Oil Nears Prewar Lows, Cerebras Extends Post-IPO Selloff, and Gold Tests $4,000

Oil edged lower toward its prewar levels as markets digested shifting macro pressure. Cerebras extended losses after earnings, while gold briefly moved toward the $4,000 level amid dollar strength and rate expectations.

Keep reading for every name worth knowing and what drove each move.

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Gold fell below $4,000 for the first time since November as a stronger dollar and rising rate-hike expectations knocked precious metals across the board.

Bitcoin slid below $60,000 at one point, its lowest level since Strategy’s surprise bitcoin sale disclosure earlier this month.

SK Hynix unveiled plans for a $29 billion US listing, the biggest potential equity raise in Asia this year, in a session where Micron, its direct competitor, was set to report earnings after the close.

Treasury yields fell alongside oil prices, giving the bond market a brief reprieve from the rate-hike fears that have been driving the week’s selloff.

Hertz separately dropped more than 40% after flagging Q2 EBITDA at the low end of guidance, proving that even the companies with nothing to do with AI can still have a terrible Wednesday.

Qualcomm Inc (NASDAQ: QCOM) just agreed to buy AI startup Modular for nearly $4 billion. Modular makes software that runs AI models across different types of chips without needing custom code for each one.

That capability directly challenges the software platform that has kept developers locked into Nvidia's ecosystem for years.

The Software Problem Nobody Solved

NVIDIA dominates AI partly because of its hardware. But the deeper moat is its software platform, which millions of developers are trained on and built around.

Modular eliminates that pain. Its software works across chips from multiple companies. You write the code once, and it runs everywhere.

That changes the calculus for every company deciding which chips to buy.

Data Centers Are the Real Prize

Qualcomm generates most of its revenue from smartphone chips. That business is mature and cyclical. Data centers running AI workloads represent the growth market of the decade.

Hardware without software is just metal. Your chip only matters if developers can easily build on it, and Modular solves that problem.

Two Acquisitions, One Direction

Qualcomm is also reportedly in talks to buy another AI chip startup for up to $10 billion. Stack that on top of the Modular deal, and the transformation from phone chip company to full AI platform becomes impossible to miss.

You watch Qualcomm make two multibillion-dollar AI moves in the same month, and the message is unmistakable—the phone era funded the company. The AI era is where it plans to live next.

Pulsenmore Ltd (NASDAQ: PLSM) entered into a partnership with Ouma Health, a virtual maternity care platform that provides prenatal services to expectant mothers across the United States.

Pregnant women will be able to receive ultrasound monitoring at home while staying connected to their clinical team remotely.

One in three U.S. counties has no adequate maternity care. Pulsenmore just landed a deal that puts its technology directly into the gap.

The Problem Is Massive and Personal

Millions of pregnant women in America live in areas with limited or no access to prenatal monitoring.

Getting to a clinic for a routine ultrasound means long drives, missed work, and sometimes skipping appointments entirely. Each missed visit increases the risk for both mother and baby.

Pulsenmore built a device that brings ultrasound home. A clinician reviews the results remotely. You take one of the most essential parts of pregnancy care and remove the biggest barrier to getting it.

Maternal Health Meets Its Moment

Healthcare systems, insurers, and policymakers have been talking about the maternal care crisis for years. Solutions have been slow.

A home ultrasound platform plugged into virtual care is the kind of practical answer that you can actually scale, not just study.

Pulsenmore went from a small medical device company to one sitting at the center of a national healthcare gap overnight. The partnership is new. The problem it addresses has been waiting a very long time.

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General Motors (NYSE: GM) is facing a sharper challenge to its long-held U.S. sales lead as Toyota closes the gap in the first half of 2026.

GM still leads, but the pressure is now tied to consumer choice, not only production issues.

Hybrid Demand Changes the Fight

Toyota has leaned hard into hybrids while GM pushed more heavily into all-electric vehicles. That difference now matters because hybrid sales are growing while EV demand has cooled across the U.S. market.

Follow showroom traffic, and you'll quickly find GM's problem: many buyers still want fuel savings without fully committing to electric vehicles.

GM has plenty of EV ambition, but the current market is rewarding flexibility.

America's Lead Gets More Complicated

GM's U.S. leadership has been built over decades, but maintaining that position now requires more than scale alone. The company has to meet buyers' needs today while still building for an electric future.

That puts pressure on your view of GM's product strategy. A full EV lineup may help long term, but hybrids, affordability, and practical consumer confidence are shaping the near-term sales race.

GM Needs a Faster Market Response

The forecast does not mean GM is losing its crown today. It does show that Toyota has found a stronger bridge product while GM's electric push faces slower adoption.

If the trend continues, you have GM entering the second half with a clear message from customers: the winner may be the automaker that gives buyers more choices, not only the boldest plan.

IceCure Medical [ICCM] $9.30 (+51.96%)

IceCure published peer-reviewed data in the International Journal of Surgery showing a 99% recurrence-free rate in over 600 breast cancer cryoablation patients, with outcomes comparable to breast-conserving surgery.

The company presents at the Japanese Breast Cancer Society meeting on Thursday, with Terumo — one of Japan’s top medical device firms — planning a ProSense regulatory filing with Japan’s PMDA in the second half of this year.

Nuvectis Pharma [NVCT] $24.48 (+39.49%)

Nuvectis runs a precision oncology pipeline targeting solid tumors with NXP900, and the stock is continuing its run from yesterday on healthcare sector momentum.

At a $615 million market cap and Strong Buy consensus with price targets well above the current level, it’s the kind of name institutional traders quietly accumulate on these broader biotech rallies.

Absci [ABSI] $10.08 (+35.96%)

Absci priced a $100 million equity raise with Eli Lilly as a participant, which is exactly the kind of institutional co-sign that turns analyst upgrades into actual buying.

Guggenheim pushed its price target to $15, calling ABS-201 a potential $5 billion-plus US opportunity for hair loss and endometriosis.

When a company is raising nine-figure capital from a pharma giant on the same day analysts are raising targets, the direction is usually clear.

Hertz Global Holdings [HTZ] $2.98 (-41.01%)

Hertz said Q2 EBITDA is tracking toward the low end of its $50M-$80M guidance range, blamed worse-than-expected demand in the used-car market, and then announced a $100 million public stock offering in the same breath.

A guidance miss and a dilutive equity raise on the same day is a two-for-one investors never asked for.

TOYO Co. [TOYO] $7.91 (-38.82%)

TOYO, the Japanese solar panel maker building a 1.5-gigawatt heterojunction cell factory in Texas, announced a $50 million registered direct offering priced at roughly $11 per unit — about 15% below where the stock closed Tuesday.

Discounted dilution on a name that had already started slipping cracked it below its 200-day moving average for the first time in over a year. The Texas factory build is real. Today’s price is what happens when you fund it badly.

Cerebras Systems [CBRS] $182.41 (-19.54%)

Cerebras reported Q1 earnings with 94% revenue growth and still managed to spook investors by guiding for operating losses through year-end.

The world’s largest commercial chip company by wafer size is already down nearly 50% from its IPO-day high of $386.

At 52 times guided revenue with persistently negative margins and a customer concentration risk, the debate is whether this is a buying opportunity or a valuation correction that has further to run.

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— Adam G.
Elite Trade Club

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