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JD.com Launches Joybuy to Rival Amazon in UK

8:00 am — JD +0.64%, AMZN +0.48% in pre-market trading

JD.com (JD +2.47%) has officially launched its Joybuy marketplace across the UK and Northern Europe, signaling a direct assault on Amazon‘s (AMZN +0.47%) regional dominance. Leveraging its $2.5 billion acquisition of electronics giant Ceconomy, JD is deploying a network of 60 warehouses to offer same-day delivery to 15 million households. The platform features blue-chip partners like L’Oreal and De’Longhi, while undercutting Amazon Prime with a “JoyPlus” subscription priced at just £3.99/month. This aggressive expansion into Europe’s lucrative grocery and tech sectors represents a critical attempt by JD to offset sluggish consumer demand and fierce domestic competition from PDD Holdings (PDD +1.52%) in its home Chinese market.

• Logistics Leverage: By controlling its own “last-mile” delivery service and localized warehouses, JD is attempting to replicate the high-speed fulfillment model that secured its massive market share in China.
• Electronics Edge: The integration of its Ceconomy acquisition gives Joybuy an immediate foothold in the high-margin European electronics sector, a category where Amazon has traditionally faced pricing pressure.

Meta’s $27B Deal Cements Nebius as AI Leader

8:30 am — NBIS +14.27% in pre-market trading

Meta Platforms (META +2.51%) is doubling down on external infrastructure, signing a massive $27 billion deal with Dutch cloud provider Nebius (NBIS +12.67%). Over the next five years, Nebius will supply Meta with dedicated AI capacity, including some of the first large-scale deployments of Nvidia‘s (NVDA +1.91%) next-generation “Vera Rubin” chips. This partnership highlights a shifting strategy for Meta; while it remains a “hyperscaler” with its own data center roadmap, the company is increasingly outsourcing specialized compute needs to keep pace with Alphabet (GOOG +0.58%) and Microsoft (MSFT +0.42%). For Nebius, a company birthed from the restructuring of Yandex, the deal cements its status as Europe’s premier AI cloud, following a similar $19.4 billion agreement with Microsoft last year.

• Nvidia’s Kingmaker Role: Nvidia isn’t just a supplier; its recent $2 billion direct investment in Nebius signaled to the market that the Dutch firm is a preferred partner for the rollout of cutting-edge Rubin architecture.
• The CAPEX Race: Meta’s projected AI spending of up to $135 billion this year is part of a collective $700 billion infrastructure blitz by Big Tech, suggesting that “efficiency” layoffs are being used to bankroll these massive hardware contracts.

Today’s Change

(2.51%) $15.39

Current Price

$628.58

Key Data Points

Market Cap

$1.6T

Day’s Range

$625.85 – $634.75

52wk Range

$479.80 – $796.25

Volume

596K

Avg Vol

15M

Gross Margin

82.00%

Dividend Yield

0.34%

This Morning’s Breakfast News

7:30 am

Nvidia (NVDA +1.91%) today kicks off its annual GTC (GPU Technology Conference) in San Jose, California – in a year when hyperscalers intend to spend more than $600 billion on AI infrastructure. What to expect? Analysts are talking about vertical integration – from chips all the way to full AI systems – and news of future chip generations. Thoughts on the longer-term sustainability of AI spend won’t be far from watchers’ minds.

• Laying off 20% of staff?: Meta (META +2.51%) is planning a raft of job cuts, per Reuters. The social media giant reportedly hopes to offset its huge AI infrastructure costs with savings coming from increased use of AI agents and AI assistance for human workers.
• Terafab “Launches in 7 Days”: Tesla (TSLA +2.35%) CEO Elon Musk announced the imminent launch of its new in-house semiconductor manufacturing on Saturday, as Micron (MU +4.55%) today revealed plans for a second fabrication facility in Taiwan to expand production of high-bandwidth memory in high demand for AI data centers.

Lululemon Cheap but Wait for Earnings

7:25 am — LULU +0.46% in pre-market trading

By Sanmeet Deo
Team Rule Breakers

Over the past year, Lululemon (LULU +1.27%) stock has been cut in half as the dark clouds persist over the company. The pioneer of the athleisure industry is facing stiff competition from the likes of Alo, Vuori & others, its core U.S. market is sluggish and products have become stale and full of controversy (see through leggings anyone?). On top of that, macro concerns with tariffs and corporate governance issues (in search of a CEO, proxy battle) have weighed heavily.

Those are a lot of storm clouds. Can we see through them? If we squint, I think we can. It’s only a matter of time before they find a CEO, who hopefully will make some important changes. This will be a true test of the strength of its brand and the loyalty and passion of its customers.

I recently had the chance to trial some alternative data (social media trends, web traffic, etc.) and while the financial metrics show some slowing, the consumer social interest, web traffic and gift card demand still remain high. This may not directly correlate to next week’s earnings report but I like to see high consumer and social interest.

The stock looks extremely cheap right now but with earnings coming up, I would wait to digest the earnings and evaluate then.

Today’s Change

(1.27%) $2.00

Current Price

$159.78

Key Data Points

Market Cap

$19B

Day’s Range

$156.81 – $160.85

52wk Range

$156.64 – $348.50

Volume

29K

Avg Vol

3.1M

Gross Margin

58.35%

U.S., China Strike Trade Deal Ahead of Summit

6:15 am — BA +0.43% in pre-market trading

Economic officials from Washington and Beijing concluded “remarkably stable” negotiations in Paris, carving out a list of “deliverables” for President Trump’s high-stakes state visit to China starting March 31. Treasury Secretary Scott Bessent and Vice Premier He Lifeng reportedly reached tentative agreements on expanding Chinese purchases of American coal, oil, and agricultural goods, including a renewed commitment to 25 million metric tons of soybeans annually. For investors, the most significant tailwinds involve Boeing (BA +2.41%), as negotiators explicitly discussed renewed Chinese orders for jetliners, and the tech sector, with discussions “loosening up” bottlenecks on critical minerals like yttrium. While a final “Board of Trade” mechanism is being developed to manage long-term friction, this weekend’s progress suggests a tactical pivot toward balanced, managed trade rather than a return to triple-digit tariff escalations.

• Aerospace Lifeline: Boeing stands as a primary beneficiary of the “Board of Trade” proposal, which seeks to grow bilateral commerce in non-sensitive sectors to offset the ongoing chip-war restrictions.
• Energy & Mineral Mobility: U.S. producers of natural gas and coal are positioned for a demand surge, while manufacturers like GE Aerospace (GE +0.32%) could see supply chain relief if China follows through on easing yttrium export controls.

Meta May Cut 20% of Workforce for AI Overhaul

6:00 am — META up 2.98% in pre-market trading

Meta Platforms (META +2.51%) is reportedly preparing its most aggressive headcount reduction to date, with sources indicating that 20% or more of its 79,000-person workforce could be cut. CEO Mark Zuckerberg is pivoting the social media giant toward a leaner, “AI-assisted” operational model to offset a staggering $600 billion infrastructure roadmap. Despite a “speculative” label from company spokespeople, the move aligns with recent comments from Zuckerberg about single individuals now accomplishing tasks that once required entire teams. For investors, the trade-off is clear: Meta is sacrificing its human capital to bankroll the specialized talent and massive compute power needed to rescue its lagging “Avocado” AI models.

• The Hardware Tax: Meta’s capital expenditure is projected to hit $135 billion this year–nearly double its 2025 spend–forcing a radical reallocation of cash from payroll to data centers.
• Profiting from Pruning: Markets responded favorably to the news, with Meta’s share price rising 2.5% in pre-market trading as shareholders anticipate a significant boost to long-term free cash flow margins.

Molina Healthcare Exits S&P 500 for SmallCap Index

5:45 am — MOH unchanged in pre-market trading

Molina Healthcare (MOH +0.03%) will be deleted from the S&P 500 and simultaneously added to the S&P SmallCap 600, effective prior to market open on March 23, 2026. S&P Dow Jones Indices announced the index rebalance as part of its regular review process.

• Passive fund mechanics: S&P 500-tracking index funds will need to sell MOH shares to maintain alignment with the benchmark, though the timing and magnitude of any selling pressure remains uncertain.
• Dual index movement: Unlike typical deletions, MOH’s transition to the SmallCap 600 means the stock will remain within S&P’s broader index family, potentially maintaining some institutional demand.

Today’s Change

(0.03%) $0.05

Current Price

$149.25

Key Data Points

Market Cap

$7.7B

Day’s Range

$148.00 – $150.08

52wk Range

$121.06 – $359.97

Volume

13K

Avg Vol

1.7M

Before the Opening Bell

5:30 am

Stock futures are edging higher Monday as investors look to snap a three-week losing streak for the S&P 500. The focus is squarely on Nvidia (NVDA +1.91%), which kicks off its annual GTC conference today. CEO Jensen Huang is expected to unveil the “Vera Rubin” AI architecture, a successor to the Blackwell line that could redefine data center efficiency. However, the “AI Super Bowl” faces a stiff headwind from the Middle East, where Brent crude has climbed past $105 per barrel following U.S. strikes on Iran’s Kharg Island oil hub. While the Federal Reserve is widely expected to hold interest rates steady this week, the energy-driven spike in inflation has traders pricing out any hopes for a rate cut before September.

• The Rubin Revolution: Nvidia’s new VR200 chips aim for 3x the performance of current models, a critical upgrade as competitors like Advanced Micro Devices (AMD +1.84%) attempt to chip away at its 90% market share in AI training.
• Stagflationary Signals: With Q4 GDP revised down to 0.7% and oil-related inflation ticking up, the Fed’s “Summary of Economic Projections” this Wednesday will be the ultimate test for the market’s 2026 outlook.