Yahoo Finance’s Alexandra Canal rounds up the biggest movers on Monday.
AMD (AMD): Shares of the chipmaker rose about 2% early Monday after the company announced plans to acquire hyperscale solutions provider ZT Systems in a deal valued at $4.9 billion.
The deal comes as AMD looks to broaden its AI infrastructure in order to compete with market leader Nvidia (NVDA). Shares of AMD are up just over 2% since the start of the year while Nvidia shares have soared about 150%. Nvidia will report second quarter earnings next week.
Palantir (PLTR): Data analytics company Palantir was in the spotlight on Monday after co-founder and CEO Alex Karp participated in an in-depth New York Times profile. In the interview, Karp, who largely stays out of the spotlight, defended his military partnerships, discussed his political views, and laid out the origin story of Palantir, along with his relationship with co-founder Peter Thiel.
Palantir has faced recent criticism over its work with the military and US Immigration and Customs Enforcement, or ICE. Notably, the company does not do business with China, Russia, or other countries that are outwardly against Western ideologies.
fuboTV (FUBO): Shares of sports streamer fuboTV rallied another 30% on Monday following a Friday ruling that temporarily blocked the launch of Venu Sports, the upcoming sports streaming service from Disney’s ESPN (DIS), Warner Bros. Discovery (WBD), and Fox (FOXA).
US District Judge Margaret Garnett determined in her ruling that the launch of the joint venture would “substantially lessen competition and restrain trade.” Furthermore, it would also ensure “a swift exodus of large numbers of Fubo’s subscribers” and that “Fubo’s bankruptcy and delisting of the company’s stock will likely soon follow. These are quintessential harms that money cannot adequately repair.”
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