On this episode of Stock Movers:
- Shares of Nvidia (NVDA) slipped in the premarket session while shares of CoreWeave (CRWV) plummeted. The moves come as traders backed away from high-priced technology companies after SoftBank Group sold its entire Nvidia stake. The setback at CoreWeave, which rents out access to powerful artificial intelligence chips, gives investors another reason to worry about the strength of the tech industry at a time when there’s widespread anxiety over valuations.
- Paramount Skydance (PSKY) shares soared in early trading after reporting financial results for the first time since a new investor group took over the media company in August. The media giant raised its target for job cuts and cost-saving measures. Paramount Skydance, which has been trying to buy rival Warner Bros. Discovery Inc., said in a letter to shareholders it plans an additional 1,600-person workforce reduction and a goal to achieve at least $3 billion in cost savings.
- ADRs of Chinese EV maker Xpeng (XPEV) surged amid growing optimism over the Chinese electric carmaker’s progress in technologies including humanoid robots. The Hong Kong-listed shares rallied 18% on Tuesday to the highest level since July 2022. It was also their biggest one-day gain in over two years. The company’s American depositary receipts surged 16% on Monday, buoyed also by a broad advance in the US market. Xpeng’s recent showcase of cutting-edge technologies — from its IRON humanoid robot to robotaxis — has fueled investor enthusiasm about its potential beyond traditional electric vehicles. While these innovations have yet to translate into near-term earnings gains, they are reshaping market perceptions of Xpeng’s valuation.
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