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The Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg Data.
Let's take a look at some stocks on the move today. I'm Nathan Hager, joined by Bloomberg's Valerie Tytel in a morning where it feels like the AI trade is firmly in place, given what we're seeing in Ali Baba this morning, in particular, Good morning, Valerie.
Good morning Nathan. Yes, yet another tech company to pledge more AI infrastructure investment. The latest one is Ali Baba out of China, pledging up to fifty billion dollars of AI infrastructure spending. The CEO is saying that overall global investment could reach four trillion dollars in the next five years and they need to spend to keep up. Now, the stock price is moving higher on the back of this,
up nearly ten percent in pre market. So, Nathan, this pledge of more investment, of more spending, This has been a theme of the last month or so that it keeps getting rewarded by the market. Ali Baba is no different.
Now.
There are also some other stories to keep on top of with Ali Baba, they did confirm that they are integrating in video robotics software for physical AIS. That also gave a boost to the stock. And then lastly, Kathy Woods, the famed tech investor, did add an allocation to Ali Baba on Monday for the first time in four years. So this is a lot of enthusiasm again around Chinese tech. Ali Baba surging to the highest in four years, up nearly ten percent this morning.
And it feels like that enthusiasm is carrying over into the earnings we saw overnight from a Micron Technology. How's that stock doing the morning after.
Well, Micron is in the green. It's up nine tens of one percent, which I know doesn't sound like much, but this stock had a very high bar for this earnings release because it's rallied forty five percent Nathan in the month of September alone, so it was a high bar for the earnings release. But they came out with a beat on revenue and had some solid guidance on
the back of AI demand. Remember, Micron is a maker of the high bandwidth memory chips, which used to be kind of a boring topic, but now it's really critical for AI and the development of these new models. So again, this story is another positive one for Micron, one of the best performing stocks actually in the S and P five hundred this year year to date, up around near one hundred percent, and it's continuing its rally this morning.
Wow, that's just an incredible run. Got to talk as well about Lithium Americas because apparently the Trump administration is talking about it as well.
Yes, Lithium Americas is a pure play lithium producer. There have been reports that the Trump administration wants to convert a Department of Energy loan into an equity stake, into a ten percent equity stake, and we're seeing the shares
rise nearly sixty percent in pre mark trade. Now. Lithium America's is developing a massive lithium mine out in Nevada with General Motors with GM, and this is now seen as quite a positive thing that they can renegotiate this loan into an equity stake, which sources we're telling routers is what the Trump administration wants in order to give a better deal to the taxpayers. But it's not just
Lithium America is getting boosted by this. Also General Motors, who they own that mine with is also in the green, up three and a quarter percent.
The Stock Movers 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.