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(Corrects tariffs number to 100% from 00% in paragraph 10) (Reuters) -U.S. stock index futures rose on Thursday, boosted by strong quarterly update from TSMC that reinforced investor optimism around AI, extending a rally in chip stocks in the previous sessions. TSMC, the world's biggest producer of advanced chips, raised its full-year revenue forecast on a bullish outlook for spending on artificial intelligence. U.S.-listed shares of the company, which also posted a better-than-expected record quarterly profit, rose 2.2% premarket. Shares of some major U.S. chipmakers also advanced, building on gains from Wednesday when ASML's solid quarterly results and a $40 billion data center deal by BlackRock and a Nvidia-backed group fueled optimism around AI. Nvidia rose 1.1%, Micron Technology added 2.9% and Broadcom gained 1.8%. The AI-driven momentum and optimism around U.S. rate cuts have helped markets in recent months. AI-related tech stocks were among the biggest boosts to markets this week. Robust earnings from major U.S. banks also grabbed attention this week, offering fresh signs of economic resilience at a time when official macroeconomic reports remain delayed due to the government shutdown. At 05:27 a.m. ET, Dow E-minis were up 112 points, or 0.24%, S&P 500 E-minis were up 18 points, or 0.27%, and Nasdaq 100 E-minis were up 110.25 points, or 0.44%. Meanwhile, investors remained focused on the recent escalation of China-U.S. trade tensions. Top U.S. officials on Wednesday blasted China's major expansion of rare earth export controls as a threat to global supply chains, but said Beijing could still change course, stressing that Washington did not want to escalate the conflict. President Donald Trump's threat to cancel the U.S.-China meet and impose an additional 100% tariffs on Chinese goods capped investors' risk appetite last week. U.S. Treasury Secretary Scott Bessent emphasized that Trump is ready to meet Chinese President Xi Jinping in South Korea later this month. A slate of Fed officials including governors Stephen Miran and Christopher Waller, Vice Chair for Supervision Michelle Bowman and Richmond President Thomas Barkin are set to speak later in the day. Among other moves, Salesforce rose 4.9% after the company said it expects revenue of more than $60 billion in 2030, above Wall Street estimates. Hewlett Packard Enterprise slumped 8.9% after it forecast annual profit and revenue below Wall Street expectations. United Airlines declined 1.7% after reporting mixed quarterly results. (Reporting by Sukriti Gupta in Bengaluru; Editing by Maju Samuel)

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By Marianna Parraga and Arathy Somasekhar HOUSTON (Reuters) -An affiliate of Elliott Investment Management wants to cut costs at Venezuela-owned Citgo Petroleum while a unit of Gold Reserve would largely focus on maintaining the status quo, five sources told Reuters, as a lengthy auction that will determine the refiner's future nears an end. Details of the two competing visions for Citgo emerged ahead of a U.S. court selecting the winner for an auction of shares in Citgo's parent company, PDV Holding. Fifteen creditors are lining up to cash proceeds from the auction of shares, ordered by the Delaware court as part of a complex, eight-year case to compensate them for debt defaults and expropriations in Venezuela. A hearing next week would help the judge decide who should prevail and move the auction – which has lasted nearly two years – to the takeover phase of the seventh-largest U.S. refiner. After three rounds and a last-minute bidding war, a court officer overseeing the auction in August recommended a $5.9 billion offer from Elliott's Amber Energy as winner, reversing his previous support for a $7.4 billion bid from Gold Reserve's Dalinar Energy. The main difference between the bids is Amber's pact to pay $2.1 billion to the holders of a defaulted Venezuelan bond, a key step in removing an obstacle to the takeover. If its bid is confirmed, Amber would advance a streamlining plan while Dalinar, which is still fighting in court for a shot, wants to leverage the refiner's strengths to largely keep assets and operations the same, five sources with knowledge of the plans said. Details of both companies' strategies have not been publicly disclosed. Gold Reserve declined to comment. Citgo and Amber did not reply to requests for comment. EXTREME MAKEOVER Amber's team would be led by refining experts Greg Goff as chief executive and Jeff Stevens as president. The Elliott affiliate seems to have more appetite for radical changes at Citgo, which could start with the removal of its board of directors and top managers, three of the sources said.  Following its purchase of a $2.5 billion stake at Phillips 66, hedge fund Elliott this year elbowed itself into two seats at the rival refiner's board and is supporting a divestiture plan, cost cuts and operational changes to address perceived underperformance.  "Elliott will surely find where to cut in Citgo," said a source close to the refiner, citing audits that showed inefficiencies grandfathered in from its historic status as a wholly-owned subsidiary of a formerly wealthy state company. Goff and Stevens are expected to run the business for several years, said independent refining expert Garfield Miller. But "if it winds up as a restructuring, Elliott knows as much about restructurings as anyone," he added.  Citgo is among the most complex U.S. refiners, with a 807,000 barrel-per-day network across Texas, Louisiana and Illinois, 42 terminals, eight pipelines and three lubricant plants. It employs 3,300 people and supplies some 4,000 independent retail outlets.  The plans could help monetize Amber's investment, especially after it pays billions of dollars in cash to the Venezuela bondholders as planned, the sources said.  "If Elliott's affiliate is confirmed as the auction's winner, the takeover will be as aggressive as its cost-cut plan," another source said. A hostile removal of board members would trigger protective clauses in place to indemnify them, the person added.  Streamlining would precede any asset sales, the sources said. But the auction has already helped identify potential buyers for certain assets – including rival refiners – as well as possible trading pacts that could help Citgo source oil more economically.  GOING WITH THE FLOW  Gold Reserve envisions a more collaborative approach. The Toronto-listed miner, which has knowledge of Venezuela and its state companies from previous ventures in the country, hopes to leverage Citgo's existing management, infrastructure, and financial strength to launch its U.S. subsidiary Dalinar into the refining sector, the five sources said. Gold Reserve has praised Citgo's leadership and recently aligned with lawyers representing Venezuela and Citgo in court to counter Amber's bid and ensure auction proceeds benefit the creditors in Delaware. "They've done an extremely good job under the circumstances," Paul Rivett, executive vice-chair of Gold Reserve's board, told investors in July, referring to Citgo's current management. Tony Sementelli, who was executive vice president and chief financial officer of Koch-backed refiner Flint Hills Resources, was named as Dalinar's chairperson. At least two other board members previously worked at Flint Hills.   Because of the complexity of its offer's financing, Dalinar's plan hinges on keeping Citgo almost intact. Rival bidders, some creditors and court officer Robert Pincus have argued the bid depends too heavily on Citgo's future performance, a motivation for preserving assets. Whatever the court ends up deciding, the sale process could still face roadblocks delaying a takeover. The U.S. Treasury Department needs to greenlight any winner. (Reporting by Marianna Parraga; Editing by Nathan Crooks and Nia Williams)

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(Reuters) -Crypto heavyweight Kraken said on Thursday it has acquired futures exchange Small Exchange from IG Group for $100 million, paving the way to launch a fully U.S.-based derivatives suite. Small Exchange is a U.S. Commodity Futures Trading Commission-licensed designated contract market, giving Kraken a regulated venue to offer futures and options to both retail and institutional clients. "Under CFTC oversight, Kraken can now integrate clearing, risk and matching into one environment that meets the same standards as the largest exchanges in the world," Arjun Sethi, co-CEO of Kraken said in a statement. Once the preserve of banks and brokers, the derivatives market is drawing digital asset firms looking for liquidity and risk management. The trillion-dollar crypto market has moved beyond spot trading, with exchanges and investors seeking institutional-grade tools such as futures, options and tokenized assets. Crypto-linked futures and options have been among the fastest-growing segments as investors seek to manage risk. "By securing the necessary licensing and infrastructure today, Kraken is laying the groundwork for institutional-grade markets as crypto matures," the company said. The deal comes as a more crypto-friendly regulatory tone under U.S. President Donald Trump encourages digital asset firms to expand in the United States with promises of clearer rules. Earlier this year, Kraken agreed to buy retail futures trading platform NinjaTrader for $1.5 billion. (Reporting by Manya Saini in Bengaluru; Editing by Tasim Zahid)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)