AMD, Nvidia, Navitas, Summit Therapeutics, Fair Isaac, and More Stocks That Explain Today’s Market

Chip stocks were gaining after a slump the previous day. (NYSE)

Key Points

• Stock futures were mixed on Monday as investors faced high oil prices, high bond yields and OpenAI scrapping its newest AI model launch.
• Advanced Micro Devices agreed to acquire AI research company World Labs in an $8.2 billion all-stock deal.
• Summit Therapeutics shares jumped after AstraZeneca announced a $2 billion investment in the cancer-drug developer.

Stock futures were mixed on Monday as investors reckon with high oil prices and bond yields, as well as the news OpenAI has scrapped the launch of its newest AI model.

Chip stocks were edging up after a slump the previous day. Advanced Micro Devices was rising 0.9% in the premarket after announcing Monday it had agreed to buy AI research company World Labs in an $8.2 billion all stock deal. Sandisk and Micron Technology were both rising.

Nvidia was gaining 0.9%, building on the previous day’s gains when it announced a $150 billion expansion to its stock buyback plan and software to tackle the problem of AI safety.

Navitas Semiconductor was rising 12% after it got an Army grant to develop power semiconductor technology.

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Summit Therapeutics jumped 24% after pharmaceutical giant AstraZeneca announced a $2 billion investment in the cancer-drug developer, alongside an agreement to collaborate on experimental cancer treatments.

Shares of Fair Isaac Corporation dropped 8.6% after the director of the Federal Housing Finance Agency (FHFA), Bill Pulte, announced changes to mortgage pricing that would introduce competition to FICO’s credit-scoring position.

Sangoma Technologies soared 33% after the business communications company said it is set to be acquired by larger peer BRC in a deal that values the company at $204 million.

Write to Adam Clark at adam.clark@barrons.com

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