On this episode of Stock Movers:
- Nvidia (NVDA) shares are surging as the AI chipmaker, along with Advanced Micro Devices, will supply semiconductors to Saudi Arabian artificial intelligence company Humain for a massive data center project, acting under a Trump administration initiative that lifts restrictions on delivering advanced technology to the region. Nvidia Chief Executive Officer Jensen Huang announced the partnership on stage at the Saudi-US Investment Forum in Riyadh, the Gulf nation’s capital. The announcement came alongside US President Donald Trump’s visit to the country. Separately, AMD will provide chips and software for data centers “stretching from the Kingdom of Saudi Arabia to the United States” in a $10 billion project, according to a statement.
- Coinbase (COIN) shares jumped as much as 26% on Tuesday, the biggest intraday gain since Nov. 6 to the highest level since February after S&P Dow Jones Indices said the company will join the S&P 500 Index before trading opens May 19. The company will replace Discover Financial Services in the index prior to the start of trading on May 19, S&P Dow Jones Indices said in a press release. The inclusion of Coinbase is viewed as a vindication by crypto faithfuls who helped President Donald Trump win the election in November.
- Super Micro Computer (SMCI) shares are trading up after Raymond James initiated coverage of the server maker's stock with an 'outperform' rating and a price target of $41.
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