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Nvidia Corp's stock is trading higher despite the artificial intelligence boom causing a supply chain crisis for GPUs. Microsoft's OpenAI and other companies have taken steps to counter Nvidia's H100 and A100 enterprise GPU crisis. Nvidia has addressed the packaging problem with Taiwan Semiconductor Manufacturing Company's 3D stacking chip-on-wafer-on-substrate technology and promises a more robust supply in the second half of 2023. This situation might present an opportunity for Advanced Micro Devices' Radeon 7900 XTX cards. Nvidia's data center business is expected to double sales in 2023, adding $15 billion. However, Nvidia is considered a proxy for the bubble in AI stocks and is nearing its peak, according to Morgan Stanley strategist Edward Stanley.

Portfolio Pulse from Anusuya Lahiri

August 07, 2023 | 12:41 pm

VTGN

Trading of VistaGen Therapeutics shares is set to resume at 9:00 a.m. ET.

Portfolio Pulse from Happy Mohamed

August 07, 2023 | 12:41 pm

MF

Missfresh has entered into a share transfer agreement with Freshking Limited, leading to a surge in its stock trading volume.

Portfolio Pulse from Benzinga Newsdesk

August 07, 2023 | 12:40 pm

GENI

Genius Sports Limited (NYSE:GENI) reported Q2 FY23 sales growth of 22.1% YoY to $86.85 million, beating the consensus of $80.15 million. The company's Q2 EPS loss of ($0.05) missed the street view of ($0.04) loss. Genius Sports raised its FY23 outlook, expecting revenue of $410 million, up from the previous expectation of $400 million. The company's shares are trading higher by 6.08% at $7.85.

Portfolio Pulse from Nabaparna Bhattacharya

August 07, 2023 | 12:37 pm

GOGO

Gogo Inc's shares fell in premarket trading after reporting mixed Q2 results and a cut in annual revenue outlook. The company reported a 6% YoY revenue growth to $103.2 million, slightly missing the consensus of $103.25 million. Adjusted EBITDA grew by 7% YoY to $44.1 million and EPS of $0.67 beat the consensus of $0.13. The company cut its FY23 revenue outlook to $410 million - $420 million from the previous $440 million - $455 million.

Portfolio Pulse from Anusuya Lahiri

August 07, 2023 | 12:37 pm

NVST

Envista has announced a proposed convertible senior notes offering, which has led to a decrease in the company's share price.

Portfolio Pulse from Benzinga Newsdesk

August 07, 2023 | 12:37 pm

GFGD

The Growth for Good Acquisition Corporation (NASDAQ:GFGD) has announced that its Registration Statement on Form S-4 for the business combination with Zero Nox Inc., a provider of sustainable, off-highway vehicle electrification, has been approved by the SEC. The business combination has been unanimously approved by the boards of both companies. Upon closing, the combined company will be named Zero Nox Inc. and will be listed on the NASDAQ under the ticker symbol 'ZNOX'. An extraordinary general meeting of shareholders is scheduled for August 23, 2023.

Portfolio Pulse from Happy Mohamed

August 07, 2023 | 12:35 pm

SAGE

Sage Therapeutics has received a Complete Response Letter from the FDA regarding its New Drug Application for zuranolone, a treatment for adults with major depressive disorder. This has led to a decrease in the company's share price.

Portfolio Pulse from Benzinga Newsdesk

August 07, 2023 | 12:35 pm

IOBT

IO Biotech, Inc. (NASDAQ:IOBT) has announced a private placement financing deal expected to generate approximately $75 million in gross proceeds. The deal involves the sale of 37,065,647 shares of common stock and accompanying warrants at a price of $2.025 per unit. The proceeds will extend the company's cash runway into Q4 2025. Morgan Stanley and Piper Sandler acted as joint placement agents for the financing.

Portfolio Pulse from Happy Mohamed

August 07, 2023 | 12:33 pm

MGA

Magna International Inc (NYSE:MGA) reported better-than-expected Q2 FY23 results and raised its FY23 revenue guidance above estimates. Despite this, Magna shares fell 3.4% to close at $60.90 on Friday. Post earnings, Wells Fargo and BMO Capital raised their price targets on Magna.

Portfolio Pulse from Lisa Levin

August 07, 2023 | 12:32 pm