IREN had an insane morning: the stock rose 33% pre-market on a brand-new deal with Microsoft and Nvidia. The figure was $9.7 billion, but we’re numb to big AI capex numbers at this point, so whatever. (It’s probably still a big deal though.)

New deets on US-China rare earths trading just dropped, too. US Treasury Secretary Bessent said that this administration is going to “get out from under this sword” regarding Chinese rare earths dominance. We shall see how long that takes and how much it costs. 

And if you thought last week was big for earnings, take a look at this week’s line up. In some ways, the next five days of financials from everyone’s favorite (and most hated) companies could be even more bumpy than the Magnificent 7’s earnings last week. Strap in!

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Markets closed higher Friday after a strong week for tech and a cooler tone from the Fed.

IREN ltd. (IREN) is on a tear this morning, rising 33% pre-market after announcing a $9.7 billion contract with Microsoft (MSFT) for Nvidia (NVDA) chips. Interestingly, Dell’s (DELL) rose 5%, as the AI-server maker will be the one to provide IREN with Nvidia's GB300 chips and other equipment (for ~$5.8 billion). If the fact that old Dell is now relevant again isn’t a sign of how crazy the AI industry is, we don’t know what is. Clearly, AI capex (capital expenditure) is alive and well; the question still remains as to whether it’s all circular funding or not.

We’ve got new China trade deal information, and here’s what could affect your portfolio: 

President Trump stated that he wants the US to be number 1 in crypto over China. Just this morning, $102 billion was liquidated from global crypto markets, and sentiment overall feels bearish at the moment in the crypto industry. Nonetheless, regardless of the price of assets today, the infrastructure being built into institutional financial systems worldwide as you read this is astounding. In short: Whether Bitcoin’s price goes up or down today, in the long run, crypto is here to stay.

You might get a bigger tax refund for 2025. Income taxes are shifting again because of retroactive changes enacted via President Trump’s Big, Beautiful Bill, according to CNBC. Because the IRS hasn’t updated the tax tables that tell companies how much of their employees’ income they need to withhold, some people will end up paying more than they should throughout the year, meaning that they’ll get more back in their refund.

Oil prices steadied after a volatile month. The global glut sat near 1.9 million barrels per day and was expected to persist through 2026. Brent crude traded around $64, down 13% this year, while US benchmark WTI hovered near $60. Sanctions on Russian producers could keep the surplus from growing larger.

The weight-loss drug market entered a new phase. Eli Lilly and Novo Nordisk raced to expand supply and launch oral versions of their GLP-1 treatments. Analysts expect the obesity drug market to reach $100 billion by 2030, with pills potentially capturing a quarter of that. Novo Nordisk shares have fallen nearly 40% this year as Eli Lilly pulled ahead.

Monday: Palantir, Hims & Hers

Tuesday: AMD, Pinterest, Beyond Meat, Cava, Uber, Shopify, Spotify, Pfizer, Ferrari

Wednesday: Novo Nordisk, Arm Holdings, Robinhood, AppLovin, Duolingo, McDonald’s, Dutch Bros, AMC Entertainment

Thursday: Iris Energy, Airbnb, Warner Bros Discovery, DraftKings, D-Wave Quantum, theTradeDesk, Opendoor

Friday: Constellation Energy, Wendy’s, Six Flags, Duke Energy

See all top-mentioned stocks on Reddit today →

“Warren may be old, but I think long-term will prove to be correct in his stock buys.”

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Brandon & Blake of Invested Inc