Shares of Nvidia (NVDA) are rising ahead of its closely watched artificial intelligence conference; Alphabet (GOOGL) stock is soaring on a report Apple (AAPL) is in talks with Google to let the iPhone maker license its Gemini AI engine into the iPhone; homebuilder sentiment data for March is due to be released; Reddit’s initial public offering (IPO) is reportedly between four and five times oversubscribed; and XPeng (XPEV) shares are jumping as it reportedly looks to launch a cheaper car in China. Stock futures rose, as investors wait for the Federal Reserve's policy meetings tomorrow and Wednesday, which could give some guidance on the central bank’s view of when interest rates would be cut and by how much. Here’s what investors need to know today.

1. Nvidia Shares Rise Ahead of CEO Jensen Huang Keynote Address at ‘AI Woodstock’ 

Shares in Nvidia Corp. (NVDA) surged nearly 3% in premarket trading ahead of CEO Jensen Huang’s keynote address at the chipmaker’s annual Graphics Processing Unit (GPU) technology conference (GTC) today, which Bank of America has dubbed the "AI Woodstock.” Analysts expect the chipmaker to share updates about the B100 chip—an upgrade from the H200 chip—that could be its most capable artificial intelligence GPU yet. Industry leaders including OpenAI, Microsoft (MSFT), Amazon (AMZN), and Google parent Alphabet (GOOGL) are among those taking part in the AI conference that could shed more light into Nvidia's initiatives in the technology and partnerships. Nvidia shares have been powered by an AI-fueled rally and are up more than 80% this year.

2. Alphabet Soars on Report Apple is in Talks to License Google’s Gemini for iPhones

Shares in Google parent company Alphabet Inc. (GOOGL) surged more than 5% on a report that Apple Inc. (AAPL) is in talks with Google to let the iPhone maker license and build its Gemini artificial intelligence engine into the iPhone. The two companies are in active negotiations to let Apple license Gemini, Google’s set of generative AI models, to power some new features coming to the iPhone software this year, Bloomberg said, citing people familiar with the situation. Apple also recently held discussions with OpenAI and has considered using its model, the report said. Shares in Apple, whose lagging AI efforts have been a drag on its stock, were little changed in early trading. A deal would give Gemini billions of potential users but may also face antitrust scrutiny.

3. March Homebuilder Confidence Data Due

Sentiment among homebuilders for March is due today from the National Association of Home Builders. Last month’s reading was above expectations and the highest level since Aug. 2023. Sentiment among U.S. homebuilders has been rising as mortgage rates come off their October peaks. Meanwhile, the National Association of Realtors (NAR) announced a $418 million settlement that could make it easier for home buyers to negotiate fees with their own agents—potentially drastically reducing revenue for buyer agents. Shares of Zillow (Z), Redfin (RDFN), and Compass (COMP) were hit last Friday following the news.

4. Reddit IPO Reportedly Five Times Oversubscribed

Reddit Inc.’s initial public offering (IPO) is between four and five times oversubscribed, according to Reuters. That signals that the company is poised to at least reach its targeted range of $31 to $34 per share, and the $6.5 billion valuation it seeks, the news agency said Sunday, citing people familiar with the matter. The social media company and its investors aim to raise up to $748 million in the upcoming IPO, according to a filing with the Securities and Exchange Commission (SEC) last week, with plans to sell 22 million shares.

5. Chinese EV Maker XPeng Soars on Plan to Launch Mass-Market Car  

American depositary receipts (ADRs) of XPeng (XPEV) soared more than 6% in premarket trading after the Chinese electric-vehicle maker disclosed plans to launch a cheaper mass-market brand as competition in China’s EV market intensifies. The Guangzhou, China-based startup plans to launch a new brand within the next month, offering cars in the 100,000 yuan-150,000 yuan ($13,897-$20,845) price range, The Wall Street Journal reported. Chinese firm BYD has overtaken Tesla (TSLA) as the world’s top seller of EVs, as the U.S. company has struggled with slowing sales in China and launched a series of price incentives in a bid to gain traction.