On this episode of Stock Movers:
- Shares of Roomba maker iRobot Corp. (IRBT) plummeted ahead of the US market open after the company that revolutionized robot vacuum cleaners in the early 2000s with its Roomba model, filed for bankruptcy and proposed handing over control to its main Chinese supplier. The Massachusetts-based consumer robot maker, which is currently listed, will be taken over by China’s Shenzhen PICEA Robotics Co. and a subsidiary of the Chinese firm, according to a press release. The common stock of the company, founded in 1990 by engineers from the Massachusetts Institute of Technology, will be wiped out under the proposed Chapter 11 plan filed in Delaware on Sunday.
- Nvidia (NVDA) is leading a premarket recovery across the magnificent seven cohort of big tech stocks, after the group suffered a two-day drop amid concern over elevated spending and delays for projects tied to AI. An equal-weight basket of Magnificent Seven tech stocks dropped 0.8% on Friday after Bloomberg reported that Oracle pushed back the completion dates for some of the data centers it’s developing for OpenAI to 2028 from 2027.
- Shares of Intel (INTC) pushed higher in the early trading session after reports on Friday that the company is in advanced talks to acquire artificial intelligence chip startup SambaNova Systems Inc. for about $1.6 billion including debt. Sources tell Bloomberg a deal for Palo Alto, California-based SambaNova could come together as soon as next month. Founded in 2017 by Stanford University professors, one of whom had won a MacArthur Genius Award, SambaNova designs custom AI chips, aiming to rival those offered by Nvidia Corp.
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