Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: The Stock Movers Report, your roundup of companies making moves
Speaker 2: in the stock market, harnessing the power of Bloomberg Data.
Speaker 3: Let's take a look at some stocks on the move today.
Speaker 3: I'm Nathan Hager, joined by Bloomberg's Valerie Titel and Valerie.
Speaker 3: Now it looks like we're a step closer to getting
Speaker 3: end of the government shut down. We're back to focusing
Speaker 3: on AI stocks, and in Vidia certainly in focus this morning.
Speaker 1: Good morning, Yeah, at least not for good reasons. And
Speaker 1: Video isn't focused because it's in the red. It is
Speaker 1: leading the losses for the Max seven this morning. It's
Speaker 1: down one and a half percent so far in pre
Speaker 1: market trade. Now, this does come after yesterday's session saw
Speaker 1: near six percent gains.
Speaker 4: It was in Nvidia's fourth best session of the year yesterday,
Speaker 4: so maybe not a surprise we're on a back foot,
Speaker 4: but adding to the negativity around Nvidia has been a
Speaker 4: surprise move by Soft banked off floated shares of Nvidia.
Speaker 4: They announced this in their earnings overnight that they did
Speaker 4: so in the month of October. They announced that, alongside
Speaker 4: making an additional investment in open AI. So perhaps that's
Speaker 4: saying that SoftBank is seeing more value in privately held
Speaker 4: AI companies rather than publicly traded stock such as Nvidia.
Speaker 4: So Nvidia on a backfoot this morning after the gains
Speaker 4: of yesterday. It's in the red, down one and a
Speaker 4: half percent.
Speaker 3: And that's not the only mag seven name on the
Speaker 3: back foot this morning. What's going on with Meta Platforms Valery?
Speaker 4: This is a really interesting one. Meta is down one
Speaker 4: point three percent, and this comes after a Financial Times
Speaker 4: article reporting that the company's chief AI strategist, sorry Jan Lacoon,
Speaker 4: is planning to leave to create his own startup. Now,
Speaker 4: this is a French US scientist who is considered one
Speaker 4: of the pioneers of modern AI. He worked on longer
Speaker 4: term research products under Meta's AI research lab and recently
Speaker 4: the CEO Mark Zuckerberg. At Meta, it has been radically
Speaker 4: overhauling metas ai operations to focus more on rapidly rolling
Speaker 4: out models and AI products instead of long term projects.
Speaker 4: So perhaps he is wanting to leave the firm to
Speaker 4: start on other projects of his own, but it does
Speaker 4: seem to be impacting the stock price. The loss of
Speaker 4: this main AI chief scientist, Meta is down one point
Speaker 4: two percent.
Speaker 3: After all the hiring that Meta has been doing at Apple,
Speaker 3: very interesting development. There a big loss this morning for
Speaker 3: core Weave. That stock is just getting clawborate value.
Speaker 4: Yeah, another tech stock in the red, core Weave is
Speaker 4: down over ten percent in pre market trade, and I
Speaker 4: think this is telling us about potential bottlenecks in this
Speaker 4: race to build out these AI data centers. Coreeve is
Speaker 4: falling after earnings. Essentially, what happened is that they had
Speaker 4: a delay within a third party on building out a
Speaker 4: data center, and that delay means that they could not
Speaker 4: fulfill a customer contract and they had to essentially mark
Speaker 4: down their guidance when it comes to sales for the
Speaker 4: remaining quarters of the year. So perhaps investors are not
Speaker 4: taking kindly to the fact that Coreweve is not able
Speaker 4: to meet customer expectations as quick as possible. Also, they
Speaker 4: had some tighter margins which were a weak spot in
Speaker 4: the otherwise pretty great report for the third quarter. Now,
Speaker 4: Coreweve is the tech company the ipode back in March,
Speaker 4: and essentially their business model is renting out access to
Speaker 4: powerful AI chips to its main customers, which are Microsoft
Speaker 4: and Meta.
Speaker 3: And just thirty seconds left, but investors seem to like
Speaker 3: what they got from the first earnings for the new
Speaker 3: paramount sky Dance.
Speaker 4: Yes, shares gained as much as ten percent. They're up
Speaker 4: around five percent now. The company claimed more efficiencies from
Speaker 4: the merger back in August with sky Dance. They see
Speaker 4: efficiencies of around three billion dollars, up from the amount
Speaker 4: they previously claimed of two billions. So investors liking these
Speaker 4: cost efficiencies, which were announced alongside a further workforce reduction,
Speaker 4: so paramount skuiddance of five percent.
Speaker 2: This week the Stockmovers Report from Bloomberg Radio. Check back
Speaker 2: with us throughout the day for the latest roundup of
Speaker 2: companies making news on Wall Street and for the latest
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