Alibaba's shares increased by 1.5% after Reuters reported that the company plans to sell its game developer business, Lingxi Games, for over $2 billion to private equity firm Trustar Capital. This move could streamline Alibaba's operations and focus on its core business areas. In the memory chip sector, stocks surged after U.S.
Commerce Secretary Howard Lutnick indicated that the Trump administration opposes Apple's acquisition of Chinese memory chips, benefiting domestic manufacturers. Sandisk shares jumped nearly 5%, while Western Digital and Micron Technology rose over 3%.
Intel's shares were up about 1.5% following the disclosure that CEO Lip-Bu Tan purchased over 105,000 shares at $95 each, signaling confidence in the company's future. Overall, semiconductor stocks saw a broad increase, with Marvell Technology and Arm both up 2%, and Applied Materials rising 1.5%.
Additionally, SoFi Technologies gained 2% after Piper Sandler initiated coverage with an overweight rating, highlighting the company's potential in a growing market. Okta's shares rose 1% following an upgrade from Wells Fargo, which noted the increasing importance of identity security for businesses