WEBVTT - Micron Earnings; SpaceX Slide Continues; IBM Climbs

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio News, The.

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<v Speaker 2>Stock Movers Report, your roundup of companies making moves in

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<v Speaker 2>the stock market, harnessing the power of Bloomberg Data.

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<v Speaker 1>Let's take a look at some stocks on the move today.

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<v Speaker 1>I'm Nathan Hagar, joined by Bloomberg's Dan Curtis. Where the

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<v Speaker 1>move is lower, particularly in tech and the memory stocks

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<v Speaker 1>are a big part of this story.

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<v Speaker 3>Good morning Dan, Good morning Nathan. That's right. So right

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<v Speaker 3>now we have Micron ticker m you down nearly nine

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<v Speaker 3>percent in pre market, sand disc SNDK down over nine

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<v Speaker 3>percent in pre market, and this is with Semi's there's

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<v Speaker 3>an ETF that tracks this Soxx down six percent, So

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<v Speaker 3>a massive pullback in Semis, particularly when it comes to memory.

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<v Speaker 3>And a lot of the focuses on the Korean session

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<v Speaker 3>overnight where the costs be fell ten percent, weighed down

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<v Speaker 3>by memory giants Samsung and sk Heinex. Retail traders there

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<v Speaker 3>have been very active. There's been a boom and single

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<v Speaker 3>leveraged stock ETFs tracking just the memory, so there's kind

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<v Speaker 3>of been a lot of volatively added on there. Add

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<v Speaker 3>to that report overnight in Korean media that highex is

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<v Speaker 3>shifting its focus to mass production of d ramp rather

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<v Speaker 3>than specialized HBM high bandwidth memory that is used in AI.

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<v Speaker 3>With HBM prices about four times higher than kind of

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<v Speaker 3>the broader counterpart, it's causing speculation of potential slowing demand

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<v Speaker 3>from AI centers. So there's been that kind of circulating

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<v Speaker 3>around overnight, hitting these stocks in the pre market. But

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<v Speaker 3>tomorrow we get a key read when Micron reports earnings,

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<v Speaker 3>and the stock has accounted for nearly a fifth of

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<v Speaker 3>the S and P five hundreds gains so far this year,

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<v Speaker 3>the single biggest driver. So we're keeping our eyes on

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<v Speaker 3>this as the memory sell off hits, and with those

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<v Speaker 3>earnings up on deck tomorrow.

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<v Speaker 1>Yeah, we'll see if the narrative shifts once we get

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<v Speaker 1>those results. In the meantime, Dan, we will have to

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<v Speaker 1>update SpaceX because it seems as though the shares are

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<v Speaker 1>officially back down to earth.

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<v Speaker 3>They are so right now, they're trading at one forty

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<v Speaker 3>nine seventy five in the pre market. That's down three percent,

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<v Speaker 3>and that is below where they opened on their trading debut.

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<v Speaker 3>Right now, if they were to open at this level,

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<v Speaker 3>it'd be just a few pennies higher than the Friday

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<v Speaker 3>low when they made their debut, but still they're plumbing

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<v Speaker 3>near the lows of their you know, publicly trading session,

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<v Speaker 3>which has been you know, not very long, but very dramatic. Nonetheless,

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<v Speaker 3>Monday's plunge erased four hundred billion dollars in market cap,

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<v Speaker 3>and that's the second big biggest single day wipeout for

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<v Speaker 3>any company, only surpassed by Nvidio. So we're talking a

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<v Speaker 3>very volatile stock here, and the company has lost over

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<v Speaker 3>six hundred billion in market cap from its peak amids

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<v Speaker 3>kind of this broader route in tech stocks as well.

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<v Speaker 3>The company build itself as an AI play and that

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<v Speaker 3>area is under pressure. It's also coming to the debt

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<v Speaker 3>market to raise twenty billion dollars shortly after that IPO

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<v Speaker 3>raise of Note two. It did get a new rating

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<v Speaker 3>this morning from Susquehanna that was neutral, price target of

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<v Speaker 3>one seventy. It's pretty far below that today, but we'll

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<v Speaker 3>keep our eyes on this, especially as it looks like

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<v Speaker 3>it could open near all time lows of its publicly

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<v Speaker 3>traded history.

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<v Speaker 2>Wow.

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<v Speaker 1>All right, well, let's turn over to the green side

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<v Speaker 1>of the ledger. Dan the biggest gainer among large cap

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<v Speaker 1>stocks in the pre market this morning is also in

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<v Speaker 1>tech IBM.

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<v Speaker 3>It is It has a very easy ticker too, which

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<v Speaker 3>is up. You just said you said both the company

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<v Speaker 3>and the ticker makes my job easier. The company has

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<v Speaker 3>joined open AI's cyber Partner program that has the shares

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<v Speaker 3>up four percent, and the goal of this program is

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<v Speaker 3>to use frontier AI capabilities so companies can counter cybersecurity threats.

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<v Speaker 3>The product is designed to be deployed within enterprise environments

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<v Speaker 3>to prioritize areas with the highest flaws and risks. It's

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<v Speaker 3>also of note Microsoft is up one percent. That company

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<v Speaker 3>has a large stake in open Ai, so even though

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<v Speaker 3>open Ai isn't publicly traded, some of its holders are

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<v Speaker 3>also to note around IBM, JP Morgan upgraded the company

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<v Speaker 3>from over to overweight from neutral.

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<v Speaker 2>This stock movers report from Bloomberg Radio. Check back with

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<v Speaker 2>us throughout the day for the latest roundup of companies

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