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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 Titel on a morning that has turned out to be very busy on the deal front in more ways than one. A huge deal just announced that has shares of Advanced micro Devices soaring this morning. Valerie, good morning.
Good morning, Nathan, Yes, absolutely soaring. Shares of AMD are up almost twenty five percent in the pre market trade. This comes after open ai has signed a deal with AMD worth tens of billions of dollars worth of chips as part of a bigger deal that could also see open Ai take roughly a ten percent stake in the
chip maker overtime. Now, AMD has given open Ai a warrant for up to one hundred and six million shares, which will vest as milestones are achieved, but open Ai agreeing to purchase processors with a total power consumption of six gigawatts. Nathan, that's roughly equivalent to Singapore's average power demand. Now The companies did not put a total figure on the transaction, but the back of the envelope calculation is
at least tens of billions of dollars. So for AMD, this deal keeps its technology really in the mix with open Ai and other owners of large scale data centers. The chip maker remains a distant second to Navidia in the market share for so called accelerator chips. We also know that Intel is very involved in that market as well, so we're seeing the likes of Navidia decline off the back of this down five tens of a percent, Intel down one point six percent.
A huge move for AMD. This morning, we have some more traditional deal news on this merger Monday that's got Comerica up this morning as well.
Yeah, M and A in the banking sector.
Fifth Third is to buy Comerica for eighty two dollars and eighty eight cents a share. We're seeing the price of Comerica jump by seven percent fifth Third falling by six percent so far in pre market trade. This is an all stock M and A deal valuing co America at ten point nine billion dollars and will create the ninth biggest US bank with about three hundred billion dollars
in assets. The deal is the latest sign that regional banks across the US are looking to take advantage of the new looser regulatory environment under President Trump, who's ushered in an era of financial deregulation, leading many bankers to expect his administration to go easier on mortgage sorry, merger approvals in.
The industry, especially the banking industry.
Now we've got more word that the US government may be looking to make some of its own deals.
Yeah, Critical Minerals is up sixty nine percent in pre market trade. The stock is surging on a potential stake in the company the US government. This was a story reported by Reuters, saying that the Trump administration has discussed converting a government grant into an eight percent stake in the rare Metals Minor. If this deal is finalized, it would give the US government direct interests in the largest
rare earth project in Greenland. Similar moves have been made recently with the US government and loans and chip grants, such.
As the likes of Intel.
That's how they converted their equity stake, sorry, their loan into an equity steak as well.
The stock Moover'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.