Bloomberg Audio Studios, podcasts, radio News.
The Stock Movers Report, your roundup of companies making moves in the stock market harnessing the power of Bloomberg Data.
Now, let's take a look at some of the stocks on the move today in Europe. I'm Lizzieberdan in London with Stephen Carroll in Brussels, and we're joined by Bloomberg reporter Chloe Melly. Chloe, good morning. I want to start with st Micro, rising to highes on this bullish outlook for artificial intelligence.
Yeah, absolutely so, more AI enthusiasm. It never never stops. So we have a st Micro almost doubling its guidance for data center revenues for this year, and so it now targets one billion dollars in revenue in Before that it had targeted something that it said nicely above five
hundred million. So that's a huge boost and that is thanks of course to this surging demand for AI infrastructure, and the company said that that could go even further, said that revenues for that part of the business could also double in twenty twenty seven if that demand it continues. It's really interesting for st Micro because it was not positioned well into this AI boom to begin with, but
rather had to kind of pivot into it. So it's known primarily as a supplier of chips to the automotive and consumer electronics sectors, so Tesla and Apple being two very big customers for st Micro, but the CEO has led this expansion more into aimoint data centers and st Micro announced a deal this year to supply semiconductors to Amazon, for example. And so this seems that that bet into pivoting into AI is paying off very very well for
that company. And so we are seeing the shares up very strongly this morning.
And let's turn to Process next surging this morning as well.
What's driving that rise?
So this is another AI story there for Process, so up very strongly thanks to its shareholding. Intensen, so tensent to the Chinese Internet giant doing very well because it's set to launch an AI agent on the very popular wee chat service, and so it's seen as a confirmation that all of those AI efforts are paying off working for that company and that it might be able to
catch up with rivals in that very competitive space. So Tensen is said to be beginning a compliance process for this very soon as soon as this month, and then to test that AI agent on a small group of users before starting an actual rollout, so it could be coming very very soon. And so that gave a huge boost to the stock in Hong Kong. And so we're seeing Process reap the benefits of that as a kind of knock on effect because it owns about twenty percent of tens.
And finally, Applevacs, which not everyone may know. This is a French biotech firm. It's sinking this morning, which is probably an understatement, question marks every one of its new drugs.
Yeah, this is a big reversal of fortunes for this French biotech company. It had seen a really major rally in the shares recently because it had a very promising drug or what look like a very promising drug, and listen investors that expected that the trial results from this drug would prompt takeover offers from really big companies in that pharmaceutical sector. But now we have the trial results
and there's a bit of a problem there. So this is a drug used to treat an inflammatory bowel disease and it was more effective than expected in the study, but Abyvex also reported cancer cases in several patients, and so that means a much more complicated path to regulatory approval, even if the cancers are not related at all to the treatment itself. And so we've seen the shares in the American chares in ABIVX jumped and then plunging, and then today in Paris they are plummeting, as you say,
completely sinking. And so going Forward and Lissa are a bit divided on what this means for the company. Some are saying that the overhang will be difficult to move past, and then others are saying that it's actually more noise than anything else. So we'll see how the shares settle, but for now they're taking a really, really major hit after those trial results.
The Stockmovers 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.