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Nvidia unveiled new AI products over the weekend.
The time of dreams
Stock futures were higher on Monday after an agreement was reached to extend the US debt ceiling for two years over Memorial Day weekend. Tech stocks, and AI-focused companies in particular, once again led the markets higher.
These stocks were set to move on Monday:
Nvidia
(ticker: NVDA) The stock rose 3% before the opening after the chipmaker unveiled a series of new AI-related products at a conference in Taiwan over the weekend, including a new supercomputer. The company’s market capitalization sits just below $1 trillion after shares rose 24% after its first-quarter earnings.
Marvell Technology
(MRVL), which jumped 32% on Friday as it forecast AI to be a long-term driver of growth, was trading about 4% higher in early premarket trading on Monday.
Other AI names have also increased, such as
C3.ai
(AI) the stock rose 6% and
Palantir Technologies
(PLTR) climbed 5%. Shares in a cloud computing company
Nutanix
(NTNX) jumped more than 7%.
Galactic Virgo
(SPCE) looked set to regain some lost ground on Friday after its first completed crewed flight since July 2021 last week. The shares, which fell 16%, were up more than 5% early Monday.
Iovance Biotherapeutics
(IOVA) was the biggest riser, climbing more than 16% after the company’s license application for its advanced skin cancer treatment, lileucel, was approved by the Food and Drug Administration.
Reports on the results are expected on Tuesday from
HP Inc.
(HPQ),
Hewlett Packard Enterprise
(HPE),
Box
(BOX),
Ambarella
(AMB) and
U-Haul Holding
(UHAL).
Write to Callum Keown at callum.keown@barrons.com