SoftBank Group Corp., OpenAI, and Oracle Corp. are forming a $100 billion joint venture to fund artificial intelligence infrastructure, an effort unveiled with President Donald Trump aimed at speeding development of the emerging technology.
Oracle’s stock got a boost from reports about the Stargate initiative, and it closed up 7% on Tuesday and jumped another 7.4% in overnight trading.
The momentum translated to other AI plays as well, with Nvidia shares up 1.9% and ARM Holdings shares up 4.4%, among others. While Microsoft shares gained 1.5%.
Netflix shares jumped 14.4% in overnight trading on price hikes and record subscriber gains.
The company added 18.9 million customers in the fourth quarter, according to a shareholder letter Tuesday. That was more than double what Wall Street expected and brought global subscribers at Netflix to more than 300 million. The company’s previous best was 15 million in the first quarter of 2020 — numbers driven by the onset of the coronavirus pandemic.
Tempus AI shares jumped another 14.4% in overnight trading after soaring 35.5% on Tuesday.
The medical artificial-intelligence company announced the launch of an AI-enabled personal health app, olivia. Separately, former House Speaker Nancy Pelosi purchased 50 call options of Tempus AI on Jan. 14, with a strike price of $20 and an expiration date of Jan. 16, 2026, according to the U.S. House of Representatives website.
Nuclear energy stocks jumped again in overnight trading as investors cheered Trump's pick of Chris Wright for energy secretary. Wright has promised to prioritize the production of nuclear power and liquefied natural gas as part of his plan to boost U.S. energy output. Oklo Inc. rose 8.8%; NuScale Power rose 3.1%; Energy Fuels rose 2.2%; Centrus rose 1.6%.
Seagate Technology shares gained 3.2% in overnight trading after the mass-capacity data storage company swung to a profit in its fiscal second quarter, boosted by an increased need for data storage as demand for artificial intelligence continues to grow.
The company on Tuesday reported a profit of $336 million, or $1.55 a share, for its three months ended Dec. 27, compared with a loss of $19 million, or 9 cents a share, a year earlier.
United Continental shares rallied 3.5% in overnight trading, as a record number of travelers lifted fourth-quarter results and the company offered an upbeat forecast for the first quarter.
Comments