Good afternoon and welcome to Markets Desk.
Nvidia CEO Jensen Huang took the stage Monday with a message aimed squarely at rattled software investors. Huang called the agentic AI era an incredible time to be a software company, pushing back against what some have dubbed SaaSpocalypse fears — the concern that AI agents could erode demand for traditional enterprise software. Shares of Salesforce and Workday have taken hits on that thesis, and Huang's comments landed as a deliberate counterweight.
Shifting to semiconductors, speculation is building around which chip company could be next to land federal investment following Intel's CHIPS Act funding under both the Biden and Trump administrations. The Trump White House has signaled continued appetite for domestic chip manufacturing support, and several names are circling as candidates — with the geopolitical urgency around supply chain security keeping that conversation very much alive.
And in biotech, Cogent Biosciences delivered a meaningful data readout from its PEAK Phase three trial, showing that Bezuclastinib combined with Sunitinib roughly doubled progression-free survival in gastrointestinal stromal tumor patients previously treated with Imatinib. That is a clinically significant result in a space where treatment options remain limited, and the market will be watching how regulators respond.
That's the tape. Markets Desk, signing off the floor.
