New York — Global markets saw significant premarket activity driven by corporate strategic announcements and policy developments. Chinese technology giant Baidu led the gains, surging 12% after confirming plans to spin off and list its artificial intelligence chip subsidiary, Kunlunxin, in Hong Kong.

Key Movers and Catalysts

• Baidu's Strategic Pivot: The proposed spin-off of its semiconductor unit represents a major strategic pivot to unlock value and capitalize on investor demand for AI and self-sufficiency-focused chip assets.

• Home Goods Retailers Rally: Shares of Wayfair, RH, and Williams-Sonoma rose between 1.3% and 3.5% following President Trump's decision to delay a planned 30% tariff hike on upholstered furniture, providing a temporary relief for the sector.

• Tesla Gains Despite Delivery Miss: Tesla shares climbed 2% even after reporting Q4 deliveries of 418,227 vehicles, a 16% year-over-year decline and slightly below analyst estimates. The market's positive reaction suggests investor focus may be shifting toward future margins and cost initiatives.

• Chipmaker and Miner Strength: Taiwan Semiconductor Manufacturing rose 2.7% after securing its annual U.S. license to ship equipment to China. Mining giants Newmont and Freeport-McMoRan gained about 2% each, buoyed by rising prices for gold and silver at the start of the new year.

Sector-Specific Dynamics

The moves highlight several concurrent market themes: the premium placed on AI and semiconductor independence, the sensitivity of retail to trade policy, and the high-stakes race in the electric vehicle sector where sentiment can diverge from short-term results.

In other notable action, Chinese EV makers Li Auto and Nio advanced 2.8% and 4.7% respectively on December delivery reports, while eyewear retailer Warby Parker gained nearly 2% after being named a top pick for 2026 by Loop Capital, citing its margin expansion and growth story.

The morning's activity sets the tone for a trading session focused on corporate strategy execution within a complex competitive ecosystem of geopolitics and economic policy.