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I would probably suggest a laptop, especially since now a days they are so cheap. From experience it will really help him out a lot during his Freshmen year. Writing papers and doing research is made much easier. And most importantly let him know the reason why your getting him a laptop, not just for gaming
How about this... There are online stock analysis tools that allow you to essentially play the stock market with fake money. Tell him you'll get him XXX amount of dollars to play with it.
Or just give him the money upfront and hope he doesn't make bad investments heh.