Stellantis' turnaround plan, prediction market regulation, Oura's IPO filing and more in Morning Squawk

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Happy Friday. If you're looking for a book for the long weekend, JPMorgan has some ideas.

Stock futures are higher before the bell. All three major indexes posted a winning day yesterday and are on track for a positive week.

Here are five key things investors need to know to start the trading day:

1. Deals, demand and a delay

The logos of Google Gemini, ChatGPT, Microsoft Copilot, Claude by Anthropic, Perplexity, and Bing apps are displayed on the screen of a smartphone in Reno, United States, on November 21, 2024.

Jaque Silva | Nurphoto | Getty Images

CNBC confirmed yesterday that Microsoft is in discussions to provide custom artificial intelligence chips to Anthropic. The potential agreement — which would follow Microsoft's $5 billion investment in the AI startup announced in November — would mark a major win for Microsoft as it competes with cloud rivals Amazon and Google.

Here's what else is going on in the AI race:

• Spotify inked an AI deal with Universal Music that will allow users to make covers and remixes using the voices of consenting performers and songwriters.
• Tech firms including Meta and Broadcom are launching a $125 million hub focused on speeding up research of AI-powered chip technology.
• Nvidia's earnings report left traders underwhelmed, but CEO Jensen Huang's estimates for AI capital expenditures could blow Wall Street's forecasts out of the water.
• Workday shares are 7% higher in extended trading after the software company hiked its margin forecast citing strong AI demand.
• Meanwhile, President Donald Trump postponed signing an AI executive order, saying yesterday that he "didn't like certain aspects of it."
• Follow live market updates here.

2. Pedal to the metal

2027 Ram 1500 Rumble Bee 392

Courtesy: Ram Trucks

Stellantis unveiled a new five-year plan yesterday that involves nearly $70 billion in investment. The carmaker is aiming to have positive free cash flow by next year.

As CNBC's Michael Wayland reports, the Jeep parent expects to introduce more than 60 new vehicles and update 50 models under the plan, which it dubbed "FaSTLAne 2030." That list of new releases includes crossovers under the Chrysler brand, which currently only produces minivans.

Stellantis is targeting 35% sales growth in North America by 2030, driven by 60% growth in Chrysler and Ram Trucks. Speaking at a press conference following the company's investor day, CEO Antonio Filosa also said he sees potential to bring Chinese-branded cars to Mexico and Canada — but not the U.S.

3. Pre-vacation jitters

Acting Attorney General Todd Blanche arrives at the U.S Capitol on May 21, 2026 in Washington, DC.

Win Mcnamee | Getty Images

Republican blowback to Trump's $1.8 billion "lawfare" fund held up the Senate's plans to consider a Department of Homeland Security funding package yesterday. Lawmakers will now leave Washington and miss the president's arbitrary June 1 deadline for passing the legislation.

The change in plans came after Acting Attorney General Todd Blanche met with Republican senators yesterday over the controversial "anti-weaponization" fund, apparently failing to soothe concerns within the president's party.

In a statement obtained by MS NOW, Sen. Mitch McConnell of Kentucky called the fund "utterly stupid" and "morally wrong."

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4. Contract dispute

The Commodity Futures Trading Commission headquarters in Washington, D.C.

Ting Shen | Bloomberg | Getty Images

State and federal governments are at odds over who can regulate prediction markets. As CNBC's Davis Giangiulio reports, that's led to a high-stakes battle playing out in courtrooms.

Regulators in 16 states have entered into legal proceedings involving prediction markets. But the Commodity Futures Trading Commission has sued some states to defend what it sees as its "exclusive jurisdiction" to oversee the platforms

Lawmakers are also trying to rein in prediction markets. House Oversight Chair James Comer told CNBC's "Squawk Box" this morning that he is launching an investigation into insider trading on Kalshi and Polymarket.

5. Public aura

Make room, SpaceX and OpenAI: Oura is also looking to ride the IPO wave. The smart ring maker said yesterday that it confidentially filed a draft of its prospectus with regulators.

The company did not specific a timeline for going public, saying its debut would follow the Securities and Exchange Commission review and could be impacted by market conditions.

Oura is on pace to break the five-million paid member mark this quarter, which would reflect a fourfold increase over the last two years. The company, whose smart ring tracks wearers' health and sleep, was valued at $11 billion in October.

The Daily Dividend

Here are some stories to bookmark for the long weekend:

• Miner Perpetua Resources secures $2.9 billion U.S. loan for Idaho gold, antimony project
• Trump pivots to midterms, affordability after China summit as Iran war persists
• Cleveland Cavaliers owner Dan Gilbert turns grief over son's rare disease into search for a cure
• More car buyers are shifting to EVs — but the reasons why are nuanced
• LIV Golf seeks to raise up to $350 million from investors as post-PIF reality sets in
• Why new grads are booing commencement speakers who talk about AI

—_ CNBC's Jordan Novet, Samantha Subin, CJ Haddad, Kevin Breuninger, Tobias Burns, Michael Wayland, Justin Papp, Dan Mangan, Davis Giangiulio and Ian Thomas contributed to this report._

Josephine Rozzelle edited this edition.

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