Despite having an unrealized loss of nearly $9.7 billion, the leading ethereum treasury firm has acquired even more of the token.

BitMine Immersion Technologies announced it has acquired 126,971 tokens over the past week, the firm’s largest purchase of ethereum this year. The company’s total stockpile stands at 5.5 million, or around 4.6% of ethereum’s total supply.

“We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals,” BitMine Chairman Tom Lee said in a statement.

The acquisition comes after the crypto markets saw a broad downturn last week, with many tokens hitting multiyear lows.

Lee argued the sell-off in crypto was a “superficial take.” As artificial intelligence grows more capable, demand for hardened infrastructure is likely to increase alongside expectations that AI systems will expose flaws in centralized rails and weak decentralized protocols, according to Lee.

“We believe this actually strengthens the use case and product market fit for hardened and reliable decentralized blockchains like ethereum,” Lee said. “Thus, we believe ETH prices should not be coming under pressure.”

Meanwhile, last week ethereum ETFs saw more than $173 million in outflows, marking the fourth consecutive week of net redemptions, data from SoSoValue shows.

Joe Lubin, cofounder of ethereum and current CEO of software development firm Consensys, said the recent moves by the Ethereum Foundation, namely staff turnover and leadership changes, are not evidence of a crisis, but a necessary evolution, per a CoinDesk report. Lubin emphasized that “Ethereum is not on the decline, not at all,” even if “we are not front and center right now in terms of capital inflows, investments.”

Nvidia shares are modestly higher after it announced a multiyear partnership with SK Hynix on memory chips and building out AI data centers.

The agreement secures a long-term pipeline of memory chips for Nvidia. At the center of the partnership is the integration of SK Hynix’s high-bandwidth memory chips into Nvidia’s newly unveiled Vera central processing units. The Vera processor is Nvidia’s first stand-alone data center microprocessor designed to compete directly against traditional enterprise server lines.

The collaboration is also structured to reshape how semiconductors are manufactured. Under the terms of the agreement, SK Hynix will implement Nvidia’s CUDA-X library and PhysicsNeMo framework directly into its memory design and manufacturing workflows.

The announcement happened during a high-profile visit to Seoul by Nvidia CEO Jensen Huang, who arrived on June 5 to align with core infrastructure partners. Over the weekend, Huang met with SK Group Chairman Chey Tae-won, SK Hynix CEO Kwak Noh-Jung, and other top South Korean technology executives during a dinner meeting, according to Nvidia’s blog posts and Reuters.

Last week, SK Hynix told investors that its proposed US listing has received strong backing, which would potentially give US investors an alternative way to play the memory chip crunch.

On Monday, Amazon announced a multiyear, multibillion-dollar deal to buy optical fiber from 175-year-old glassmaker Corning to power and connect its rapidly expanding US artificial intelligence data centers. Shares of Corning popped more than 9% on the news.

Corning said the investments would create 1,000 new, highly skilled jobs at Corning's manufacturing facilities in North Carolina.

This isn’t Corning’s first Big Tech rodeo. Last month the stock jumped when Nvidia invested $500 million in Corning warrants, and the stock ripped in January following a deal with Meta to provide fiber-optic cable connections for its AI data centers.

FuelCell Energy shares rebounded into positive territory during premarket trading, reversing an initial dip sparked by Q2 results that showed widening net losses and a year-over-year revenue decline.

Key numbers:

• Revenue of $35.6 million (compared to analyst estimates of $40.56 million).

• An adjusted loss per share of $1.45 (estimate: a $0.50 loss).

That revenue number marks a 5% decrease from the $37.4 million generated during the same quarter last year.

The company’s net loss expanded to $78.7 million, or $1.45 per share, compared to a loss of $38.8 million in the prior-year period. Management attributed the deeper loss primarily to a $42.6 million one-time impairment expense linked to essential equipment upgrades at its Groton Project facility.

While a 9.9% drop in total backlog initially added to the shares’ downward momentum, investors appeared to quickly pivot their attention to the company’s forward-looking metrics. FuelCell highlighted a 267% sequential jump in its sales pipeline, which has reached 4 gigawatts. The surge is driven by demand for its packaged 12.5-megawatt utility-grade power block solution tailored specifically for the booming AI data center market.

To support this high-growth data center strategy, FuelCell announced a major capacity expansion at its Torrington, Connecticut, manufacturing facility. The company plans to raise its annualized production ceiling from 350 MW to 500 MW, an infrastructure upgrade estimated to cost between $200 million and $275 million over the next 24 months.

Driven by the AI data center narrative, FuelCell Energy’s stock has risen over 130% year to date.

Starting today, Uber users in London can join an in-app waitlist to be matched with a self-driving vehicle, with a commercial launch planned for the “coming months.” Riders who opt in could be picked up by a Ford Mustang Mach-E powered by UK-based AI startup Wayve. The rides will initially operate with a human safety driver and will cost the same as an UberX, Uber Electric, or Uber Comfort ride.

The move turns London into the next ground zero for a robotaxi showdown, pitting Uber against its US partner, Alphabet’s Waymo. While the two companies cooperate stateside — allowing users to hail Waymo rides via the Uber app in Phoenix, Austin, and Atlanta — they are locked in a turf war abroad. Uber is hedging its bets to own the future of ride-hailing, with more than 30 AV partnerships around the world and plans to roll out Wayve-powered robotaxis across 10 global markets.

Waymo, which is available in 11 US markets, is also aggressively pushing its own international expansion and has already deployed about 100 autonomous Jaguars for testing on London streets ahead of a planned commercial launch this year. With the UK fast-tracking its autonomous vehicle regulations, London is set to be the ultimate proving ground to see if Uber’s strategy of funding Waymo’s rivals can beat Alphabet’s in-house tech.

Eli Lilly has risen around 4% in premarket trading after reporting impressive trial results for its next-generation weight-loss drug over the weekend.

According to the results unveiled on Saturday, Lilly’s experimental weight-loss shot, retatrutide, helped patients lose 28.3% of their body weight at 80 weeks. That’s more than tirzepatide, Lilly’s weight-loss shot currently considered the most effective in the market, which helped people lose 26% of their weight over 88 weeks.

Retatrutide is a triple agonist, meaning it mimics three different hormones that promote weight loss, compared to one by Novo Nordisk’s semaglutide and two by tirzepatide. Lilly says it helps preserve more muscle mass than other weight-loss shots and also helped improve knee osteoarthritis pain and obstructive sleep apnea.

Lilly has said it would submit the drug for approval this year with the goal of getting it out to market in 2027. The jab could be the next big moneymaker for Lilly, which currently sells the most lucrative drug in the world but has had an underwhelming rollout of its oral weight-loss pill, which came to market earlier this year.

Retatrutide is already quite popular among those who experiment with peptides, or unapproved injectable drugs often sold online “for research purposes only.” For gym bros trying to attain a certain physique, a drug that has shown it can melt fat while preserving muscle is enticing.

But in a market full of knockoff drugs, will retatrutide enthusiasts pay full price for the drug when it officially goes to market?

Chipmaker Marvell Technology and electronics manufacturer Flex are jumping 7% and 3%, respectively, in premarket trading on Monday after S&P Dow Jones Indices announced late on Friday that the two companies are set to join the S&P 500 benchmark index.

Replacing Pool Corp. and Campbell’s in the S&P 500, Marvell and Flex’s addition will be effective from June 22, per a press release from the provider, which assesses and updates the index on a quarterly basis.

Marvell has been one of the leading candidates for inclusion across the last few quarterly index rebalances. The company has ballooned into a $230 billion chip giant of late, thanks to the wider AI boom, investors chasing momentum, and, yes, Jensen Huang. Flex, which has been part of the S&P MidCap 400 Index since 2024, has also grown recently, having played a part in the data center boom with a portfolio that spans across infrastructure and cooling systems.

With today’s premarket movement taken into account, MRVL has now risen almost 40% in the last week alone.