Mag 7 CEOs Join Trump in China, NBIS Rallies & OKLO Earnings

A high-stakes U.S.-China summit featuring President Trump and Xi Jinping is dominating financial markets, with a delegation of top tech CEOs—including Jensen Huang of NVIDIA, Elon Musk, and Tim Cook—traveling to Beijing. The meeting centers on critical trade issues: AI and semiconductor exports, agricultural purchases, industrial deals, and rare earth minerals, all amid ongoing tensions over the Iran conflict. While Trump downplayed China’s role in resolving the conflict, market participants are watching closely for signs of renewed economic detente. Tech stocks, especially semiconductors, are rallying on the news, with NVIDIA and Micron gaining ground as investors bet on a 'by the dip' strategy. Meanwhile, nuclear energy startup OKLO posted a better-than-expected loss and strong cash reserves, with its Atomic Alchemy subsidiary poised to become a key revenue driver. In the cloud infrastructure space, Nebius surged after reporting $399 million in revenue—well above expectations—while securing a massive 1.2 gigawatt power and land deal in Pennsylvania. Oil prices remain volatile, with WTI hovering near $100, as demand concerns emerge from China and the U.S. drawing down strategic reserves, even as global shipping activity through the Strait of Hormuz increases due to new regional trade deals. The S&P 500 is poised for a potential bounce, with options flow indicating a 1.1% move either way.