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Let's take a look at some stocks on the move today. I'm Nathan Hager joined by Bloomberg Stan Curtis with a big focus on big tech this morning. The selloff continues and a lot of that Dan may be driven by Micron technology. Didn't they just report like massive earnings blowout this week?
Good morning morning, Nathan. That's right, And to be honest, I'm looking forward to the weekend with all the volatility and memory serials right now. It's been a long week of up and downs years. But yeah, so Micron shares are down over five percent in the pre market. We have Memory on the backfoot. Sand disc SNDK is down nearly six percent in the pre market, and the AI trade is on the back foot today. So as you said, you know, after Wednesday session we got this massive blowout
earnings report. Yesterday the shares closed at inched out a record high and now they are back down again. So this is on as kind of everything in the space is on the back foot. We've had some news coming out overnight. We've had open Ai looking to delay its IPO plans according to The New York Times. That's pushing
back against the AI space. We also had news overnight of Micron's competitor, Samsung sk Heinex in South Korea preparing to announce hundreds of billion dollars worth of new investments on Monday. According to South Korea media reports, that pushed those memory makers shares lower. Some seeing echoes of China's Common Prosperity push a few year years ago, which was an effort to reduce wealth and equality, and so the AI trade is just getting challenged today. We have the
cost concerns on the side of memory. We had Apple raising prices and now revenue concerns over the Open AI reported delay, really pressuring the space. As you said, volatile week for the memory maker. We've had two to ten percent moves from Micron already this week. It's ended last week at one and thirty three dollars. So we are set to just inch out a little bit of gains on a very multiple week all over the place, but just up a tiny bit.
Yeah, certainly, so a tough week for the chip stocks, but not everything in the tech sector is in the red. This morning, we got some deal news that's given a pop to a company called Synaptics.
So Synaptics shares are up four percent in the pre market under ticker Syna is a smart device semi conductor maker, and on Semi has agreed to buy. To buy it, investors will get one point three to five shares of on Semi for every shehriff Synaptics held, and that's about a nineteen percent premium based on last closing price. That said, we now have one ticker oh and down thirteen percent
on the backside of this deal. On Semi sees the next wave of AI adoption being in the physical world, driving the need for systems that can quote, sense to side and act in real time. However, analysts say this is bringing it farther away from the AI data centers, which is where all the money is, so those shares
are on the back foot. And this follows basically Synaptic trying to buy Allegro Microsystems last year and then dropping the bid, So this is just another deal they are trying to get to grow the business.
And we got some more deal news in the tech space, but this involves a deal with the federal government for rocket Lab.
Yeah, a rocket company that's not SpaceX, and it secured.
They exist.
They secured a NASA contract, So take our RKLB is up about two percent in the pre market. Rocket Lab was selected to provide three electron launches for two missions, so two back to back launches in about a year or more from now, in a separate launch early in twenty twenty seven. All the launches to take place from New Zealand. So it's getting these NASA contracts and that's helping lift some shares in that space.
This morning, this 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 headline. Listen to Bloomberg Radio Live, catch us on YouTube, Bloomberg dot com, and on Applecarplay and Android Auto with the Bloomberg Business app.