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J. Edward Moreno

Verve Therapeutics rose more than 75% in premarket trading after Eli Lilly announced that it would buy the gene-editing biotech company.

The acquisition is a sign Lilly is looking for other paths to sustain growth after the patents for its blockbuster weight-loss and diabetes drugs expire about a decade from now. Verve generated $32.3 million in revenue last year and has not yet reported a profitable quarter.

Verve’s experimental therapy “has the potential to be the first in vivo gene editing therapy for broad patient populations and could shift the treatment paradigm for cardiovascular disease from chronic care to one-and-done treatment,” Ruth Gimeno, Lilly’s vice president of diabetes and metabolic R&D, said in a statement.

Lilly said it would pay $10.50 per share in cash for Verve, with an additional $3 per share in the event that a phase three clinical trial for its lead program starts within a decade of closing. The stock closed at $6.27 on Monday and is above $10 before market open.

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Luke Kawa

IREN surges on $9.7 billion deal to provide AI cloud capacity to Microsoft

IREN is surging this morning after inking an agreement to provide Microsoft with access to Nvidia Blackwell GPUs at a data center campus in Texas over a five-year period.

The total contract value is approximately $9.7 billion, per IREN, and includes a 20% prepayment. Dell also gets a piece of the action here, as Iren will purchase these GPUs, and other equipment from the server maker, for about $5.8 billion.

The bitcoin miner turned data center company said the GPUs will be deployed in phases through 2026.

“It marks another major step forward for IREN as we continue to expand large-scale GPU deployments across our 3GW secured power portfolio in North America, reinforcing our position as a leading AI Cloud Service Provider,” said IREN co-founder and co-CEO Daniel Roberts. He told Bloomberg that the deal accounts for about 10% of IREN’s total capacity.

That “secured power portfolio” reference in Roberts’ remarks is critical, and a key selling point for IREN here.

In a recent appearance on Brad Gerstner’s Bg2 Pod, Microsoft CEO Satya Nadella discussed how the key bottleneck for AI deployment doesn’t concern chips, but rather “the ability to get the builds done fast enough close to power. So if you can’t do that, you may actually have a bunch of chips sitting in inventory that I can’t plug in, and in fact, that is my problem today. It’s not a supply issue of chips, it’s actually the fact that I don’t have warm shelves to plug into.”

Jonathan Tinter, president of business development and ventures at Microsoft, echoed those comments in today’s press release, saying: “IREN’s expertise in building and operating a fully integrated AI cloud — from data centers to GPU stack — combined with their secured power capacity makes them a strategic partner.”

markets
Luke Kawa

US key mineral stocks dip as White House says China’s rollback of rare earth export curbs more comprehensive than previously thought

Shares of US rare earth and key mineral producers are lower in premarket trading after the White House said that China’s rollback of export curbs goes further than previously thought.

Initial news reports suggested that Chinese restrictions on rare earth exports from April would remain intact following last week’s meeting between Trump and Xi, while more recently planned curbs would be delayed. However, the White House’s fact sheet on the trade deal with China published this weekend says that the world’s second-largest economy “will issue general valid licenses” for many key minerals, which “means the de facto removal of controls China imposed in April 2025 and October 2022.”

MP Materials, Lithium Americas, Critical Metals are all more than 1% lower as of 7:10 a.m. ET, while United States Antimony Corp. is off double digits.

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Stocks climb higher as investors shake off hawkish Fed commentary

The S&P 500 and Nasdaq 100 continued their streak of monthly wins.

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Western Digital Stock Rallies as Wall Street Raises Estimates

Western Digital rallies as Wall Street sees more gains ahead

Analysts responded to yesterday’s Western Digital earnings by rapidly ramping up price targets.

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Luke Kawa
10/31/25
December rate cut odds creep lower with Federal Reserve hawks out in full force

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