The stock market is still half asleep this morning, but the artificial-intelligence revolution never rests.

OpenAI and Anthropic have released new models to address the problem of rising costs. Unfortunately for them the AI hype train has moved onto consumer agents, and Meta's Muse in particular.

Meta's annual conference kicks off today so the market is sure to jolt awake soon enough. The stellar success of Muse bodes well for companies at the heart of the AI boom. Marvell Technology is up six straight days, and there are more data center plays to consider.

Anthropic's IPO may be the next big catalyst, one way or other, but why wait when there's already an ETF targeting stocks benefiting from the company's bumper spending.

But don't sleep on the more immediate potential catalyst-President Donald Trump's high-stakes meeting with China's Xi Jinping tomorrow. AI will be a key topic on the agenda with Nvidia's Jensen Huang and OpenAI's Sam Altman among the guests at the state dinner.

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📈 Here's what's happening in markets today:

Stock futures are flat as oil prices stay below $100 a barrel.

Sandisk, Super Micro, IonQ, and more stocks that explain today's market.

Muse AI makes Meta Connect a must watch for investors.

OpenAI and Anthropic launch new models-they are fighting the wrong battle.

General Mills beats earnings estimates. Sales are still an issue.

Liquid-cooling tech is helping push this industrial manufacturer's stock up.

Why Micron stock might not rise as much as you think.

Marvell and 2 more stocks to play the AI data-center boom.

🍎 Apple flirts with a market value matched only by Nvidia

Apple is flirting with a $5 trillion closing market value, joining Nvidia as the only other company to trade above that milestone. Wall Street is looking to the iPhone maker's stock as a haven during volatility in the tech sector. A new CEO, the rollout of its foldable device, and an AI-powered Siri are driving gains.

🏛? Fed's Barkin warns that inflation is a 'troublemaker'

Inflation is proving to be a "troublemaker" for the central bank, according to Richmond Fed President Tom Barkin, who told the CFA Society of Baltimore that inflationary pressures from businesses struggling with higher operating costs are still building in some areas. Read more about what could come next here.

📱 Meta's Muse is stirring up AI disruption fears

Fears are spiraling that Meta Platforms' new Muse AI model could disrupt a variety of industries ahead of the tech giant's Connect conference today and tomorrow. The virtual personal assistant can do a variety of tasks including booking appointments and travel, ordering items on retail sites, choosing insurance, and set up stock trades.

💉 Lilly and Novo aren't the only weight-loss game in town

The success of Eli Lilly and Novo Nordisk in the weight loss drug realm is attracting newer entrants, including Viking Therapeutics, which just got some positive test results for its own drug, sending its stock up 36% on Tuesday. Similarly Roche got positive news on its injectable. Read more about the latest entrants here.

?? Trump endorses the idea of a diesel fuel export ban

President Donald Trump has endorsed the idea of a diesel fuel export ban, which could ding refiners like Valero and Marathon Petroleum. An export ban would hurt their profits and could force them to reduce overall fuel production. The U.S. is the largest diesel exporter, sending 1.5 million barrels a day abroad. Read more here.

🛳? Royal Caribbean said to have this resort operator in sight

Royal Caribbean could be nearing its biggest deal ever, a takeover of some or all of Sandals Resorts International, though investors in the cruise operator sold shares on the news, which was first reported by the Financial Times. A deal could value Sandals around $6 billion.

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💸 Don't miss the latest Moneyist column from MarketWatch

The Moneyist, also known as MarketWatch managing editor for advice Quentin Fottrell, has advice for a reader who wants to know about valuing a small business. Read more about it here.

💬 Quote of the day:

Other headlines moving markets:

Anthropic is booming. How to buy in before the IPO.

AI stocks can't carry the entire market forever.

A former advisor duped investors out of millions. Now he's headed to prison.

How fast could sales of cancer screening blood tests rise?

General Mills is fighting inflation and soft demand. Earnings are here.

Why GameStop's CEO is pouring millions into the retailer's stock.

These 4 retail stocks are winning the race for inflation weary shoppers.

PayPal announces Meta Muse partnership.

Meta's Muse can book your vacation, and travel stocks pay the price.

Why Berkshire Hathaway is piling into Lennar.

DoorDash admits it underpaid delivery workers.

Trump's AI strategy and diplomatic push take center stage at U.N.

Lock in 2026 profits before Warsh takes them away.

These 'moonshot' biotech stocks could break out, Morgan Stanley says.

Trump-Xi summit could reset trade tensions. 3 things to watch.

Why this top global dividend fund likes Samsung and Citigroup.

-Edited by Liz Moyer, Stacy Ozol, and Rupert Steiner