-vehicle plans, the company’s call with analysts ultimately failed to assuage concerns about the path forward. An unusually subdued Elon Musk predicted the robotaxi service will expand to new cities by the end of the year, but warned that expiring incentives for EVs will have an impact on its core automotive business.

IBM's shares fell about 5% in overnight trading. IBM beat Wall Street estimates for second-quarter revenue and profit on Wednesday, but lower-than-expected sales in its mainstay software segment overshadowed a renewal in demand for the mainframe business spurred by AI upgrades.

Alphabet stock jumped over 2% in overnight trading as it cited massive demand for its cloud computing services as it hiked its capital spending plans for the year to about $85 billion and predicted a further increase next year.

The search giant strongly beat Wall Street estimates for quarterly revenue and profit on the back of new AI features and a steady digital advertising market.

Revenue growth was driven by Google Cloud's sales, which surged nearly 32%, well above estimates for a 26.5% increase.

"With this strong and growing demand for our Cloud products and services, we are increasing our investment in capital expenditures." CEO Sundar Pichai said in an earnings release.

T-Mobile shares shot up 5% in overnight trading. T-Mobile raised its annual forecast for postpaid net customer additions on Wednesday and added more wireless subscribers than expected in the second quarter, signaling steady demand for the telecom giant's top-tier mobile services.