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The markets are exhibiting optimism today, with all three of the major stock market averages trading higher out of the gate. Big Tech names including Nvidia (Nasdaq: NVDA | NVDA Price Prediction) and ASML (Nasdaq: ASML) are looking to reclaim lost territory, with gains of over 1% each, but Advanced Micro Devices (Nasdaq; AMD) is extending its losses, down 3% today alone.
After announcing its relocation from Denver, Colorado to Miami, Florida, government-focused AI-platform Palantir Technologies (Nasdaq: PLTR) is tacking on 1.7% in today’s session to back above the $135-per-share threshold.
Here’s a look at where things stand as of morning trading:
Dow Jones Industrial Average: 49,743.50 Up 210.31 (+0.42%)
Nasdaq Composite: 22,693,29 Up 110.81 (+0.49%)
S&P 500: 6,870.97 Up 27.75 (+0.42%)
Market Movers
Amazon (Nasdaq: AMZN) stock has wiped out $450 billion in market capitalization throughout its latest rout as the company braces for a massive AI spending spree, earmarking $200 million in capex this year. Today the stock is attempting to reclaim lost ground, rising 1.1% to back above the $200-per-share level.
The latest SEC filings reveal a shuffling of holdings amongst the biggest names. Among them, Nvidia has unloaded over 1 million shares of industry peer Arm Holdings (Nasdaq: ARM). But ARM stock is taking it in stride, rising 1.4% today. Meta Platforms is scooping up billions of dollars worth of chips from Nvidia.
Nvidia has been on a selling spree, also shedding shares of of Applied Digital (Nasdaq; APLD), down 3.6% today, and WeRide (Nasdaq: WRD), which is spiraling by 2% in response.
Some of today’s biggest losers include Palo Alto Networks (Nasdaq: PANW), down 9.1% on the heels of its earnings print amid weak guidance, and Datadog (Nasdaq: DDOG), which is shaving 3.4% off its value today.
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