Chip Companies (NVDA, QCOM, AVGO) rose on news that Trump plans to rescind Biden-era global chip curbs, specifically the AI diffusion rule, which created three broad tiers of countries for regulating chip exports. Arm Holdings (ARM) declined after giving a disappointing sales forecast for the current quarter, stoking concerns about a tariff-fueled slowdown for the chip industry.  Peloton (PTON) dropped after reporting a 13% revenue decline last quarter, marking the third straight year-over-year decline in sales. Anheuser-Busch (ABI BB) is up on a strong profit report. The brewers earnings beat estimates, spurred by a strong performance from its South American business. The brewer also maintained its guidance for the year, a positive sign amid tariff worries.