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Advanced Micro Devices unveiled its new AI chip, the MI300X, on Tuesday.
Photograph by Chris Stowers/Bloomberg
Stock futures traded mostly to the upside with investors expecting the Federal Reserve to skip raising rates at Wednesday’s meeting after 10 consecutive hikes over more than a year.
These stocks were poised to make moves Wednesday:
Advanced Micro Devices
(AMD) unveiled its new AI chip, the MI300X, on Tuesday. Chief Executive Lisa Su said customers will begin sampling the technology—which is a challenge to
Nvidia
‘s (NVDA) dominance in artificial intelligence—in the third quarter and production will ramp up in the fourth quarter. AMD shares fell 3.6% on Tuesday but were rising 1.7% in premarket trading.
Nvidia
,
meanwhile, was rising 0.9% to $413.76 in premarket trading. The chip maker ended trading Tuesday with a valuation of more than $1 trillion, the seventh company to cross the threshold. Nvidia shares have risen 181% this year.
Tesla
(TSLA) closed higher for a 13th consecutive session on Tuesday and was poised to make it 14 straight with shares of the electric-vehicle maker rising 2% in premarket trading. The stock has gained 41% over the last 13 sessions, which is the longest winning streak for the shares.
Logitech International
(LOGI) said President and CEO Bracken Darrell will be resigning to “pursue another opportunity.” Shares of the electronics maker tumbled 9% in premarket trading.
Microsoft
‘s (MSFT) $69 billion acquisition of
Activision Blizzard
(ATVI) was temporarily blocked by a federal judge in California who issued a temporary restraining order in order to maintain the status quo after the Federal Trade Commission on Monday filed an emergency motion to halt the merger.
Microsoft
shares edged higher in premarket trading, while
Activision
fell 1%. The videogame maker, meanwhile, revealed that Diablo IV crossed the $666 million mark in sell-through in its first five days, the best-selling opening in Blizzard’s history.
Home builder
Lennar
(LEN) is scheduled to report quarterly earnings after the stock market closes Wednesday.
Write to Joe Woelfel at [email protected]
Source: https://www.barrons.com/articles/stock-market-movers-3ed02039?siteid=yhoof2&yptr=yahoo