Nvidia – The leading player in artificial intelligence chips saw its shares drop over 1% following a report from
The Financial Times. The report, citing three sources familiar with the situation, revealed that China’s internet regulator has prohibited major tech firms in the country from purchasing Nvidia’s AI chips. In response, shares of
Advanced Micro Devices also fell by more than 1%, reflecting the broader market sentiment.
Alibaba – In contrast, U.S.-listed shares of the Chinese e-commerce giant rose by 2.3%. This uptick followed reports from Chinese state media indicating that Alibaba secured a significant customer,
China Unicom, for its AI chips, boosting investor confidence.
Baidu – The Chinese tech company experienced a remarkable surge of nearly 8%. This increase was prompted by
Arete Research Services upgrading Baidu’s American depositary receipts from “sell” to “buy,” highlighting a positive outlook for its AI chip and cloud-computing revenue.
Cytokinetics – The biopharmaceutical firm saw its stock rise by more than 1%. On Tuesday, the company announced plans to offer $650 million in convertible senior notes due in 2031, which may have contributed to the positive market reaction.
Workday – Shares of the human resources software provider jumped over 8% after activist investor
Elliott Management revealed a $2 billion stake in the company, signaling strong investor interest.
Netflix – The streaming giant’s stock moved up by 1.2% following an upgrade from “hold” to “buy” by
Loop Capital. The firm noted that Netflix has emerged victorious in the streaming wars, thanks to its robust content offerings and improved long-term margin expectations as its content generates increased revenue.
Zillow Group – The stock climbed nearly 3% after
Bernstein upgraded it from “market perform” to “outperform.” The firm expressed growing confidence in Zillow’s fundamental story, particularly citing the company’s recent success in revenue growth.
Tesla – Shares of the electric vehicle manufacturer fell over 1%, reversing the gains seen in the previous trading day. Notably, Tuesday marked the stock’s sixth consecutive day of gains before this decline.
General Mills – The food company experienced a 3% drop after reporting lackluster fiscal first-quarter results. Although earnings exceeded expectations, organic sales growth was in line with forecasts, leading to a cautious market response.
— Reporting contributed by CNBC’s Sarah Min and Michelle Fox Theobald.
