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Let's take a look at some stocks on the move today. I'm Nathan Hager, joined by Bloomberg's Valerie Titel, taking a look at US equities and American depositary receipts as well, because we got to talk about what's going on with Ali Baba this morning. Valerie, good morning, Hey, good morning Nathan.
Yes, the excitement still continues for this AI trade. Ali Baba was upgraded by both Morgan Stanley and morning Star about their excitement of the planned AI CAPEC spending that they pledged last week. Morgan Stanley looking very positive on their cloud revenue and morning Star is saying that the shares are undervalued, and that's quite a statement given the
shares have already rallied fifty percent this month alone. So Ali Baba is filling the positivity up nearly three and a half for sent so far in this morning's trade. It seems like the excitement for the AI trade is still palpable.
Yeah, we've got AI competition heating up given what we're hearing about what Huawei's plans are, what's that mean for potential competitor in Vidia.
Well, let's start with the bloomberg scoop. Huawei is to double output of top ai chips to rival Navidia as their market share waivers in China, but Navidia is still in the green. On the back of this news, I tell you the positivity is just rolling on Nvidia of seven tens of one percent. On the back of this bloomberg scoop that Huawei is planning to double its output
of chips. Now now it's It's chips do lag Navidia's in terms of performance, but they are still working on trying to build a chip that would rival Navidia's performance. Even Navidia's chip that was designed for the China export market isn't necessarily their top chip, and there is still discussions that Navidia is preparing a better chip to eventually
be exported in it to the Chinese market. But they have hit but hit by a lot of geopolitical headwinds of late, both the Chinese government warning top chip top tech companies in China not to use Navidio's products, but the video has been doing all right over the month, and this morning is in the green, up seven tens of one percent.
Yeah, doing all right. Maybe an understatement there. Moving well away from the AI trade, we've got some news in the energy space this morning.
Yes we do.
Occidental Petroleum has or it's been reported in the FT that they are looking at a divestiture. An oxy stock is up one and a half percent so far in pre market trade. Now the FT is saying that they're in talks to sell their petrochemical unit for ten billion dollars and they'll be doing this in order to pay down debt. Now this is a theme that it's a theme of Occidental Petroleum recently. They've been doing some divestitures
in order to pay down their near term debt. But this would be the biggest deal that they've done so far if it were to go through, and actually the company that they would spin off would be the world's largest standalone petrochemical company. But still on these FT reports, the share is looking positive this morning on the back of hopes of paying down some near term debt for Occidental Petroleum.
And we've got some headlines that directly affect the defense industry as well.
Yeah, this is a Wall Street Journal report that the Pentagon is looking to double or even quadruple missile production. We're seeing shares of lockeed up two point six percent, RTX up two point three and even Boeing in the Green up one point three percent. Now, all these companies were cited in this Wall Street Journal report that the Pentagon is looking to amp up missile production for a
potential conflict with China. The Wall Street Journal mentions a council that was set up called the Munitions and Sorry, Munitions Acceleration Council back in June, so this is reporting that this idea is still in the place.
This stock mover's report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on Wall Street and for the latest market moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, Bloomberg dot com, and on Applecarplay and Android Auto with the Bloomberg Business app.