Markets edged higher on Monday after posting their best week of the year as traders await an update on monetary policy, with Federal Reserve Chair Jerome Powell set to speak at Jackson Hole on Friday.
In the meantime, headlines on Monday morning have three key stocks — AMD (AMD), Palantir (PLTR), and fuboTV (FUBO) on the move:
AMD: Shares of the chipmaker rose about 2% early Monday after the company announced plans to acquire hyperscale solutions provider ZT Systems in a deal valued at $4.9 billion.
AMD said ZT Systems, which provides artificial intelligence (AI) and general compute infrastructure, will help it “deliver leadership AI training and inferencing solutions” and will also help “cloud and enterprise customers significantly accelerate the deployment of AMD-powered AI infrastructure at scale.”
The deal comes as AMD looks to broaden its AI infrastructure in order to compete with market leader Nvidia (NVDA). Shares of AMD are up just over 2% since the start of the year while Nvidia shares have soared about 150%. Nvidia will report second quarter earnings next week.
Palantir: Data analytics company Palantir was in the spotlight on Monday after co-founder and CEO Alex Karp participated in an in-depth New York Times profile. In the interview, Karp, who largely stays out of the spotlight, defended his military partnerships, discussed his political views, and laid out the origin story of Palantir, along with his relationship with co-founder Peter Thiel.
Palantir has faced recent criticism over its work with the military and US Immigration and Customs Enforcement, or ICE. Notably, the company does not do business with China, Russia, or other countries that are outwardly against Western ideologies.
Joshua Kushner, founder of Thrive Capital, and Alex Karp, CEO of Palantir Technologies Inc., attend the Allen & Company Sun Valley Conference on July 11, 2024, in Sun Valley, Idaho. (Kevork Djansezian/Getty Images) (Kevork Djansezian via Getty Images)
“If you believe we should appease Iran, Russia, and China by saying we’re going to be nicer and nicer and nicer, of…
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