Intel Process Node Advances; Google Faces UK Regulation

Intel ($INTC) shares climbed in premarket trading after the company announced its next-generation 18A-P manufacturing process has reached the risk production stage, a critical step before full-scale manufacturing begins. The development marks a significant milestone in Intel's effort to regain process technology leadership. Chip stocks rebounded in premarket trading after sharp declines, with the semiconductor complex experiencing volatility following an early-week rally sparked by the U.S.-Iran peace deal. Cathie Wood trimmed her position in Advanced Micro Devices ($AMD) amid the sector pullback.

$AMD announced a 30 MW AI compute deal with Rackspace, which will deploy AMD Instinct GPUs and EPYC CPUs across its global data centers for regulated enterprises. The partnership targets the fast-growing AI server CPU market as demand expands beyond generative AI. Meanwhile, Cornelis, an Intel spinout, secured a role in connecting computers for a U.S. nuclear-research supercomputer, competing against Broadcom ($AVGO) in the high-performance networking space.

Britain's Competition and Markets Authority ordered Google ($GOOGL) to provide greater transparency on how its search rankings work and to allow users to move their search data to authorized third parties. The regulator designated Google with strategic market status due to concerns about the company's dominance in search, allowing it to set targeted rules to increase transparency and secure a fairer deal for businesses. The new requirements aim to improve Google's services in the UK while boosting competition in the search market.

$GOOGL and JPMorgan Chase ($JPM) are among more than two dozen companies asked to preserve records in an Epstein ranch investigation. Separately, Meta Platforms ($META) announced that Threads reached 500 million monthly active users, underscoring the platform's growing role in Meta's social media ecosystem as it advances toward its 1 billion user goal. App time in Korea rose over 80 percent, demonstrating strong regional engagement growth.

Hewlett Packard Enterprise ($HPE) came back into focus after a sharp reset in valuation views, with one fair value estimate moving from $29.92 to $64.13 per share based on refreshed assumptions. The shift aligns with more constructive commentary following Q2 results, where analysts are debating how much of the story rests on enterprise AI infrastructure, server and cloud momentum, and the balance between pricing and unit demand. Multiple analysts raised their price targets on $HPE after the quarterly print.

Dell Technologies ($DELL) appeared on a momentum screen as markets rallied, while Palantir Technologies ($PLTR) saw a veteran bank abandon its bearish call, with an analyst describing the company as too big to ignore in a major rating shift. The changes reflect evolving views on enterprise AI adoption and infrastructure demand.

Snap ($SNAP) officially opened preorders for Specs, a pair of standalone augmented reality glasses that blend digital content with the real world without requiring a smartphone. However, retail observers expressed skepticism about the over $2,000 price tag for the AR smart glasses. Qualcomm ($QCOM) stock jumped as the CEO unveiled a push into AI wearables, positioning the chip maker to capitalize on the emerging category.

$QCOM appeared on analyst screens as Wall Street reassessed the stock, with one unpopular name deserving attention according to market watchers. The company is targeting the AI wearables market alongside efforts in the AI server CPU space. Stellantis, Wayve, and Uber Technologies ($UBER) announced a partnership to develop and deploy L4 driverless mobility services globally, combining vehicle platforms, AI driver technology, and Uber's mobility network to accelerate robotaxi rollout.

U.S. stock futures traded mixed, with S&P 500 contracts slightly softer while Nasdaq 100 futures edged up as investors weighed a steady 10-year Treasury yield near 4.47 percent against soft factory data. The 4.47 percent yield matters because it anchors mortgage costs and business borrowing, suggesting no fresh rate shock ahead of the upcoming Federal Reserve meeting. Industrial output for May showed cooling economic signals, contributing to the mixed market backdrop for technology stocks.