Nvidia Gains After Huang Exit, Cerebras Soars, Cisco Declines
Show notes
Today's biggest winners and losers in the stock market.
On this episode of Stock Movers:
- Shares of Nvidia (NVDA) are moving higher in premarket trading as markets weigh the Magnificent Seven powerhouse's future under new interim CEO Colette Kress. Nvidia said Thursday that Huang will no longer have ties with the chipmaker. The board, which has never had a chair before, appointed director Harvey Jones to that role.
- Shares of Cerebras Systems (CBRS) soared ahead of the US market open after the chipmaker gave a sales guidance well above estimates, while unveiling new deals with Oracle and Microsoft. A key investor concern is a rollout delay in the firm’s contract with OpenAI. The company said on an earnings call that it cannot find enough cloud capacity and is running behind schedule, but rumors that Cerebras can’t support OpenAI models due to technical reasons are “false” and it should be back on track in 2H of next year.
- Shares of Cisco Systems (CSCO) declined in the early session after the networking gear maker reported a 21% rise in product orders in fiscal 1Q, missing expectations and marking a slowdown from the previous period. Gross margins are seen coming under pressure in the next few quarters as revenue has become more reliant on AI hyperscalers.
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