Shares of Trump Media and Technology Group rose about 1.5% in premarket trading after falling more than 5% on Monday. The company reported a net loss for its first full quarter as a public company.
Despite being valued at $5bn (£3.9bn), Trump Media’s owner Truth Social revealed it made just $837,000 in revenue in the most recent quarter. That’s down 30% on the year before. The company lost a further $16.4m in its first full quarter as a public company.
Stocks rose just before the market opened after Trump held a two-hour interview with billionaire Elon Musk on X.
The former president returned to the social media platform a few hours before the conversation. The last time Trump posted to his X account was on August 24, 2023.
During the interview, Trump congratulated Musk on his willingness to fire workers who demanded better conditions. “You’re the best cutter,” Trump said. “I mean, I look at what you do. You walk in, you just say, ‘Do you want to quit?’ They’re going on strike — I won’t mention the name of the company — but they’re going on strike. And you say, ‘That’s okay, you’re all out.'”
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The Republican presidential candidate also uncomfortably noted that her Democratic rival Kamala Harris looked “gorgeous” on the new cover of Time Magazine and “looked very much like our wonderful first lady, Melania.”
Nvidia (NVDA)
Shares of Nvidia were in correction territory ahead of the opening bell, down about 1% after rising more than 4% in Monday’s session.
The company’s stock price got a boost from news that the graphics processing unit (GPU) leader had signed a new agreement with the state of California for AI training.
Shares of the artificial intelligence (AI) darling have taken a hit recently amid growing concerns about a broad economic slowdown. The stock also fell last week on news of a delay for the company’s next-generation AI processor.
However, analysts at Bank of America called the stock a top pick and UBS indicated that delays to the Blackwell chip may be less severe than initially thought.
Analysts at UBS said they expect deliveries of the artificial intelligence chip to be delayed by four to six weeks, instead of the three-month delay first reported. The investment bank said such a delay would be “invisible to most, if not all, end customers.”
The stock price is up about 120% this year, but is down from peaks earlier this summer.
Alphabet (GOOG)
Shares of Google’s parent company were largely flat in premarket trading despite major announcements expected later Tuesday as the company prepares to unveil its latest mobile phone.
The company is widely expected to introduce its Pixel 9 smartphone lineup during its Made by Google event on Tuesday evening in California.
The launch comes earlier than usual, meaning Google is making the announcement before Apple unveils the next iPhone, which is traditionally introduced in September.
Ben Wood, smartphone expert and principal analyst at CCS Insight, told Reuters that Google is trying to stay ahead of its rival with new AI tools.
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“It is interesting that Google is holding this event in August instead of the usual October timing. We believe this is an attempt to get ahead of Apple’s iPhone event in September, especially in terms of AI announcements,” he said.
“Apple will likely focus on why the iPhone is ‘the best phone for AI,’ and it wouldn’t be a surprise if there was some overlap in the potential use cases of the new Pixel phones and the new iPhone.
“As a result, Google could be the first to announce new AI features with its earlier announcement and thus claim leadership in this area.”
In a video, the company gave a quick glimpse at the Pixel 9 Pro and hinted that AI and Gemini will play a major role in the device.
Barrick Gold (GOLD)
Shares of Barrick Gold were in the red ahead of the opening bell on Wall Street after rising 9.1% to $18.99 on Monday as the mining company’s second-quarter profit beat expectations.
For the second quarter of the year, Barrick reported non-GAAP earnings per share (EPS) of 32 cents, beating analysts’ estimates of 27 cents.
The company said revenues reached $3.16 billion (£2.46 billion), up 11.7% year-on-year. Operating cash flow rose 53% from the previous quarter to $1.16 billion, with free cash flow of $340 million.
Like other gold mining companies, Barrick benefited from higher gold prices, which have reached several record highs this year.
The company reported gold production of 948,000 ounces, beating estimates of 905,800 ounces, easing concerns about production.
Barrick also said it began share buybacks in the quarter as part of the $1 billion program announced in February.
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