In midday trading, Advanced Micro Devices (AMD) shares rose nearly 4% after Microsoft announced it would offer AMD's Helios-based system on its Azure cloud platform, highlighting the competitiveness of AMD's technology according to Wolfe Research's Chris Caso. This development precedes AMD's Advancing AI day, suggesting potential for further growth.
Iren, a data center operator, saw its stock jump over 17% after raising its AI Cloud annualized run-rate revenue target to over $4 billion, bolstered by $2.8 billion in new multiyear contracts, with 85% of this revenue already under contract.
Movie theater stocks, including Imax, AMC Entertainment, and Cinemark, experienced gains due to strong ticket sales from the film 'The Odyssey,' which grossed $264.1 million globally. Imax reported $52 million in sales from its screens alone, while AMC noted a 12% increase in U.S. attendance.
Archer Aviation's stock surged 17% following the announcement of an autonomous aircraft developed with Anduril, set for its first flight next year. Conversely, Sweetgreen and Cava Group faced declines due to an FDA investigation into a cyclospora outbreak, with Sweetgreen's shares down 8% and Cava's down 5%. SpaceX shares fell 1% despite announcing a new launch attempt for its Starship rocket.
Alibaba's U.S. shares rose 5% after previewing its new AI model, Qwen 3.8 Max, while Domino's Pizza gained over 1% after better-than-expected second-quarter results. Hut 8 Corp's stock increased 11% after signing a significant lease agreement.
The semiconductor sector showed signs of recovery, with the iShares Semiconductor ETF rising 2% after a tough previous week, with notable gains from Micron Technology, Marvell Technology, and Intel. Overall, these movements reflect a mix of optimism in tech and entertainment, while challenges remain for certain food sector stocks