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Alphabet replaces Verizon in Dow Industrials. (0:15) GameStop CEO eschews performance award. (1:14) Cerebras margins overshadow OpenAI deal. (1:51)

The following is an abridged transcript:

The Dow Jones Industrial Average (DJI) is making another pivot toward AI, jettisoning a telecom whose roots trace back to Ma Bell and that has been part of the index in some form since 1916.

Alphabet Class A shares – ticker symbol GOOGL – will replace Verizon (VZ) in the Dow 30 effective June 29.

Once the change takes effect, the Dow will include five of the Magnificent Seven stocks, with Alphabet (GOOGL) (GOOG) joining Nvidia (NVDA), Apple (AAPL), Microsoft (MSFT) and Amazon (AMZN).

The move could provide a boost to Alphabet shares through buying by index funds and ETFs. It could also help the Dow itself, as Verizon currently represents only about half a percentage point of the index because of its relatively low share price.

Meanwhile, Honeywell International (HON) is expected to complete the spinoff of Honeywell Aerospace (HONAV) on June 29.

Following the separation, the parent company will be renamed Honeywell Technologies and remain a member of the Dow.

Honeywell Aerospace will join the S&P 500 (SP500), replacing Conagra Brands (CAG), which will move to the S&P SmallCap 600 (SP600).

GameStop (GME) CEO Ryan Cohen wants his pursuit of eBay (EBAY) to be his yardstick.

The company's board granted Cohen's request to remove a proposed CEO performance award after he said management should remain focused on operating performance and the proposed eBay acquisition.

In May, GameStop submitted a non-binding proposal to acquire eBay for $125 per share in cash and stock.

Cohen has been aggressively building a position in eBay through derivative-linked option structures, lifting GameStop's stake to 7.8% of the company's outstanding shares.

He plans to take the offer directly to shareholders after eBay's board dismissed the proposal as neither credible nor attractive.

And Cerebras Systems (CBRS) is tumbling as concerns over margins overshadowed the company's new deal with OpenAI (OPENAI).

Looking to Q2, Cerebras expects core gross margins of 36% to 38%, down from 47% in Q1. Revenue is expected to reach $194M, up 88% from a year ago.

The weak guidance overshadowed a new $20B agreement with OpenAI. Under the multi-year deal, OpenAI will deploy 750 megawatts of Cerebras' high-speed inference capacity over the next several years.

Now here's what's trending on Seeking Alpha:

Micron (MU) options imply a move of about 13% after the chipmaker reports earnings postmarket.

Jefferies says Alphabet's AI talent losses are just "noise."

And the iShares Biotechnology ETF (IBB) has hit an all-time high.

In premarket trading, S&P 500 futures (SPX) and Nasdaq 100 futures (US100) are rebounding modestly following the previous session's selloff.

Crude oil (CL1) and gold (XAUUSD) are each down about 1%, while Treasury yields are slightly lower.

On this morning's economic calendar:

8:30 a.m. Q1 Current Account

10:00 a.m. May New Home Sales