Key Takeaways

• Futures fall: Dow futures dropped 214 points (-0.4%), S&P 500 futures slid 0.2%, and Nasdaq 100 futures declined 0.1%.
• Prior session held: The main averages finished slightly higher Monday as Trump reassured markets that Iran talks were on track.
• Alphabet’s $80B bombshell: The tech giant unveiled plans to raise $80 billion in equity capital for AI infrastructure — including a $30 billion public offering and a $40 billion at-the-market offering in Q3 2026.
• Berkshire’s $10B “negative” signal: Vital Knowledge flagged Berkshire Hathaway’s private placement as an “ultimately negative” sign: “If the greatest business model in history can’t fund AI internally, who possibly can?”
• Alphabet drops 2%: Shares fell premarket despite the massive fundraising ambition.
• Marvell surges 22%: Nvidia CEO Jensen Huang called the chipmaker a potential “trillion-dollar company.”
• Nvidia up 1.6%: Huang also said Nvidia has sufficient supply to meet runaway AI demand.
• HPE rockets: The firm posted record Q2 results and pulled forward its long-term financial goals by two years.
• Credo Technology disappoints: Sales underwhelmed optimistic expectations.
• Mizuho’s sharp take: “The headlines coming out of the semiconductor patch feel somewhat like Iran — multiple times a day there are ‘game changing headlines’ that spark massive rotation, only to be refuted later.”
• Lebanon partial ceasefire: A limited Hezbollah-Israel truce was announced but fighting continues; two projectiles intercepted Tuesday.
• Iran talks unclear: Trump said a deal could come “over the next week” but Tehran made no confirmation and it’s unclear if talks resumed.
• Anthropic near-trillion IPO: The Claude creator announced a massive IPO at a valuation approaching $1 trillion.
• Manufacturing resilient: New data showed U.S. manufacturing sector activity broadly held up despite Iran war headwinds.

U.S. stock futures pointed broadly lower on Tuesday, as investors sifted through a bevy of tech-sector headlines as well as mixed messaging regarding talks to end the war in Iran.

By 07:09 ET (11:09 GMT), the Dow futures contract had slid by 214 points, or 0.4%, S&P 500 futures had dropped by 16 points, or 0.2%, and Nasdaq 100 futures had declined by 35 points, or 0.1%.

The main averages on Wall Street finished slightly higher in the prior session, with equities rebounding after U.S. President Donald Trump asserted that negotiations with Iran were on track despite earlier reports that Tehran had cut off sending mediated messages to Washington.

Sentiment was supported by technology shares, which have been buoyed by widespread enthusiasm around the growth and capabilities of artificial intelligence. Claude-creator Anthropic became the latest company to announce a massive initial public offering at a valuation that neared $1 trillion.

At the same time, new data indicated that U.S. manufacturing sector activity has been broadly resilient in the face of headwinds from the Iran war.

Alphabet Plans $80 Billion Fundraising Push for AI

Alphabet Inc. unveiled a sweeping plan to raise $80 billion in equity capital, as the tech giant aims to bankroll the skyrocketing costs of its artificial intelligence infrastructure.

The offerings consist of a $30 billion underwritten public offering — split between depositary shares representing mandatory convertible preferred stock, Class A common stock, and Class C capital stock — and a $40 billion at-the-market offering expected to launch in the third quarter of 2026.

Conglomerate Berkshire Hathaway Inc. also agreed to inject $10 billion through a private placement — a detail that analysts at Vital Knowledge flagged as an “ultimately negative” sign.

“[I]f the greatest business model in the history of capitalism (in terms of scale, growth, margins, and cash flow) can’t fund AI from its own internal operations, then who possibly can?” the analysts argued in a note.

Shares of Alphabet were lower by more than 2% in premarket U.S. trading.

Elsewhere, Credo Technology Group’s stock also declined after posting sales that underwhelmed optimistic expectations.

But shares in Marvell Technology soared by more than 22%. Nvidia CEO Jensen Huang suggested that the semiconductor player could be the next “trillion-dollar company.” As of the last close, Marvell’s market cap stood at a little under $192 billion.

Huang also claimed that Nvidia has enough supply to meet runaway growth in AI-fueled demand for central and graphics processing units. Nvidia shares moved up 1.6% before the opening bell.

Hewlett Packard Enterprise, meanwhile, posted record second-quarter results and accelerated its long-term financial goals by two years, as expansion of AI data centers boosted demand for its servers and networking products. Shares rocketed higher premarket.

“[T]he headlines coming out of the [semiconductor’s] patch and [s]oftware feel somewhat like Iran. Multiple times a day there are ‘game changing headlines’ that spark some sort of massive rotation. Only to be refuted/changed later,” analysts at Mizuho said in a note.

Uncertainty Around U.S.-Iran Talks

Lebanon announced a partial ceasefire between Iran-backed Hezbollah militants and Israel, although Israel’s military said it had intercepted two projectiles fired from Lebanon on Tuesday, according to Reuters.

Citing Lebanon’s embassy in Washington, Reuters reported that the truce was limited and would not end the fighting in Lebanon — which has become a sticking point in peace negotiations between the United States and Iran. The embassy called on Israel to refrain from striking Beirut and Hezbollah-controlled suburbs.

President Trump stressed that Hezbollah had promised, through mediators, not to attack Israel. Meanwhile, Israeli Prime Minister Benjamin Netanyahu pledged to pull back from assaulting Beirut, Trump claimed.

Earlier, the president told ABC News on Monday that he thinks a peace deal with Iran — extending the ongoing ceasefire and reopening the Strait of Hormuz — could happen “over the next week,” after a report said Tehran had stopped communications with Washington.

Trump said “there was a little glitch,” likely referring to Iran’s objection to Israeli aggression against Lebanon, which had reportedly spurred Tehran’s walking away from negotiations.

It remained unclear whether U.S.-Iran negotiations had restarted.