New York – December 10, 2025.
U.S. pre-market trade is all about mega-cap tech and AI again this morning. Shortly after 4:30 a.m. ET, Tesla (TSLA), Nvidia (NVDA), Palantir (PLTR), Broadcom (AVGO), Oracle (ORCL), GE Vernova (GEV), Micron (MU), Alphabet (GOOGL/GOOG) and Meta Platforms (META) sat at the top of the “Pre Market Most Active Stocks” list on Investing.com, with Tesla and Nvidia leading early volume and GE Vernova jumping more than 7%. [1]
All this is unfolding just hours before the Federal Reserve’s final rate decision of 2025, where traders are betting on another 25-basis-point cut and hanging on every word from Chair Jerome Powell about the 2026 path for rates. [2]
Fed day sets the tone: futures firm but cautious
U.S. stock futures are modestly higher but far from euphoric. TipRanks reports Nasdaq 100, S&P 500 and Dow futures up around 0.16%, 0.15% and 0.07% respectively in early trade, as investors wait for the Fed’s last policy move of the year and a widely anticipated quarter‑point cut. [3]
The Economic Times notes that futures are essentially flat versus fair value, with Dow futures off by only a few points while S&P 500 and Nasdaq 100 futures hover just below the unchanged line. Markets see roughly an 80‑90% chance of a 25 bps cut, but the real focus is Powell’s guidance on how aggressively the Fed might ease in 2026. [4]
Tuesday’s regular session reinforced that “wait and see” mood: the S&P 500 slipped about 0.1%, the Dow fell nearly 0.4%, while the Nasdaq eked out a 0.1% gain thanks to strength in Broadcom, Tesla and Alphabet. [5]
Against that macro backdrop, today’s pre-market most-active board tells a very clear story:
AI, cloud, and mega-cap tech remain the market’s favorite “liquidity magnets.”
Pre-market most-active snapshot: where early volume is flowing
According to Investing.com’s Pre Market – United States page, these are the ten most active U.S. stocks by pre-market volume this morning (approximate prices around 4:30 a.m. ET): [6]
- Tesla (TSLA) – ~$448.6, +0.8%, volume ~39.5K
- Nvidia (NVDA) – ~$184.7, -0.2%, volume ~90.3K
- Palantir Technologies (PLTR) – ~$184.3, +1.4%, volume ~65.3K
- Broadcom (AVGO) – ~$407.4, +0.3%, volume ~11K
- Oracle (ORCL) – ~$224.1, +1.2%, volume ~18.8K
- GE Vernova (GEV) – ~$673.7, +7.7%, volume ~5.5K
- Micron Technology (MU) – ~$253.1, +0.3%, volume ~12.3K
- Alphabet Class A (GOOGL) – ~$317.9, +0.3%, volume ~10.4K
- Meta Platforms (META) – ~$656.0, -0.2%, volume ~3.8K
- Alphabet Class C (GOOG) – ~$318.6, +0.3%, volume ~7.2K
In other words: pre-market liquidity is clustering in AI, cloud infrastructure, and the usual mega-cap tech leaders, with one big outlier in industrial energy – GE Vernova.
Below is a look at what’s driving the key names and how fresh news and forecasts are shaping sentiment today.
Nvidia (NVDA): China chip reprieve dominates the AI trade
Why it’s active: Nvidia is one of the most heavily traded stocks globally in 2025, and today’s early volume comes on the heels of a major policy shift out of Washington.
Over the last 24 hours, multiple outlets reported that President Donald Trump has granted Nvidia permission to export its H200 AI chips to approved customers in China, in exchange for the U.S. government taking a 25% cut of related revenues. [7]
Key points from today’s coverage:
- Not the top chip, but a big deal: The H200 is more powerful than the H20 chips Nvidia had been allowed to sell into China but still sits below the company’s flagship Blackwell GPUs, which remain restricted. [8]
- Security and geopolitics in the background: Reuters notes that Chinese regulators are expected to limit who can actually access these H200s, even after Trump’s approval, potentially curbing Nvidia’s growth in that market. [9]
- Market reaction: Nvidia shares initially rose on the news but gave back some gains as investors processed the trade‑off between regained revenue and heightened national‑security scrutiny. Reuters points out the stock still sits up nearly 40% year-to-date, far ahead of the S&P 500. [10]
Pre-market read‑through:
- The modest 0.2% dip in NVDA pre-market despite heavy volume suggests traders are actively repositioning rather than simply chasing the headline. [11]
- Some see the H200 green light as a medium‑term positive for earnings; others worry about a future clampdown if national-security hawks prevail – a tension highlighted in commentary from policy think-tanks dissecting the deal’s implications for U.S.–China tech rivalry. [12]
For now, Nvidia remains the center of the AI universe in U.S. equities – and pre-market volume this morning confirms that traders are treating every chip-policy headline as a tradeable catalyst.
Palantir (PLTR): loved for growth, questioned for valuation
Palantir is another AI-focused name at the heart of today’s pre-market activity, trading higher and ranking among the top three most active stocks before the bell. [13]
1. Wall Street’s harsh downside forecasts
A fresh article syndicated via Finviz and originally from The Motley Fool highlights that some analysts now see dramatic downside in Palantir:
- RBC Capital’s Rishi Jaluria has a 12‑month target of $50 per share, implying roughly 72% downside from the current ~$180s level.
- The piece notes Palantir is trading at about 160x trailing sales, making it the most expensive stock in the S&P 500 on that metric, with the next most expensive (AppLovin) at roughly a third of that multiple. [14]
The article’s thesis: Palantir is an AI leader with terrific fundamentals – but the valuation “seems unsustainable,” leaving the stock vulnerable if growth ever slows.
2. A powerful growth and cash-flow story
At the same time, a Nasdaq‑hosted Motley Fool article paints a more nuanced picture. It notes that since Palantir launched its AI Platform (AIP) in 2023, the stock is up more than 2,000%, with 2025 alone delivering gains of over 130% year‑to‑date. [15]
Fundamental highlights from that analysis and related coverage:
- Q3 2025 revenue rose about 63% year over year, marking the ninth straight quarter of accelerating growth.
- U.S. commercial revenue more than doubled, up around 120%, as AIP gains traction in the private sector. [16]
- The company has turned into a cash machine, converting roughly 47% of revenue into free cash flow over the past year, according to the same piece. [17]
A separate AI-generated but human‑reviewed analysis from AInvest emphasizes that:
- Big institutional holders like Ark Invest and funds linked to Michael Burry have been taking profits, contributing to recent volatility.
- Despite that selling, Palantir still boasts strong government contracts and maintains a Rule of 40 score above 40 – a sign of healthy balance between growth and profitability. [18]
Pre-market read‑through:
- With Palantir up over 1% on solid pre-market volume, the market seems to be treating the bearish price targets as part of the normal push‑and‑pull around a high‑flying AI name rather than a thesis‑breaking event. [19]
- Expect elevated volatility today as traders weigh “bubble” concerns against the reality of accelerating revenue and robust free cash flow.
GE Vernova (GEV): rare earths, higher guidance and a breakout pre-market move
Among all the tech‑heavy names on the most‑active list, GE Vernova stands out with the biggest percentage jump pre-market, rallying more than 7%. [20]
Two big news drivers are converging:
1. Raising the bar on long-term guidance
In an investor update this week, GE Vernova raised its multi-year financial outlook, now targeting around $52 billion in revenue and 20% adjusted EBITDA margins by 2028, up from previous guidance of $45 billion and 14%. The company also doubled its dividend and expanded its share buyback authorization, signaling confidence in cash generation and long‑term demand for its energy portfolio. [21]
2. Securing critical rare earth supplies
Reuters reports that GE Vernova is working with the U.S. government to boost stockpiles of the rare earth element yttrium, a key material in advanced gas turbines and other high‑temperature applications. China’s export controls have created widespread shortages, with prices outside China reportedly up 4,400% between January and November 2025. [22]
The company says it has enough yttrium to cover the rest of this year and into next, and is investing in alternative materials to reduce dependency on Chinese supply. [23]
Pre-market read‑through:
- A 7–8% jump on decent early volume looks like a classic “repricing” move as investors respond to both a more ambitious financial roadmap and proactive supply‑chain management in a strategically sensitive material. [24]
- With the stock already trending higher in recent sessions, today’s pre-market action could set up another attempt at new highs if the Fed meeting doesn’t shock the broader market.
Oracle (ORCL): earnings day, AI capex and debt under the microscope
Oracle is another name drawing strong pre-market interest – and for good reason.
1. Q2 FY 2026 earnings after the bell
Oracle is scheduled to report Q2 FY 2026 earnings today, December 10, after the U.S. market close, with consensus calling for EPS of about $1.63 on revenue around $16.2 billion. [25]
MarketBeat data shows Oracle trading above $221 at Tuesday’s close and around $223–224 in extended hours, consistent with the ~1.2% pre-market gain in the Investing.com most-active table. [26]
Recent commentary ahead of the print emphasizes:
- Oracle’s AI and cloud‑infrastructure build‑out as a key driver of long‑term growth.
- Rising investor questions about how the company will fund large-scale data center and AI-capex plans while keeping its sizable debt load in check. [27]
2. Macro spotlight on Oracle
The Economic Times specifically flags Oracle as a focal point for markets today, given that its results come just after the Fed decision and could influence sentiment toward AI‑driven cloud spending and tech capex more broadly. [28]
Pre-market read‑through:
- With ORCL up over 1% on elevated early volume, traders are leaning cautiously optimistic – likely betting on resilient AI and cloud demand, while acknowledging that any hint of funding strain or slower cloud bookings could reverse the move quickly after the call. [29]
Tesla, Broadcom, Alphabet & Meta: mega‑caps stay in the spotlight
Beyond Nvidia and Palantir, several other mega‑caps are pulling heavy pre-market volume:
Tesla (TSLA)
- Tesla is up modestly pre-market after helping lift the Nasdaq to a slight gain on Tuesday. Both The Economic Times and other outlets noted that gains in Tesla, Broadcom and Alphabet offset weakness in the Dow. [30]
- MarketBeat lists Tesla among the top large‑cap stocks to watch today alongside Nvidia, Alphabet and Meta, reflecting persistent trader focus on the EV leader despite a more muted 2025 performance compared to some AI peers. [31]
With shares trading in the mid‑$440s to high‑$440s pre-market, Tesla remains in the middle of its recent range, with technical traders eyeing support around its 50‑day moving area and potential upside if Fed‑driven risk appetite improves. [32]
Broadcom (AVGO)
- Broadcom is slightly higher pre-market, continuing a strong multi‑year run built on networking chips, custom silicon and AI‑related infrastructure demand. [33]
- The stock has been one of the main drivers of Nasdaq’s recent outperformance, a role highlighted in coverage of Tuesday’s session. [34]
Alphabet (GOOGL, GOOG) and Meta (META)
- Alphabet’s Class A and C shares both feature on the most‑active list with small pre-market gains, extending a year in which Alphabet has been the best‑performing member of the “Magnificent Seven,” according to recent analysis. [35]
- Meta trades slightly lower but with elevated early volume, as traders rotate among the big internet platforms ahead of the Fed and in response to shifting ad‑spend and AI‑infrastructure narratives. [36]
Micron (MU): memory at the center of the AI build‑out
Micron’s appearance in the pre-market most‑active list underlines how AI demand isn’t just about GPUs:
- The stock is up modestly pre-market, with Micron scheduled to report earnings next week – a key read for DRAM and HBM (high‑bandwidth memory) pricing into 2026. [37]
- With Nvidia and other AI players driving intense demand for high‑performance memory, traders often treat Micron as a leveraged play on the same theme, which helps explain its recurring presence on early‑volume screens.
What today’s most-active pre-market list is telling investors
Pulling it together, several themes stand out from this morning’s most-active board:
- AI remains the core narrative.
Nvidia, Palantir, Broadcom, Alphabet, Micron and even Oracle (through its AI data-center story) are all being traded as pieces of a larger AI and cloud‑infrastructure build‑out. - Policy and macro risk are front and center.
- Fed policy: A near‑certain rate cut, but big uncertainty around the 2026 path, is keeping futures and risk appetite in a tight range. [38]
- U.S.–China tech policy: The Nvidia–H200 decision, and China’s potential limits on chip access, highlight how quickly regulatory changes can reprice AI leaders. [39]
- Valuation bifurcation is widening.
Palantir’s pre-market strength sits awkwardly next to analyst calls for 50–70% downside; GE Vernova’s jump comes after a more traditional “guidance and dividend” upgrade; Oracle’s move reflects investors betting the earnings call can reset sentiment around funding AI ambitions. [40] - Mega-cap dominance is being challenged – but not replaced.
Coverage of the Russell 2000’s outperformance shows small caps starting to attract more attention, yet today’s early volume still clusters around the same handful of trillion‑dollar‑plus names. [41]
How to use pre-market “most-active” data (without overreacting)
For traders and long-term investors alike, the pre-market most-active list can be a useful early-warning radar, but it has limits:
- Liquidity ≠ direction. Heavy early volume often reflects positioning ahead of catalysts (like the Fed or Oracle earnings), not a durable trend.
- Spreads and thin liquidity can distort moves. Pre-market prices can overshoot and then normalize after the opening bell when volume deepens.
- Fundamentals still matter. Today’s action in Palantir, Nvidia and GE Vernova is being driven by real news on valuations, policy and long-term guidance – not just technical flows.
As always, none of this should be taken as investment advice. Pre-market moves are short-term signals, not full theses; traders need to combine them with fundamental research, risk management and an understanding of how today’s Fed decision could reshape the backdrop over the next several months.
References
1. www.investing.com, 2. www.tipranks.com, 3. www.tipranks.com, 4. m.economictimes.com, 5. m.economictimes.com, 6. www.investing.com, 7. www.theverge.com, 8. www.theverge.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.investing.com, 12. www.cfr.org, 13. www.investing.com, 14. finviz.com, 15. www.nasdaq.com, 16. www.nasdaq.com, 17. www.nasdaq.com, 18. www.ainvest.com, 19. www.investing.com, 20. www.investing.com, 21. www.gevernova.com, 22. www.reuters.com, 23. www.reuters.com, 24. www.investing.com, 25. www.marketbeat.com, 26. www.investing.com, 27. www.marketbeat.com, 28. m.economictimes.com, 29. www.investing.com, 30. m.economictimes.com, 31. www.marketbeat.com, 32. www.investing.com, 33. www.investing.com, 34. m.economictimes.com, 35. www.investing.com, 36. www.investing.com, 37. www.investing.com, 38. www.tipranks.com, 39. www.reuters.com, 40. finviz.com, 41. m.economictimes.com
