Futures Rise as Disney and Arm Beat — Apple’s Intel Chip Push Lifts Semis Toward All-Time Highs

U.S. equity futures are pointing higher Thursday morning as a wave of strong after-hours earnings and a blockbuster corporate headline converge to push the S&P 500 within striking distance of its all-time high. Disney surged 4.5% after the close on parks revenue that jumped 9% and a streaming subscriber beat of 22 million, while Arm Holdings climbed 3.8% on AI royalty revenue that exploded 180% year-over-year. The Nasdaq is leading the charge, buoyed by semiconductor momentum that shows no signs of slowing.

The catalyst that has the entire chip complex electrified this morning: Apple is reportedly exploring Intel and Samsung as alternative chip suppliers in a strategic diversification away from its near-total dependence on TSMC. Intel shares surged 13% in after-hours trading on the report, and the news is injecting fresh optimism into the entire semiconductor supply chain. With the S&P 500 closing Wednesday at 7,284.07 — just 88 points (1.2%) below the February all-time high of 7,372 — the path to new records feels increasingly within reach.

Adding fuel to the AI infrastructure narrative, Anthropic unveiled a $200 billion partnership with Google to build next-generation AI data centers, while separately announcing 10 specialized AI agents for financial services. The combination of robust earnings, diversifying supply chains, and accelerating AI capex is creating a constructive backdrop heading into Thursday’s session.

Pre-Market Snapshot

Overnight Developments

Disney Delivers Across Every Segment

Walt Disney reported fiscal Q2 results that exceeded expectations on virtually every metric. Parks and experiences revenue surged 9% year-over-year, driven by strong domestic attendance and international expansion in Asia. The streaming division was the standout surprise, adding 22 million net new subscribers globally — roughly triple what analysts had penciled in — as the ad-supported tier gained traction in European markets. Shares jumped 4.5% after hours to $118.40, their highest level since early February.

Arm Holdings: AI Royalties Explode

Arm Holdings beat consensus on both revenue and guidance, with AI-related royalty revenue surging 180% year-over-year. Management noted that every major hyperscaler is now licensing Arm’s v9 architecture for custom AI inference chips, creating a royalty flywheel effect. The stock rose 3.8% after hours to $168.20 and is now up 47% year-to-date. The results validate the thesis that Arm sits at the intersection of the entire AI hardware build-out.

Apple’s Intel and Samsung Chip Pivot

In what may be the most significant supply-chain development of 2026, Apple is reportedly in advanced discussions with both Intel and Samsung to manufacture some of its next-generation processors — a dramatic shift from its near-exclusive reliance on TSMC. The move appears motivated by geopolitical risk mitigation around Taiwan and a desire to secure manufacturing redundancy. Intel surged 13% in after-hours trading on the news, which would represent a transformational win for its foundry services division. Samsung rose 4.2% in overnight Seoul trading.

Anthropic’s $200 Billion Google Infrastructure Pact

Anthropic announced a sweeping $200 billion infrastructure partnership with Google to build a network of next-generation AI data centers across the United States. The deal includes dedicated compute capacity for Anthropic’s Claude models and represents one of the largest single AI infrastructure commitments to date. Separately, Anthropic unveiled 10 specialized AI agents designed for financial services — covering trading compliance, risk analysis, and portfolio construction. The announcements reinforce the accelerating pace of enterprise AI deployment.

Pfizer Beats on Oncology Pivot

Pfizer reported Q1 revenue of $14.5 billion and EPS of $0.75, both ahead of consensus. The oncology portfolio was the star, with Padcev (bladder cancer) revenue surging 39% and the broader oncology book now representing 30% of total sales. Management raised full-year guidance by $500 million, citing pipeline momentum. Shares rose 2.8% in pre-market trading.

Global Markets

Asia-Pacific

Asian markets posted broad gains overnight, led by technology and semiconductor names. Japan’s Nikkei 225 climbed 1.4% to 39,850 as chip equipment makers Tokyo Electron and Advantest surged on the Apple-Intel supply chain news. South Korea’s KOSPI advanced 1.8% to 2,773, with Samsung Electronics jumping 4.2% on reports it could win Apple chip manufacturing contracts. Hong Kong’s Hang Seng gained 0.9% to 22,680, supported by Tencent strength after DeepSeek funding reports.

Europe

European bourses opened solidly in the green. The Stoxx Europe 600 is up 0.6% in early trading, with the technology sector leading at +1.3%. ASML advanced 2.1% and Infineon Technologies rose 1.8% on semiconductor tailwinds. The FTSE 100 gained 0.4% despite UK 30-year gilt yields hitting 5.78% — their highest level since 1998 — as markets digest persistent UK inflation concerns. The DAX rose 0.7%, boosted by SAP and semiconductor exposure.

Macro and Rates

The U.S. rates complex continues to reflect the post-Hormuz de-escalation environment. The 10-year Treasury yield dipped to 4.34% in overnight trading, down 3 basis points from Wednesday’s close of 4.37%, as oil’s continued decline removes a key inflation input. The 2-year yield eased to 3.85%, keeping the 2s/10s spread at a healthy +49 basis points — well within the positive territory that signals normalized policy transmission.

WTI crude slipped another 0.64% to $96.80 per barrel as the Strait of Hormuz ceasefire narrative continues to deflate the risk premium. Brent crude traded at $100.15, also lower. Gold edged higher to $4,555 per ounce (+0.37%), maintaining its safe-haven bid on broader geopolitical uncertainty even as energy-specific risks recede.

The dollar is slightly weaker this morning, with EUR/USD at 1.1795 (+0.14%). The broad dollar index has declined for four consecutive sessions, reflecting the easing of energy-related inflation fears and a modest rotation toward risk assets. Bitcoin continues to benefit from the risk-on environment, trading at $83,200 (+0.67%).

Corporate News

SpaceX “Terafab” Semiconductor Complex

SpaceX unveiled plans for a $55 billion “Terafab” semiconductor manufacturing complex in Texas, developed in partnership with Tesla. The facility would focus on producing specialized chips for satellite communications and autonomous driving — representing a significant vertical integration move by the Musk industrial ecosystem. Construction is expected to begin in Q4 2026 with first wafer production targeted for late 2028.

DeepSeek Raising at $45 Billion Valuation

Chinese AI startup DeepSeek is reportedly raising a new funding round at a $45 billion valuation, with Chinese government-linked funds and Tencent among the lead investors. The round would make DeepSeek one of the most valuable AI companies globally and underscores the intensifying U.S.-China AI competition. The funding is expected to close within weeks.

AB InBev: Non-Alcoholic Beer Surges 27%

Anheuser-Busch InBev reported Q1 results that beat on both revenue and margins, driven by a 27% surge in non-alcoholic beer volumes. The company’s zero-alcohol portfolio, anchored by Corona Cero, is now its fastest-growing category. Shares rose 9% in European trading to fresh 52-week highs.

Milken Conference: CEOs Bullish on AI Spend

At the Milken Institute Global Conference in Beverly Hills, JPMorgan CEO Jamie Dimon declared AI investment “worth the trillion-dollar price tag,” while Microsoft’s Satya Nadella highlighted that enterprise AI adoption is running 18 months ahead of internal projections. The bullish tone on AI capex from major executives reinforces the spending cycle narrative underpinning semiconductor and infrastructure stocks.

Premarket Movers

Economic Calendar

Today’s data calendar is relatively light, with initial jobless claims the key release. Consensus expects a modest uptick to 228K from last week’s 220K — still consistent with a healthy labor market. Any print above 240K would likely trigger a bond rally and could weigh modestly on equities by signaling labor market softening. The 30-year Treasury auction at 1:00 PM will be closely watched given the UK gilt selloff overnight.

The AlphaEdge Prediction

Thursday’s session is setting up for a solidly positive open, with the semiconductor and entertainment sectors providing broad lift across the index. The Apple-Intel news is the kind of transformational supply-chain headline that can sustain multi-day momentum, as it validates the U.S. onshoring thesis while simultaneously rescuing Intel’s foundry narrative. Combined with Disney’s streaming acceleration and Arm’s AI royalty explosion, the market has compelling fundamental catalysts to push higher.

The path toward the S&P 500 all-time high of 7,372 is increasingly clear. With futures implying an open near 7,310, the index starts the day just 0.85% away from new records. We expect the momentum to carry through the morning, with a potential test of the 7,350 level if semiconductor buying intensifies after the open. The declining VIX (now approaching 15) and falling oil prices provide a favorable vol-compression backdrop.

The primary downside risk today is the 30-year Treasury auction at 1:00 PM. If the UK gilt contagion spreads to the U.S. long end, we could see an afternoon reversal that gives back morning gains. Additionally, jobless claims above 235K would introduce some noise, though the market is unlikely to react aggressively to a modest miss in the current risk-on environment.