U.S. stock index futures were up on Wednesday as investors focused on potential developments on the trade front after a strong start to the week, when soft inflation numbers and Washington's trade truce with China boosted sentiment.

Market Snapshot

At 8:30 a.m. ET, Futures tied to the S&P 500 added 0.2%, while Nasdaq-100 futures gained 0.3%. Dow Jones Industrial Average hovered near the flatline.

Pre-Market Movers

American Eagle Outfitters — The retailer tumbled 14% in early trading. American Eagle on Tuesday withdrew its 2025 guidance “due to macro uncertainty.” The company, faced with slow sales and steep discounting, also took $75 million in write-offs related to spring and summer merchandise.

UnitedHealth — Shares of the healthcare giant rose about 4% after plunging almost 18% Tuesday after the CEO stepped down for “personal reasons” and it suspended its 2025 financial forecast.

PVH Corp — Shares of the former Phillips-Van Heusen apparel maker rose more than 4% on a Jefferies’ upgrade to buy from hold. Jefferies said PVH can stage a recovery as the Tommy Hilfiger and Calvin Klein parent undergoes a business transformation.

NVIDIA, Advanced Micro Devices — Shares of Nvidia rose 3% and AMD climbed roughly 4% after both chipmakers on Tuesday announced deals with Saudi company Humain, owned by Saudi Arabia’s Public Investment Fund, to work on developing AI models and building data center infrastructure. Bank of America lifted its price targets on Nvidia and AMD shortly after the announcement, saying the sovereign projects could offset restrictions in China.

Rivian Automotive, Inc. — The electric vehicle maker’s stock slipped 1% following a downgrade at Jefferies to hold from buy. The investment bank said Rivian faces downbeat demand.

JD.com — U.S.-listed shares of the Chinese e-commerce platform slipped nearly 2% after posting better-than-expected first-quarter earnings and revenue, citing “improving consumer sentiment.” Analysts expects earnings growth to flatten in 2025, with mounting losses in the food delivery unit, according to FactSet’s StreetAccount, which noted Morgan Stanley cut its 12-month share price target to $39 from $41.

Market News

Super Micro Stock Rises on $20B DataVolt Partnership

SUPER MICRO COMPUTER INC jumped 18% in premarket trading on Wednesday as it entered a multi-year partnership agreement with Saudi Arabia-based data center company.

The deal, valued at $20B, is expected to “fast-track delivery of ultra-dense GPU platforms and rack systems for DataVolt’s hyperscale AI campuses in the Kingdom of Saudi Arabia and the U.S.", the company said in a statement on Tuesday.

Bank of America Raises Price Targets on Nvidia, AMD After the Pair Land Saudi Deals During Trump Visit

Bank of America sees more room for NVIDIA and Advanced Micro Devices shares to run after the technology companies inked deals with a subsidiary of the Saudi Arabia Public Investment Fund.

Analyst Vivek Arya lifted his Nvidia price target by $10 to $160, which now implies 23.1% upside over Tuesday’s close. Arya also added $10 to his price target for AMD, with the refreshed $130 estimate suggesting shares can jump 15.6%.

The analyst cited the companies each announcing multiyear projects tied to artificial intelligence infrastructure with a Saudi subsidiary called Humain. Bank of America predicts these projects to cost between $3 billion to $5 billion annually, which equates to a range of $15 billion to $20 billion across multiple years.

“Sovereign AI nicely complements commercial cloud investments with a focus on training and inference of LLMs in local culture, language and needs,” Arya told clients.

AI Infrastructure Firm TensorWave Raises $100 Million in Latest Funding

TensorWave, a Las Vegas-based startup, announced on Wednesday that it has secured $100 million in the latest funding round, as it aims to capitalize on the rapidly expanding AI infrastructure market.

The company, however, did not disclose the valuation at which the funding was raised.

The Series A funding round was led by Magnetar and AMD Ventures along with participation from existing partners, including Maverick Silicon and Nexus Venture Partners, and new investor Prosperity7.