US Morning News Call | Hidden Debt of Five US Tech Giants Surges to $1.65T Amid AI Buildout

Key Takeaways:

• Hidden Debt of Five US Tech Giants Surges to $1.65T Amid AI Buildout

• Nvidia Holds a 9.3% Stake in Neocloud Computing Firm Nebius

• Key Earnings: MMM, GM, etc.

🔔Before the Bell

Stock futures climbed on Tuesday as investors looked past the latest developments in the Iran war to focus on corporate earnings updates.

$E-mini NASDAQ 100 Futures (SEP6) (NQmain.US)$ went up by 1.39%;

$E-mini S&P 500 Futures (SEP6) (ESmain.US)$ went up by 0.54%;

$E-mini Dow Futures (SEP6) (YMmain.US)$ went up by 0.45%.

Trump Imposes Additional 50% Tariffs on Canadian Goods Including Wine and Cement

President Trump imposed additional 50% tariffs on certain Canadian goods worth $20 billion, including wine, hockey sticks and cement. The White House cited Canada's discriminatory treatment of American products as justification. Energy, potash, fish and critical minerals are exempt from the tariffs, which take effect in 30 days.

Memory Chip Pricing Expected to Peak Around Fourth Quarter 2026

Morgan Stanley reports DRAM pricing rose 70% quarter-over-quarter in Q1 2026 and over 40% in Q2 2026. The firm expects memory chip pricing to peak around Q4 2026, with quarterly memory revenue now exceeding $200 billion versus $46 billion a year earlier.

Hidden Debt of Five US Tech Giants Surges to $1.65T Amid AI Buildout

The off-balance-sheet debt of $Alphabet-C (GOOG.US)$ $Alphabet-A (GOOGL.US)$, $Microsoft (MSFT.US)$ , $Amazon (AMZN.US)$ , $Meta Platforms (META.US)$ , and $Oracle (ORCL.US)$ has swelled to $1.65 trillion — roughly eight times the level of four years ago and exceeding their reported balance-sheet debt of $1.35 trillion, according to a Nikkei study. The hidden liabilities largely stem from long-term lease agreements for GPUs and data centers tied to massive AI infrastructure projects.

Nvidia Holds a 9.3% Stake in Neocloud Computing Firm Nebius

$NVIDIA (NVDA.US)$ holds a 9.3% stake in neocloud computing firm $NEBIUS (NBIS.US)$ , comprising a prior $2B investment (1.19M shares) and 21.065M shares from a warrant acquired in March. Nvidia is prohibited from exercising the warrant or selling the underlying shares before September 11, 2026.

🪙Crypto News

$Bitcoin (BTC.CC)$ climbed +1.90% to 66378;$Ethereum (ETH.CC)$ climbed +2.63% to 1945.61.

Trump Agrees to Ethics Provision, Clearing Path for Crypto Bill's Senate Vote

President Trump has agreed to an ethics provision after months of negotiations, removing the final hurdle for the Clarity Act, which would establish the first comprehensive federal framework for regulating digital assets.

📆Market Events

Key Results

🔔Before Market

$3M (MMM.US)$ reported Q2 2026 sales of $6.5 billion, up 2.4%, and adjusted EPS of $2.40, up 11%, and raised its full-year adjusted EPS guidance to $8.80–$8.95.

$General Motors (GM.US)$ reported second-quarter revenue of $48 billion and adjusted EPS of $3.57.

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