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The Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg Data. I'm Carol Masser along with Tim Stenevik. Let's get to some stocks on the move today with us.
As Bloomberg News process At reporter Emily Graffeo and Nvidia.
Yeah, it's moving a little bit. It's moving a little bit. When we have a company this big, a little bit in percentage wise is a lot of billions of dollars moving.
But I'm watching in Nvidia tiker NVDA. It hit a record intra day high today above one hundred and eighty four dollars a share, currently up about three point five percent after the chip maker said it plans to invest one hundred billion dollars in Open Ai, which of course is the parent company of Chat GPT, and it's going to be used to support new data centers and other AI infrastructure. I feel like we were just talking about Invidia making partnerships. It was just Friday, right that Nvidia
and agreed to invest five billion dollars in Intel. Well, now one hundred billion dollars are going to Open Ai the street get.
A billion lily. The billions are not unlimited nowt in Video the company has fifty six point seven billion dollars in cash and cash equivalents on its balance sheet. Well, they just committed one hundred billion to open ass So how does that work. It's a letter of intent. I intend to do this right, yes, but we'll see in reality.
And in video will also be receiving and it's going to happen. It's not going to be in one hundred billion all at once. From my understanding, Bloomberg is reporting that in Video will will receive equity in open Ai as part of the deal, according to people familiar with the arrangements, and the goal here is to deploy at least ten gigawatts of in Vidia systems for open Ai infrastructure. I thought it was interesting what CFRRA had to say.
They upgraded the stock to strong buy. They already had a buy rating, moved it up to strong buy it exactly, and they said the analysts over there, the combination of the open Ai partnership and a potential re entry into China at some point, among other factors, has the potential to still drive notable upside to our assumptions that would be in the stock and in media.
Right, Yeah, WHOA.
Where you want to go to Oracle?
Let's go to Oracle.
Okay, So this is another tech stock that's moving higher today. Ticker o RCL jumped up about five percent right now, and it's all on optimism about the software firm's role and a potential deal for TikTok. So Bloomberg reported that a White House official said Oracle would recreate and provide security for a new US version of TikTok's algorithm under that deal taking shape to sell Chinese owned TikTok to a consortium of American investors. That seems to be moving
the stock. There is also some Oracle specific management moves. They did promote to executives to become co chief executive officers. I think I'm going to butcher the name to him. I don't know if you could say this, Clay ma Joric and Mike Silica will become co chief executive office. I'm getting the thumbs done, well done.
Yeah, that wasn't planned, was it? The executive changes?
I think so?
Yeah.
My understanding is it's not analyst. We're largely positive on it, though.
Don't forget Softfracatz was co co with Mark Hurd years ago, and then Mark Hurd passed away I believe in twenty nineteen, and then Soffracats was the only CEO. Larry Ellison at the time said he would keep her as the only CEO, and now two CEOs again.
All right, so going back to that plan.
All right, Oracle, we're watching that one's rallying b E TR.
Who's that.
We're going to end on a fun note. Can I call it fun when a stock is moving in triple digits anything?
Anytime we talk about Eric Jackson, I think it's interesting, it's fun. Oh I saw this.
Yeah, So this is a digital like online home services company. They do online mortgages.
You can read by your home online.
Yes, the ticker is b E t R. It was up as much as one hundred and seventy five percent today. That wasn't even a record because it was up as much as two hundred percent back in twenty twenty three. And it's all after a Canadian investor that I know you guys have spoken to Eric Jackson.
He used to not be a memestock guy either. Like he's got a tiny hedge fund.
In terms right emj Capital. He tweeted that he's long on better and he called the company the Shopify of mortgages. You know, in reading about him, I get a sense that he he is kind of accidentally in the Memestock made.
I think he's I think he has harnessed the power of social media. The power of social media he's got, He's gained a big.
Following, and now suddenly we're seeing meme stock volume in this company and memestock moves here in Better Home.
It's an eight hundred and forty two million dollar marketing cap right now. Even with the increase.
Today, Yeah, and it did pair those gains, but it's still up about sixty percent today. And of course this follows Eric Jackson's move on open Door Technology, sparking a Meme stock style rally in that stock a couple months ago.
Love it, Love it. 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,