U.S. Stocks to Watch: Nvidia, TSMC, Tesla, Credo Technology, Moonlake, and More

Dow Jones
03 Jun

Stock futures were falling Tuesday as uncertainty over global trade negotiations lingered on Wall Street.

These stocks were poised to make moves Tuesday:

Shares of NVIDIA were down 0.3% in the premarket session. The leading maker of artificial-intelligence chips closed Monday with a gain of 1.7%. Analysts at Jefferies added the company to its list of top stock picks. Analyst Blayne Curtis expects the ramp of Nvidia's Blackwell AI chips to drive the company's gross margin to somewhere between 70% and 80% this year, up from 61% as of the end of the chip maker's fiscal first quarter.

Taiwan Semiconductor Manufacturing, the world's largest contract chip maker, faces limited impact from tariffs, according to CEO C.C. Wei, who reaffirmed that AI demand remained strong. At an annual shareholders' meeting Tuesday, the chief executive said tariffs are typically borne by importers and won't directly affect the company, The Wall Street Journal reported. U.S.-listed shares fell 0.4%.

Tesla Motors slipped 0.4% in premarket trading after closing Monday's session down 1.1% to kick off a significant month for the electric-vehicle maker. Elon Musk's company is expected to launch an artificial-intelligence-trained driverless taxi service in just a few days. Reports have said the launch has been scheduled for June 12.

Credo Technology Group Holding Ltd , the provider of high-speed connectivity solutions for data centers, reported fiscal fourth-quarter earnings and revenue that were better than analysts' estimates. The company said it expects first-quarter revenue of $185 million to $195 million, higher than consensus of $162.4 million. The stock jumped 13%.

MoonLake Immunotherapeutics was rising 21% after the Financial Times reported Merck has held talks over an acquisition of more than $3 billion for the Swiss biotechnology company. Merck submitted a nonbinding offer for MoonLake earlier this year, the Financial Tines reported, citing three people familiar with the matter. The initial approach was rejected but talks could be revived, the people added.

Earnings reports are expected Tuesday from CrowdStrike Holdings, Ferguson Enterprises, Hewlett Packard Enterprise, Dollar General, Guidewire Software, HealthEquity, NIO, Ollie's Bargain Outlet, Asana, and Signet Jewelers.

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