US markets open slightly lower as investors brace for the Fed’s final 2025 meeting and a wave of high-stakes corporate news. Nvidia (NVDA) scored a major win after the U.S. approved sales of its H200 AI chip to China, allowing Nvidia to reclaim billions in lost business while sending 25% of proceeds back to the U.S. government. President Trump told reporters that Intel (INTC) and AMD (AMD) will also be eligible for similar modified chip sales.

Meanwhile, the battle for Warner Bros. Discovery (WBD) has escalated. Paramount–Skydance submitted a $108 billion hostile takeover bid, backed by banks, Gulf sovereign wealth funds, and Jared Kushner — just days after WBD accepted Netflix’s (NFLX) $72 billion offer. Investors now await CEO David Zaslav’s response as Hollywood faces its most aggressive M&A fight in decades.

The Federal Reserve kicks off its two-day meeting with Wall Street expecting a 25 bp “hawkish cut.” Officials are likely to cut rates but signal fewer moves ahead in 2026, citing a softer labor market and rising internal division on inflation vs. jobs. A Supreme Court hearing on presidential authority over independent agencies could also reshape next year’s Fed committee by giving the White House power to remove Governor Lisa Cook — potentially shifting the board more dovish.

In trending tickers, Campbell Soup (CPB) reported weaker revenue and profit as consumers remain selective, but highlighted momentum from at-home cooking and announced a 49% stake purchase in pasta-sauce supplier Laina. CVS (CVS) raised its profit forecast, Home Depot (HD) issued cautious guidance ahead of its investor day, and AutoZone (AZO) missed profit expectations despite solid sales growth.

Takeaways:

Nvidia regains access to China with H200 sales; Intel and AMD may follow

Paramount launches a $108B hostile bid for WBD after Netflix’s $72B agreement

Fed expected to deliver a “hawkish cut” and signal fewer 2026 moves

Supreme Court case could reshape Fed independence and future policymaking

Campbell Soup posts softer results; CVS raises guidance; Home Depot and AutoZone under pressure

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