HAPPY TUESDAY TO THE STREET.

The trade telenovela continued today. But the plot arc for the world’s least romantic long-distance relationship remained lackluster. Top US and Chinese trade officials shook hands in London again — just not on any solutions. But hey, if Celine Song can’t revive the rom-com, what chance does Donald Trump have?

• 🟩 | US stocks ticked up as investors eagerly awaited the next installment in the aforementioned trade war soap opera.

• 📈 | One Notable Gainer: SolarEdge $SEDG ( ▲ 0.91% ) surged on a WSJ report that tech insiders are lobbying to save clean-energy tax credits. Sunrun $RUN ( ▼ 2.64% ) also finished higher.

• 📉 | One Notable Decliner: Consumer foods maker JM Smucker $SJM ( ▲ 1.57% ) went bad today after its outlook left a bad taste in investors’ mouths.

— Brooks & Cas

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STOCK HEATMAPS

Market Movers

CASEY’S, NETFLIX, INTEL

$CASY ( ▲ 1.49% ) Casey’s Strong Earnings and Dividend Boost Push Stock to Record High (Barron’s)

$NFLX ( ▼ 0.4% ) Netflix to invest over $1.14 billion in Spain until 2029 (Reuters)

$INTC ( ▲ 0.44% ) Apple’s macOS Tahoe to Be Final Operating System to Work on Intel Macs (Bloomberg)

$CVGW ( ▲ 17.39% ) Calavo Growers FQ2 results miss expectations as soft tomato sales, tariff costs weigh (SeekingAlpha)

$INSM ( ▼ 1.12% ) Biotech Hits A 'Home Run' And Slams Its Two Key Rivals (IBD)

OVERHEARD ON THE STREET

WSJ: The World Bank projects the US GDP growth rate will halve this year thanks to tariffs.

Bloomberg: Treasury Secretary Scott Bessent may succeed Fed Chair Jerome Powell after the latter’s term ends in May 2026.

AP: Disney $DIS ( ▼ 0.76% ) agreed to pay nearly $440M to take full control of Hulu.

Reuters: Paramount $PARA ( ▼ 2.45% ) will cut 3.5% of its US workforce as part of its ongoing cord-cutting countermeasures.

CNN: ChatGPT experienced a partial outage today, preventing thousands of users from accessing OpenAI’s chatbot.

Tomorrow's Trade Idea, Today

IS AI STARING DOWN ITS NEXT BIG NEWS CYCLE?

Catalysts Coming?

Are the biggest news cycles of the AI boom behind us? With sweeping tariffs and political turmoil dominating headlines, you may think so. But Bank of America $BAC ( ▼ 0.25% ) is not so sure.

The firm highlighted several key events it believes could lead to positive news flow for the sector in the next 7-10 days. And according to BoA, in order to take full advantage, investors may not want to wait until then to tune in.

Full Slate

The first event is Nvidia’s $NVDA ( ▲ 1.52% ) GTC tradeshow in Paris, which technically kicked off today, but will likely peak tomorrow with CEO Jensen Huang’s keynote address. Analyst Vivek Arya expects “commitments for multi-year AI factory projects” to be announced, among other potential catalysts.

The GTC event wraps on the following day, but it could be overshadowed by rival AMD’s $AMD ( ▼ 2.18% ) “Advancing AI 2025” event, also scheduled for Thursday. Arya is hoping for more specifics on the chipmaker’s roadmap.

Finally, Bank of America highlighted Marvell Technology’s $MRVL ( ▲ 2.05% ) forthcoming webinar on June 17th, which the analyst believes could raise expectations for the company’s total addressable market.

Still Bullish on the Boom

BoA has a Buy rating for AMD, Marvell, and Nvidia, despite sharp gains over the course of the quarter.

All three stocks are up by double-digit percentages since the end of March. Per usual, Nvidia is leading the way, adding nearly 33% over the period.

But Arya is confident that strong data center demand trends could keep pushing their prices up — with tailwinds expected as soon as tomorrow.

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ON OUR RADAR

AP: President Trump deployed 700 Marines and 2,000 National Guard troops to Los Angeles, California amid anti-ICE protests.

WSJ: Moody’s $MCO ( ▼ 0.52% ) warned that selling private-equity and private-debt funds to individual investors risks overheating markets.

The Verge: The success of the Nintendo Switch 2’s launch can largely be attributed to its “perfect” launch game.

CNN: As US-China trade talks resume, here’s China’s trump card — which it has yet to play.

CNBC: The 2025 CNBC Disruptor 50 ranks the top companies leading the AI boom. The leader isn’t what you think…

MONDAY’S POLL RESULTS

Are you bullish or bearish on Omada Health $OMDA ( ▲ 11.56% ) over the next 12 months?

▇▇▇▇▇▇ 🐂 Bullish

▇▇▇▇▇▇ 🐻 Bearish

And, in response, you said:

• 🐂 Bullish — “Bullish, but not by much.”