On this edition of Stock Movers:
- Apple (AAPL) shares are lower today after it debuted its its thinnest-ever iPhone and new Pro versions with enhanced cameras and more battery life this week. the company is betting that a flurry of smartphone innovation can entice shoppers this holiday season. The new skinnier model — dubbed the iPhone 17 Air — is just 5.6 millimeters thick, making it about a third slimmer than Apple’s current handsets. The device drew the loudest cheers from an audience assembled at Apple’s headquarters in Cupertino, California, where the company debuted the new products Tuesday.
- Oracle (ORCL) shares are surging today, the most since 1992 after the company gave an aggressive outlook for its cloud business, an outlook that's cementing the software maker’s place in the race to support demand for artificial intelligence computing. The surge is making co-founder Larry Ellison the world’s richest person, surpassing Elon Musk. AI-related stocks such as chip developer Nvidia Corp. and Asian suppliers also climbed. The Wall Street Journal also reported that OpenAI signed a contract to purchase $300 billion in computing power over roughly five years from Oracle.
- Shares of chip-design software maker Synopsys Inc. (SNPS) plunged the most in more than three decades after the company warned that US export restrictions are contributing to a slowdown in China, the largest market for semiconductors. As part of the company’s quarterly report on Tuesday, Chief Executive Officer Sassine Ghazi said that a push to develop its own intellectual property isn’t achieving the desired results — partly because of the China challenges. Ghazi said he would be refocusing resources on other areas and is reducing the company’s headcount by about 10%.
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