Key facts
- Asian stocks and US equity-index futures fell.
- The Japanese yen traded near 160 per dollar.
- Marvell Technology's stock surged over 30% after Nvidia CEO Jensen Huang's comments.
- SpaceX plans to price its IPO at $135 per share, aiming to raise $75 billion.
- The U.S. military intercepted Iranian missile attacks in the Gulf.
- Microsoft announced a breakthrough in AI-redesigned quantum computing.
Asian stock markets declined, with US equity-index futures also dropping following a weak forecast from Broadcom Inc. and after renewed US-Iran clashes weighed on sentiment. The Japanese yen traded near 160 per dollar, a level considered a potential 'red zone' that might prompt intervention from Japanese authorities, who have recently spent approximately $73 billion on yen-buying intervention. Nvidia CEO Jensen Huang identified Marvell Technology as a future trillion-dollar company, causing its stock price to surge over 30% to a market cap of $254 billion. In other news, Elon Musk's SpaceX plans to price its IPO at $135 per share, aiming to raise a record $75 billion. The U.S. military reported intercepting Iranian missile attacks in the Gulf, pushing Brent crude up over 2% to around $98 per barrel. Microsoft announced a breakthrough in quantum computing with a new AI-redesigned quantum chip, aiming for commercially viable machines within three years.