Marvell, a fitting name for the latest AI darling

A look at the day ahead in European and global markets

Morning Bid Europe Morning Bid Europe A look at the day ahead in European and global markets By Tom Westbrook, Deputy Financial Markets Editor   Data refreshes every time you open this email. For more European market news, click here. Please send any feedback to morningbid@thomsonreuters.com. Notwithstanding fresh hostilities in the Middle East, AI shares drove equity markets in Asia to new records on Wednesday.   Today's Market News Hostilities flare in Iran war, oil jumps with talks at a stalemate Exclusive: SpaceX plans to set IPO price at $135 per share, targeting $75 billion raise, source says Russia repels drone attack over Leningrad region as economic forum kicks off BOJ chief to deliver key speech as pressure mounts for June rate hike Trump administration to ask US AI firms to voluntarily submit models for cybersecurity tests The next trillion-dollar thing? Nvidia CEO Jensen Huang joins Marvell CEO Matt Murphy at a keynote speech during Computex in Taipei, Taiwan, June 2, 2026. REUTERS/Ann Wang AI ‌kingmaker Jensen Huang - the CEO of Nvidia - offered the latest shove higher by anointing superhero-sounding chipmaker Marvell Technology as the next trillion-dollar company, promptly sending its stock price up more than 30%. A market cap of $254 billion is a long way from $1 trillion, but that's a gap that ⁠peers have been covering at a clip. A year ago Micron and SK Hynix had market values of barely $100 billion. They now top $1 trillion. Memory-maker Kioxia also briefly on Wednesday became Japan's second-most valuable company behind tech investor SoftBank, pushing longtime No. 1 Toyota into third position. In a surprise move ahead of its investor roadshow, Elon Musk's SpaceX plans to fix its IPO price at $135 per share to raise a record-setting $75 billion, according to a source familiar with the ‌matter. Graphics are produced by Reuters Yen in intervention zone Elsewhere ⁠in markets, the yen tiptoed into the intervention red zone on Wednesday, touching the 160-per-dollar level that's viewed as around authorities' red line. Gulf hostilities flared anew, with the U.S. military saying Iranian missile attacks on Bahrain, Kuwait and other regional targets were ⁠either thwarted or failed, as diplomacy between Washington and Tehran showed little progress. Oil prices rose by around $1 a barrel. The U.S. services ISM is due later in the day, ⁠along with private payrolls and the Federal Reserve's beige book of economic conditions ahead of U.S. labour data due out on Friday. Figures on Tuesday ⁠showed job openings increased by the most in five years in April.     Key developments that could influence markets on Wednesday: Economics: U.S. services ISM, ADP Payrolls, Fed beige book Iran war developments   Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.   Sponsors are not involved in the creation of newsletters or other Reuters news content. Advertise in this newsletter or on Reuters' website   Morning Bid is sent every weekday morning. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here. Want to stop receiving this email? Unsubscribe here. To manage which newsletters you're signed up for, click here. This email includes limited tracking for Reuters to understand whether you’ve engaged with its contents. For more information on how we process your personal information and your rights, please see our Privacy Statement. Terms & Conditions   © 2026 Thomson Reuters. All rights reserved. 3 Times Square, New York, NY 10036