Hello, this is Leonie Kidd coming to you from London. Welcome to another edition of CNBC's Daily Open.
A new AI darling has emerged in the form of Meta's Muse.
Mark Zuckerberg's group has surged ahead in the AI race with a new model that has overtaken its peers in download popularity and helped drive the Mag Seven and Nasdaq back to record highs.
But with AI still a flashpoint for global leaders meeting stateside this week, will the gains be short-lived?
Read on for more.
The Nasdaq hit a fresh record high on Monday, driven by a rally in Meta shares, which logged their best day in more than a year.
Mark Zuckerberg's group is catching a bid after the successful launch of its new AI model. Meta's Muse agent overtook ChatGPT as the leading iOS free app on Friday, with over 730,000 downloads in the last five days.
Trading volumes in the stock surged, with shares up over 20% since the details of the AI assistant were released.
The moves led the broader Magnificent Seven group of stocks higher, with the Roundhill Magnificent Seven ETF hitting a record level for the second straight session.
Oil prices are rising in early trade on Tuesday, bouncing back after futures for international benchmark Brent crude briefly dipped below the $100 a barrel mark.
It comes with the UN General Assembly set to get underway in New York on Tuesday. President Donald Trump will hold meetings on the sidelines with Gulf leaders, while Iran's President Masoud Pezeshkian is expected to address the event.
President Trump is also due to hold bilateral meetings with U.K. Prime Minister Andy Burnham and Ukrainian President Volodymyr Zelenskyy.
Preparations are also underway for the much-anticipated state dinner between President Trump and Chinese President Xi Jinping. The U.S. has announced that several American tech and banking CEOs will join the event, but Beijing is yet to share the names of any Chinese companies joining the state visit.
While a trade truce between the two nations seems to be holding, AI and Iran could present flashpoints for the two leaders as they meet in Washington D.C.
In corporate news, shares in Novo are set to open after a volatile session on Monday. The stock sank at the start of the week as investors were skeptical about the Danish drug-maker's growth strategy and competition in the weight-loss market.
Squawk Box Europe will speak with the CEO following the capital markets day, catch that interview here.
— Leonie Kidd
French soccer champion Kylian Mbappé has told CNBC he was ready for "change" after ending an almost 20-year association with Nike and entering a deal with Swiss sportswear brand On.
On, a new entrant in the soccer market, announced Friday that it will be working with Mbappé to design high-performance footwear and apparel. The French player, who has been associated with Nike since childhood, chose not to renew his deal with the sportswear giant.
"Of course, I had 20 amazing years with Nike, I can only say thanks to them," Mbappé said in a joint interview alongside On's co-CEO David Alleman, with CNBC's Carolin Roth on Monday.
— Sawdah Bhaimiya