Australia’s supermarket giant Coles has confirmed it will not renew its contract with Palantir beyond 2027. The partnership, signed in early 2024, gave Palantir access to more than 10 billion rows of operational data. The decision followed pressure from a consumer privacy campaign that gathered more than 85,000 signatures and placed advertising outside close to 700 stores.

Nvidia said it would buy the artificial intelligence platform Hugging Face for $US13 billion ($18 billion), sending its shares up 1.8%. Hewlett Packard Enterprise posted quarterly results that beat analysts’ estimates. The company also raised guidance for cloud and AI demand, pointing to sustained strength in AI infrastructure spending.

Uber says it will cut 3,300 jobs globally, about 3% of its workforce, as it moves to streamline its cost base. The company says it will reinvest the savings in autonomous-vehicle efforts, including more than $US10 billion in commitments. In Australia, Uber generated more than A$14.5 billion in revenue last year and A$2.12 billion in gross profit, but most was paid out as service fees to overseas related companies. That left the local business with a net profit of A$8.7 million.

Another round of US military strikes on Iran pushed oil prices higher, renewing concerns that inflation will remain stubborn. With inflation still above 3%, markets increasingly expect the Federal Reserve to raise interest rates before year-end, with the implied probability of a September hike rising to 66%. Higher oil and rate expectations weighed on risk appetite, dragging major US stock indexes lower.

Federal Reserve Chair Kevin Warsh struck a hawkish tone, reiterating his commitment to bringing inflation down to the Fed’s 2% target even if it causes short-term pain for the economy. Rate-hike expectations rose, sending the two-year US Treasury yield up to 4.35% from 4.22% ahead of the speech. US stocks slipped modestly, as investors viewed the remarks as reinforcing the Fed’s credibility in its inflation fight.

Technology stocks led U.S. shares higher as companies such as Nvidia and Salesforce posted spring earnings that beat analysts’ expectations. With the Federal Reserve offering limited guidance on the future path of interest rates, investors are watching its next steps to bring inflation under control. Oil prices also climbed, with Brent crude up 1.8% to $88.52. ASX futures signalled a modestly higher open.

Eli Lilly has completed a $US7.8 billion acquisition of Centessa, which is developing experimental therapies for rare sleep disorders. The deal has drawn market attention and is seen by some as expanding the imagination around potential “human-enhancement” uses for orexin-targeting medicines. Lilly is the world’s most valuable pharmaceutical company with a $US1.1 trillion market capitalisation, buoyed by the rise of GLP1 weight-loss drugs.

A Nevada probate court has released a 96-page decision describing an effort led by Lachlan Murdoch’s deputy, Siobhan McKenna, to alter the Murdoch family trust deed to keep control of News Corp and Fox Corp with Lachlan. Lachlan Murdoch and Rupert Murdoch later paid $5 billion for James, Prudence and Elisabeth Murdoch to give up their voting rights in the trust. The settlement left News Corp able to maintain its existing editorial direction.

All three major U.S. stock indexes finished higher, with the S&P 500 up 0.4%, the Dow rising 517 points and the Nasdaq gaining 0.4%. The 30-year U.S. Treasury yield climbed to its highest level since 2007, helping lift gold to a session high above $4,690 an ounce. Concerns over the rapid growth of U.S. government debt also pushed yields higher. The Australian dollar strengthened to US71.64¢.