Nvidia, Intel, The Trade Desk, Pinterest and GSK

Shares in Nvidia (NVDA) were higher in pre-market trading on Friday, buoyed by comments from US president Donald Trump stating that US-based chipmakers could be exempt from sweeping new tariffs, as well as a bullish note from Goldman Sachs (GS) ahead of the company’s upcoming earnings report.

“We'll be putting a tariff of approximately 100% on chips and semiconductors,” Trump said during a press conference at the Oval Office. “But if you're building in the United States of America, there's no charge.”

“If you've made a commitment to build or if you're in the process of building, as many are, there is no tariff.”

The remarks were seen as a potential tailwind for companies like Nvidia (NVDA), which has made significant investments in US-based manufacturing and partnerships.

The rally was further supported by a research note from Goldman Sachs (GS) on Thursday, which raised its price target on Nvidia (NVDA) to $200 from $185, implying an 11% upside from Thursday’s close. The bank maintained a buy rating ahead of Nvidia’s fiscal second-quarter earnings, due on 27 August.

James Schneider, a Goldman (GS) analyst, acknowledged that investor expectations were already “high”, but argued that Nvidia (NVDA) could still deliver a “clean beat-and-raise quarter”. He said the company’s forward guidance, particularly on margins and China exposure, would likely drive market reaction.

“We expect three focal points on the call,” Schneider wrote, highlighting the upcoming ramp of the Blackwell chip line in the second half of the year and the anticipated launch of Rubin, Nvidia’s (NVDA) next-generation architecture scheduled for 2026.

Shares in Intel (INTC) were just above the flatline ahead of the US opening bell after Trump took to social media to demand the resignation of CEO Lip-Bu Tan, calling him “highly conflicted”.

Trump took to his social media platform, Truth Social, to criticise Tan, urging immediate action over what he described as a “conflicted” leadership.

“The CEO of INTEL is highly CONFLICTED and must resign, immediately,” Trump wrote on Truth Social, the social media platform he owns. “There is no other solution to this problem. Thank you for your attention to this problem!”

The comments come amid controversy surrounding Tan’s past business dealings, particularly his investments in Chinese tech firms. In response, Tan issued a statement late Thursday, addressing the “misinformation” circulating about his career.

In a letter to Intel (INTC) employees, Tan said the company was actively engaging with the Trump administration to clarify the situation.

“There has been a lot of misinformation circulating about my past roles . . . I want to be absolutely clear: Over 40+ years in the industry, I’ve built relationships around the world and across our diverse ecosystem — and I have always operated within the highest legal and ethical standards,” Tan wrote.

Tan’s venture capital firm, based in San Francisco, has made significant investments in Chinese tech companies, including Semiconductor Manufacturing International Corp (SMIC), China's largest chip manufacturer. His business ties to China have raised concerns, particularly amid growing US-China tensions in the tech and national security sectors.

Shares in The Trade Desk (TTD) plummeted by nearly 30% in pre-market trading on Friday, following the company’s announcement of strong second-quarter results and a positive growth outlook. Despite beating analyst estimates, investors remained sceptical about the company’s future growth trajectory.

The advertising and marketing company reported Q2 2025 revenue of $694m (£516m), marking a 19% year-over-year increase. The company also exceeded earnings expectations, reporting $0.41 per share, compared to analysts’ forecasts of $0.34. However, this positive performance wasn’t enough to prevent a 28% plunge in its stock price during pre-market hours, which fell to $63.51 at the time of writing.

CEO Jeff Green expressed confidence in the company’s performance, particularly in areas like connected television advertising and the Kokai platform powered by artificial intelligence. “We again posted strong growth in the second quarter,” Green said. “Our revenue grew about 19% compared with Q2 last year, and we continue to outpace the digital advertising market.”

Looking ahead, The Trade Desk (TTD) expects at least $717m in revenue for the third quarter of 2025, with adjusted EBITDA projected around $277m.

Despite the upbeat outlook, the company’s share price took a hit as investors expressed concerns over its Q3 projections, which, though strong, failed to ease doubts about the company’s long-term growth prospects.

Pinterest’s (PINS) stock plunged as much as 11% in pre-market trading on Friday after the company posted strong second-quarter sales but fell short of profit expectations and showed stagnant user growth in the US.

The San Francisco-based company reported revenue of $998m for the quarter ending 30 June, surpassing analysts' estimates of $976m. However, on a per-share basis, Pinterest (PINS) reported net income of just 6 cents. Adjusted for stock option expenses and non-recurring costs, earnings were 33 cents per share, below Wall Street’s forecast of 34 cents per share, based on an average estimate from 12 analysts surveyed by Zacks Investment Research.

While global monthly active users totalled 578 million, the company’s user base in North America, its largest revenue market, remained flat at 102 million users, unchanged from the prior quarter. This stagnation in US user growth raised concerns for investors, especially as the platform increasingly depends on its North American audience for revenue.

Despite the mixed results, Pinterest (PINS) offered a more optimistic outlook for the current quarter. The company projected revenue between $1.03bn and $1.05bn, higher than the $1.02bn analysts had expected. This forecast suggests that Pinterest’s advertising business is continuing to expand, even amid the broader shift towards AI-driven online search dynamics.

Shares in GSK (GSK.L) climbed in London on Friday after the pharmaceutical company reached a settlement with CureVac, resolving a long-running patent dispute related to Pfizer (PFE) and BioNTech’s (BNTX) mRNA vaccine technology.

As part of the deal, GSK (GSK.L) will receive $370m upfront from CureVac, with most of the sum coming in cash. Additionally, GSK will earn a 1% royalty on US sales of Pfizer (PFE) and BioNTech’s (BNTX) mRNA flu and COVID-19 vaccines starting in 2025.

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The settlement also includes a revised licensing agreement, which will reduce the royalties GSK owes on its own future mRNA vaccine projects. If BioNTech (BNTX) proceeds with its planned takeover of CureVac (CVAC), GSK could potentially pocket another $130m.

The upfront payment will be recorded as other operating income in GSK’s third-quarter financial results.

Despite the settlement, GSK (GSK.L) made it clear that it intends to pursue separate legal action against BioNTech (BNTX) and Pfizer (PFE). “GSK will continue with its litigation against BioNTech and Pfizer for infringement of GSK’s patents”, it said.

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