Streetbeat News

Acquisitions Mergers

NVDA

NVDX

USD

CoreWeave, an AI cloud-computing firm backed by NVIDIA Corp (NVDA), has secured $1.1 billion in new funding, valuing the company at $19 billion. The funding, led by Coatue with participation from Magnetar, Altimeter Capital, Fidelity Management & Research Company, and Lykos Global Management, will support growth and expansion. CoreWeave distinguishes itself in the AI computation market, competing with giants like Microsoft (MSFT) and Amazon (AMZN). NVIDIA's stock has seen significant gains, and exposure to NVDA can be gained through ETFs like NVDX and USD.

Portfolio Pulse from Shivani Kumaresan

May 01, 2024 | 6:16 pm

HAP

HJEN

SHEL

Shell PLC (NYSE:SHEL) is exiting China's power market to focus on enhancing profitability in its natural gas and oil sectors. This strategic move is part of a broader effort to streamline operations and save up to $3 billion annually. The exit includes generation, trading, and marketing but does not affect Shell's electric vehicle charging business. Shell aims to invest selectively in profitable power sector ventures and has recently set a new ambition to reduce customer emissions by 15%-20% by 2030. Shell's stock can be accessed through Direxion Hydrogen ETF (NYSE:HJEN) and VanEck Natural Resources ETF (NYSE:HAP).

Portfolio Pulse from Shivani Kumaresan

May 01, 2024 | 5:45 pm

AMZN

GOOG

META

TSM

Third Point LLC's focus on AI-driven investments, particularly in Alphabet Inc. (GOOG/GOOGL) and Taiwan Semiconductor Manufacturing Co (TSM), contributed to its Q1 growth despite underperforming the S&P 500. Alphabet's AI capabilities and TSMC's revenue growth highlight the potential of AI investments. Other tech giants like Meta Platforms Inc (META) and Amazon.com Inc (AMZN) also showed strong performances, with significant investments in AI infrastructure.

Portfolio Pulse from Anusuya Lahiri

May 01, 2024 | 5:03 pm

AMD

CETX

CVRX

LEG

AMD shares fell by around 7% after reporting Q1 results and Q2 revenue guidance matching Street estimates but with a non-GAAP gross margin of about 53%. Other stocks showed significant movement, with notable gainers including CytomX Therapeutics, IM Cannabis Corp., and Akanda Corp., among others, due to various positive updates and financial results. Losers included Cemtrex, CVRx, and Leggett & Platt, with declines following public offerings, downgrades, and disappointing financial results.

Portfolio Pulse from Avi Kapoor

May 01, 2024 | 5:01 pm

EADSY

ERJ

Embraer SA is exploring the possibility of entering the narrow-body aircraft market, potentially challenging the Boeing-Airbus duopoly. This comes as Boeing faces crises, including the 737 MAX issues. Embraer is considering partnerships for this venture, with potential collaborators in Saudi Arabia, Turkey, India, and South Korea. Despite no concrete plans yet, Embraer's move could disrupt the market, especially as Boeing struggles with financial and strategic challenges. Meanwhile, Airbus continues to advance its narrow-body aircraft development.

Portfolio Pulse from Shivani Kumaresan

May 01, 2024 | 4:21 pm

XOM

The Federal Trade Commission (FTC) is expected to make a ruling on the proposed $60 billion acquisition of Pioneer Natural Resources by Exxon Mobil in the coming days, according to Bloomberg.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 4:19 pm

CNDT

CNSWF

Conduent Inc (NASDAQ:CNDT) shares surged after reporting Q1 FY24 earnings that exceeded expectations, with a slight sales decline but beating analyst estimates. The company also announced the completion of a sale of two businesses to Modaxo, a division of Constellation Software Inc (OTC:CNSWF), for $230 million. Despite a drop in adjusted EBITDA and negative operating cash flow, Conduent's share repurchase and positive outlook for FY24 revenue contributed to the stock's rise.

Portfolio Pulse from Shivani Kumaresan

May 01, 2024 | 4:15 pm

BAM

BEP

IYW

MSFT

XLK

Microsoft Corp, Brookfield Asset Management Ltd, and Brookfield Renewable Partners LP have entered a five-year global renewable energy agreement to deliver over 10.5 gigawatts of new renewable energy capacity between 2026 and 2030, mainly in the U.S. and Europe, with potential expansion to other regions. This move, costing over $10 billion, aims to support Microsoft's cloud services demand and grid decarbonization, setting a new record for corporate renewable electricity purchases. Microsoft's commitment to match its electricity consumption with zero-carbon energy by 2030 is reinforced by this agreement.

Portfolio Pulse from Shivani Kumaresan

May 01, 2024 | 3:49 pm

BABA

CGRO

PGJ

Alibaba Group Holding Limited (NYSE:BABA) is planning to build a data center in Vietnam to comply with local data storage laws and support demand in the fast-growing economy. This move follows Vietnam's 2022 law requiring local data storage, which has been resisted by major tech firms like Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) and Amazon.Com Inc (NASDAQ:AMZN). The decision is part of Alibaba's strategy for better data security and control, and cost reduction. Other companies, including Nvidia Corp (NASDAQ:NVDA), Apple Inc (NASDAQ:AAPL), and Lam Research Corp (NASDAQ:LRCX), are also turning to Vietnam for supply chain diversification. Alibaba's stock can be accessed through Invesco Golden Dragon China ETF (NASDAQ:PGJ) and Tidal Trust II CoreValues Alpha Greater China Growth ETF (NYSE:CGRO). BABA shares recently saw a 1.28% increase to $75.78.

Portfolio Pulse from Anusuya Lahiri

May 01, 2024 | 3:21 pm

FLEX

SPDW

VGT

Flex Ltd (NASDAQ:FLEX) saw its stock decline by about 9% after reporting a fiscal Q4 2024 net sales decline of 11.7% year-on-year to $6.17 billion, despite beating analyst estimates. The company also provided a weaker than expected outlook for fiscal Q1 2025 and fiscal year 2025. Flex is considered an AI beneficiary, expected to gain from investments by major tech companies and the next Apple product cycle. Its stock has gained 89% in the last 12 months, and exposure to Flex can be gained through ETFs like Vanguard Information Tech ETF (NYSE:VGT) and SPDR Portfolio Developed World Ex-US ETF (NYSE:SPDW).

Portfolio Pulse from Anusuya Lahiri

May 01, 2024 | 3:04 pm