Ahead of the week’s final trading session, U.S. stock futures showed modest gains Friday. President Donald Trump announced his choice of a close advisor to temporarily fill a vacant seat on the Federal Reserve Board of Governors. Meanwhile, Taiwan Semiconductor Manufacturing Co. (TSMC) posted a significant jump in July sales, and SoftBank (USOTC:SFTBY) shares surged to record levels amid heightened enthusiasm for artificial intelligence investments.
Futures inch up
By 2:56 a.m. ET, Dow futures were up 57 points (0.1%), S&P 500 futures increased by 11 points (0.2%), and Nasdaq 100 futures added 43 points (0.2%). Investors digested Trump’s Fed nomination alongside a quieter day for corporate earnings.
Thursday’s market close on Wall Street was mixed, with the Dow and S&P 500 slipping, while the Nasdaq Composite eked out gains after a volatile session.
Economic data offered a mixed picture. Analysts at Vital Knowledge highlighted “ominous” signals from the labor market and a rise in inflation expectations, balanced partially by robust second-quarter productivity.
Interest rate direction remains debated. Despite several Fed officials signaling a potential rate cut in September, Atlanta Fed President Raphael Bostic cautioned that “there may only room for just the one reduction this year.”
Trump’s nominee for Fed governor
Against this backdrop, Trump announced that Stephen Miran, his lead economic advisor, will temporarily fill the Fed governor vacancy pending Senate confirmation. If approved, Miran will participate in upcoming rate decisions.
Miran has been a loyal Trump ally, who has criticized Fed Chair Jerome Powell and the central bank’s reluctance to cut rates quickly.
Having served in the Treasury Department during Trump’s first term and worked as a hedge fund strategist, Miran believes sweeping U.S. tariffs won’t greatly increase domestic inflation, with most costs falling on foreign suppliers — a view some economists challenge.
Miran’s nomination follows Adriana Kugler’s sudden resignation last week before her term expired in January. Trump described Miran’s role as temporary but added: “We will continue to search for a permanent replacement.” That successor could ultimately replace Powell when his term ends next year.
TSMC posts strong gains
TSMC reported a 25.8% increase in July sales year-over-year, reaching T$323.17 billion ($10.8 billion), with a 22.5% rise from June. The chipmaker attributes strong 2025 sales growth—nearly 38% higher in the first seven months—to AI-driven demand.
Shares hit a record high after Taiwan confirmed TSMC will be exempt from a potential 100% U.S. tariff on chip exports announced by Trump earlier this week.
SoftBank shares rally on AI optimism
SoftBank Group’s Tokyo-listed shares climbed over 13% to 14,230 yen, pushing the Nikkei 225 index up more than 2%. The company posted net profits of 421.8 billion yen ($2.87 billion) for the quarter ending June, boosted by growing enthusiasm for AI and gains in its investment portfolio.
SoftBank owns stakes in many AI-related firms, including Nvidia, and holds majority ownership of British chip designer Arm Holdings (NASDAQ:ARM).
OpenAI unveils GPT-5
OpenAI released its latest GPT-5 AI model, the engine behind ChatGPT. This chatbot has become a central figure in the booming AI sector and helped make OpenAI one of the most valuable private companies worldwide.
Reports indicate employees may soon sell shares at a valuation of up to $500 billion, far exceeding its current $300 billion worth.
This launch comes as other tech giants—Meta Platforms (NASDAQ:META), Microsoft (NASDAQ:MSFT), and Alphabet (NASDAQ:GOOGL)—ramp up AI investments, especially in data center expansion.
This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.