On this episode of Stock Movers:
- Intel (INTC) shares climbed as much as 6.8% after Semafor reported that the company is in talks to add Advanced Micro Devices Inc. as a customer for its manufacturing business. The companies are in early-stage discussions about having AMD rely on Intel factories, Semafor said, citing unidentified people familiar with the matter. AMD currently depends on Taiwan Semiconductor Manufacturing Co. for much of its manufacturing needs. AMD and Intel declined to comment to Bloomberg News.
- Peloton (PTON) shares fell Wednesday after the company raised prices on both hardware and membership fees in a sweeping product overhaul, dampening the first major attempt under new leadership to overcome a multi-year slump. The new products, announced Wednesday, include new versions of the Bike and Bike+, Tread and Tread+ and the replacement of the Row with a Row+, confirming an August Bloomberg report. The hardware on each of the products gains a Swivel Screen so the display can move, letting users switch to activities like yoga or pilates off the device while still viewing classes. Throughout, the line is powered by a new artificial intelligence platform, Peloton IQ, offering personalized guidance, insights and coaching plans.
- Reddit (RDDT) shares dropped the most since April 30 after analysts noted a drop in OpenAI citations. According to our analysts at Bloomberg Intelligence, Reddit's drop in citations from OpenAI shows its exposure to search-engine traffic and any changes to algorithms from the large-language model companies. Reddit's direct traffic and daily active user growth hinges on its own chatbot use, which we believe is key to direct-response ads and average revenue per user growth.
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