FT : Wall Street’s AI ‘bubble’ echoes dotcom excesses, Ray Dalio warns

Wall Street’s AI ‘bubble’ echoes dotcom excesses, Ray Dalio warns
Billionaire investor says US stocks are in ‘very similar’ position as lead-up to internet bust at turn of millennium

Investor exuberance over artificial intelligence has fuelled a “bubble” in US stocks that resembles the build-up to the dotcom bust at the turn of the millennium, billionaire investor Ray Dalio has warned.

Dalio told the Financial Times that “pricing has got to levels which are high at the same time as there’s an interest rate risk, and that combination could prick the bubble”.

The warning from Dalio, the founder of hedge fund Bridgewater Associates and one of the highest-profile figures on Wall Street, comes as concerns swirl over whether the boom in US AI stocks has gone too far. Investors also remain concerned about elevated borrowing costs, worries that sharpened after Federal Reserve officials in December trimmed their expectations for rate cuts this year.

“Where we are in the cycle right now is very similar to where we were between 1998 or 1999,” Dalio said. “In other words, there’s a major new technology that certainly will change the world and be successful. But some people are confusing that with the investments being successful.”

The late 1990s saw a run-up in tech valuations, powered in part by low interest rates and growing adoption of the internet, followed by a brutal correction that came as Alan Greenspan’s Fed tightened monetary policy.

The tech-heavy Nasdaq 100 index doubled in 1999, only to fall about 80 per cent by October 2002. The index has doubled since the beginning of 2023 as stocks such as AI-focused chipmaker Nvidia have powered higher.

Wall Street stocks slumped on Monday after DeepSeek, a Chinese AI company linked to a little-known hedge fund, published a paper claiming its newest AI model rivals those of OpenAI and Meta Platforms in performance, yet at a lower cost and with less sophisticated hardware. Nvidia shed nearly $600bn in market value on Monday.

DeepSeek’s apparent success calls into question the potential returns on hundreds of billions of dollars invested by Silicon Valley companies in AI data centres, and whether China has managed to find a way to compete despite restrictions on its ability to import high-end chips from the US.

OpenAI, backed by Microsoft, last week announced a plan to invest up to $500bn in AI infrastructure. The company’s ChatGPT was the top-rated free app on the Apple app store until it was displaced on Monday by DeepSeek’s AI assistant.

Dalio, who retired as chair of Bridgewater in 2021 but remains on the board, has long advocated economic engagement with China. He wrote last year that “the key question isn’t whether or not I should invest in China so much as how much”. He warned, however, that the stakes in AI are unusually high.

“The tech war between China and the US is far more important than profitability, not only for economic superiority, but for military superiority,” he told the FT.

“Those who are going to pay attention to profitability with sharp pencils are not going to win that race,” Dalio added.

Reinforcing the elusiveness of AI profit, OpenAI founder Sam Altman wrote on X this month that the company was losing money on its $200-per-month ChatGPT Pro plan because of unexpectedly heavy usage.

As US technology groups invest lavishly, President Donald Trump has pledged to support American AI in his second term.

China has offered financial assistance for its AI industry, including the launch of funds set up to support its embattled semiconductor industry. Meanwhile the US under former president Joe Biden extended billions of dollars of subsidies for groups to build chips on American soil.

Dalio conceded that state support for jockeying AI developers was inevitable given the importance of winning the global race, even it if came at the expense of profit.

“In our system, by and large, we are moving to a more industrial-complex- type of policy in which there is going to be government-mandated and government-influenced activity, because it is so important.”

“Capitalism alone — the profit motive alone — cannot win this battle.”

TechCrunch : Former Intel CEO Pat Gelsinger is already using DeepSeek instead of

Former Intel CEO Pat Gelsinger is already using DeepSeek instead of OpenAI at his startup, Gloo

DeepSeek’s new open source AI reasoning model, R1, sparked a sell-off of Nvidia’s stock and caused its consumer app to soar to the top of the app stores.

Last month DeepSeek said it trained a model using a data center of some 2,000 of Nvidia’s H800 GPUs in just about two months at a cost of around $5.5 million. Last week, it published a paper showing that its latest model’s performance matched the most advanced reasoning models in the world. These models are being trained in data centers that are spending billions on Nvidia’s faster, very pricey AI chips.

The reaction across the tech industry to DeepSeek’s high-performance, lower-cost model has been wild. Pat Gelsinger, for instance, took to X with glee, posting, “Thank you DeepSeek team.”

Wisdom is learning the lessons we thought we already knew. DeepSeek reminds us of three important learnings from computing history:
1) Computing obeys the gas law. Making it dramatically cheaper will expand the market for it. The markets are getting it wrong, this will make AI…

— Pat Gelsinger (@PGelsinger) January 27, 2025
Gelsinger is, of course, the recently former CEO of Intel, a hardware engineer, and current chairman of his own IPO-bound startup, Gloo, a messaging and engagement platform for churches. He left Intel in December after four years and an attempt at chasing Nvidia with Intel’s alternative AI GPUs, the Gaudi 3 AI.

Gelsinger wrote that DeepSeek should remind the tech industry of its three most important lessons: lower costs mean wider-spread adoption; ingenuity flourishes under constraints; and “Open Wins. DeepSeek will help reset the increasingly closed world of foundational AI model work,” he wrote. OpenAI and Anthropic are both closed source.

Gelsinger told TechCrunch that R1 is so impressive, Gloo has already decided not to adopt and pay for OpenAI. Gloo is building an AI service called Kallm, which will offer a chatbot and other services.

“My Gloo engineers are running R1 today,” he said. “They could’ve run o1 — well, they can only access o1, through the APIs.”

Instead, in two weeks, Gloo expects to have rebuilt Kallm from scratch “with our own foundational model that’s all open source,” he said. “That’s exciting.”

He said he thinks DeepSeek will make AI so affordable, AI won’t just be everywhere. Good AI will be everywhere. “I want better AI in my Oura Ring. I want better AI in my hearing aid. I want more AI in my phone. I want better AI in my embedded devices, like the voice recognition in my EV,” he says.

Gelsinger’s happy reaction was perhaps at odds with others who were less thrilled that reasoning foundational models now have a higher-performing and far more affordable challenger. AI has been growing more expensive, not less.

Others reacted by implying DeepSeek must have fudged its numbers somehow and training must have been more costly. Some thought it couldn’t say it used higher-end chips because of U.S. AI chip export restrictions to China. Others were poking holes in its performance, finding spots where other models did better. Still others believe that OpenAI’s next model, o3, will so outpace R1 when it is released that the status quo will be repaired.

Gelsinger shrugs all of that off. “You will never have full transparency, given most of the work was done in China,” he said. “But still, all evidence is that it’s 10-50x cheaper in their training than o1.”

DeepSeek proves that AI can be moved forward “by engineering creativity, not throwing more hardware power and compute resources at the problem. So that’s thrilling,” he said.

As for this being a Chinese developer with all that implies, like concerns over privacy and censorship, Gelsinger metaphorically shakes his head.

“Having the Chinese remind us of the power of open ecosystems is maybe a touch embarrassing for our community, for the Western world,” he said.

>>> US After Hours Summary: SANM +3.8% and BRO +2.9% up modestly on earnings; EL

After Hours Summary: SANM +3.8% and BRO +2.9% up modestly on earnings; ELS -6% and GGG -5.5% tick lower following quarterly numbers

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: SBCF +4.2%, SANM +3.8% (also increases buyback plan by $300 mln), BRO +2.9%, WRB +1.6%, NUE +0.6%, GIS +0.6% (also completes sale of its Canadian Yogurt business), WSFS +0.5%, CR +0.5% (also increases dividend)

Companies trading higher in after hours in reaction to news: HESM +3.6% (increases dividend), CLPT +2.9% (FDA clearance for ClearPoint Navigation Software), BWXT +2.1% (contracts of over C$1 bln for two nuclear energy projects), LW +1.6% (JANA Partners sends letter to LW), HWM +1.5% (increases dividend), TLN +1.1% (reach reliability must run settlement agreement), TKC +0.5% (Paycell LLC to be liquidated), ET +0.5% (increases dividend), APLS +0.1% (approval of SYFOVRE), GOOS +0.1% (renews regulatory relief regarding repurchase program), GE +0.1% (awarded $3.5 bln U.S. Air Force contract mod LMT +0.1% (awarded $502 mln U.S. Navy contract), SKYH +0.1% (stock offering)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: SFBS -6.2%, ELS -6%, GGG -5.5%, TRNS -4.9%, WAL -2.2%, AGNC -1.1%, MRTN -0.8%, EG -0.8%, ARE -0.6%

Companies trading lower in after hours in reaction to news: ETNB -2.4% ($250 mln stock offering), BLTE -1.9% (files mixed shelf), WTRG -1.6% (awarded $29 mln in funding to remove PFAS), QMCO -0.7% (stock offering), PSN -0.3% (SealingTech delivers over 500 Cyber-Fly-Away kits), SPXC -0.1% (completes acqusition of Kranze Technology Solutions)

>>> US Close Dow +0.65% S&P -1.46% Nasdaq -3.07% Russell -1.03%

Closing Stock Market Summary
The stock market was mixed today. Big tech stocks, semiconductor-related names, and utility shares with AI exposure registered outsized declines while money rotated to other areas of the market.

NVIDIA (NVDA 118.42, -24.20, -17.0%) logged its largest single-day loss in market capitalization ever, driven by concerns over China's DeepSeek AI model. This AI model attracted attention after it was perceived as much more cost-effective than U.S. alternatives, such as OpenAI's ChatGPT.

The potential of DeepSeek to challenge the competitiveness of leading U.S. AI players raised questions about the future direction of the sector, particularly if DeepSeek can deliver on its promises. In response, the PHLX Semiconductor Index (SOX) has plummeted 9.2%, as investors reassess capital spending plans.

This weakness did not leak into the "rest" of the equity market as AI exuberance that led many names sharply higher was rung out of the market. More S&P 500 sectors closed higher (six) than lower (five).

The Dow Jones Industrial Average rose 0.7%, with 20 of its 30 components in the green. Meanwhile, the equal-weighted S&P 500 eked out a 0.1% gain, in contrast to the 1.5% drop in the market-cap weighted index. Market breadth was also more positive at the NYSE, where advancing issues lead decliners by a 3-to-2 ratio, though decliners outpace advancers at the Nasdaq by a 3-to-2 margin.

Still, the flight to safety impacted in the fixed-income market. The 10-year yield dropped ten basis points to 4.53% and the 2-year yield fell eight basis points to 4.19%. Also, today's $69 billion 2-yr note sale met tepid demand and a $70 billion 5-yr note offering garnered stronger interest than the 2-yr sale.

Investor caution was also palpable ahead of a busy earnings week, with around 40% of the S&P 500 by market capitalization set to report. Among them are two of the three $3 trillion companies—Apple (AAPL 229.86, +7.08, +3.2%) and Microsoft (MSFT 434.56, -9.50, -2.1%).
  • Dow Jones Industrial Average: +5.1% YTD
  • S&P Midcap 400: +3.8% YTD
  • S&P 500: +2.2% YTD
  • Russell 2000: +2.4% YTD
  • Nasdaq Composite: +0.2% YTD

eviewing today's economic data:
  • December New Home Sales 698K (consensus 680K); Prior was revised to 674K from 664K
    • The key takeaway from the report is that new home sales growth was ahead of expectations in December, but selling prices jumped from the bottom of the range that was seen in 2024 toward the top, which presents a headwind to selling activity going forward.

Looking ahead to Tuesday, market participants receive the following economic data:
  • 8:30 ET: December Durable Orders (consensus 0.4%; prior -1.1%) and Durable Orders ex-transport (consensus 0.5%; prior -0.1%)
  • 9:00 ET: November FHFA Housing Price Index (prior 0.4%) and November S&P Case-Shiller Home Price Index (Briefing.com consensus 4.2%; prior 4.2%)
  • 10:00 ET: January Consumer Confidence (consensus 108.1; prior 104.7)

WSJ : Vail Resorts Shareholder Calls for Overhaul, Ouster of Executives Includin

Vail Resorts Shareholder Calls for Overhaul, Ouster of Executives Including CEO
Late Apex says Vail should reset board, cut dividend by 80% and hire a proven CEO

Scrutiny around Vail Resorts MTN 3.51%increase; green up pointing triangle is growing.

Late Apex Partners, whose funds currently own shares in the hospitality company, said in a letter that Vail’s performance over the last five years has been unacceptable.

“We believe Vail is fixable, but the board must act now to hold management accountable,” Late Apex said. The financial firm noted its investment in Vail is its single largest position.

Late Apex criticized Vail’s key performance indicators, insider compensation incentives, capital allocation strategy and balance sheet management.

The firm called for the ouster of Chief Executive Kirsten Lynch, Chief Financial Officer Angela Korch and Executive Chairman Rob Katz. It also said Vail should reset its board, cut its dividend by 80% and hire a proven CEO.

Vail didn’t immediately respond to a request for comment.

Vail’s troubles have been brewing for some time. The company recently disclosed it sold fewer season lift tickets than it did the year before. A 12-day ski-patrol strike closed most runs at Park City, Utah, infuriating customers. Competitors have also introduced rival multi-resort megapasses that function similar to Vail’s Epic Pass, which offers unlimited access to 42 Vail properties around the world.

Shares rose 2% to $170 Monday. The stock is down roughly 23% over the last year and around 54% from its all-time closing high of $372.51 in November 2021.

The Information : The Electric: Humanoid Robots Are Cool—but How Will Their Batt

The Electric: Humanoid Robots Are Cool—but How Will Their Battery Problem Be Solved?

Adam Jonas made his name as one of the biggest Tesla bulls. These days, people are flooding the Morgan Stanley analyst with questions about humanoid robots. The volume of calls has exceeded “the entirety of our [automaker], dealer and supplier coverage combined,” he said in a note Friday.

Tesla’s Optimus robots likely sparked the enthusiasm for humanoids among Jonas’ clients. At a Tesla event in October, a dozen or so prototypes operated by staff behind the scenes served drinks and gabbed with amused guests. CEO Elon Musk, presiding over the event, said Optimus would “basically do anything you want,” and that future sales of the robot would drive Tesla’s value to $25 trillion.

Jonas is not convinced. Robot sales are not part of his forecast demand model, which goes through 2040. Though he did not cite battery life as a reason, it’s a key problem.

Battery power, it turns out, is a primary limiting factor in the deployment of humanoids: A small number of humanoid robots now work in factories. They have a runtime of only about an hour and a half when they’re carrying stuff and moving around.

It then takes up to an hour to recharge them. That means a factory or warehouse would have to keep two or more robots on hand for each task, swapping them out for recharging. “It’s a major hurdle for humanoids to actually be a realistic tool for any business that is looking to add them to their operation,” said Steve Crowe, editor of The Robot Report. “They need to figure out how to make the batteries last longer.”

Roughly 4 million industrial robots were in operation globally last year, of which some 382,000 were in the U.S., according to the International Federation of Robotics. Almost none were humanoids. Instead, most sat in one place and remained plugged in, or they moved on wheels, which is far more efficient than walking around.

In the U.S., there is at least one humanoid robot working under a paid contract. Digit, made by Oregon-based Agility Robotics, can carry around 30 pounds of stuff in its arms. Some Digits are now moving merchandise around a Spanx apparel distribution warehouse in Flowery Branch, Ga.

Agility’s engineers have tried hard to maximize Digit’s battery life. They’ve packed as many cylindrical batteries as they could into the robot’s torso, Agility chief technology officer Pras Velagapudi told me. The batteries are nickel-manganese-cobalt with graphite anodes—among the densest chemistries in current lithium-ion batteries. Still, the robots can work for just one and a half to two hours on a charge. It takes 50 minutes to an hour to get them back to a full charge, he said

For now, Velagapudi said, his focus is on making the charging process as fast as possible: The goal is to get Digit to charge in, say, 10 minutes, and then work for 100 minutes. In that case, total runtime matters less. The robots could charge while humans take their breaks, he said.

The Digit drains its batteries most quickly when it is carrying heavy things. Some of that is offset by power generated when the robot walks and swings its arms. It’s similar to regenerative braking in an electric vehicle.

“It’s not necessarily about running forever,” Velagapudi said. “It’s about running for a long time with respect to how much you’re charging to get an overall good, useful amount of work out of the robot over time.”

Velagapudi gave limited details about Agility’s future strategy. When I asked whether the company planned to use silicon anodes, which would allow superfast charging and could also increase Digit’s working time, he said only that he’d consider anything as long as it doesn’t surpass the robot’s weight and mass maximums.

While the need is great, the battery industry has been slow to respond: Since the Tesla event, I’ve asked multiple battery startup executives about humanoid power requirements. Earlier this month, as we reported, SES AI CEO Qichao Hu released a prototype battery with silicon that he said could power robotics, though he did not mention humanoids; none of the other CEOs had reached out to robot developers to find out what they needed.

Battery developers have eagerly pursued other futuristic uses besides EVs for their products, including powering space-going satellites and flying electric taxis. With EV demand sluggish in the U.S. and Europe, automakers appear to be less interested in deploying next-generation batteries; the developers of silicon and lithium-metal batteries need new markets.

If Musk is right about future demand, humanoids are a rich new opportunity. Crowe, the newsletter editor, said some humanoid prototypes have three hours of uptime, but that that’s not enough either. It’s a major issue for the nascent industry. “A three-hour battery life is not really acceptable,” he said.

TechCrunch : DeepSeek gets Silicon Valley talking

DeepSeek gets Silicon Valley talking

Since Chinese AI company DeepSeek released an open version of its reasoning model R1 at the beginning of this week, many in the tech industry have been making grand pronouncements about what the company achieved, and what it means for the state of AI.

Venture capitalist Marc Andreessen, for example, posted that DeepSeek is “one of the most amazing and impressive breakthroughs I’ve ever seen.”

R1 seemingly matches or beats OpenAI’s o1 model on certain AI benchmarks. And the company claims one of its models only cost $5.6 million to train, compared to the hundreds of millions of dollars that leading American companies pay to train theirs.

It also seems to have achieved that in the face of U.S. sanctions that prohibit the sale of advanced chips to Chinese companies. The MIT Technology Review writes that the company’s success illustrates how sanctions are “driving startups like DeepSeek to innovate in ways that prioritize efficiency, resource-pooling, and collaboration.” (On the other hand, the Wall Street Journal reports that DeepSeek’s Liang Wenfeng recently told China’s premier that American export restrictions still pose a bottleneck.)

Curai CEO Neal Khosla offered a simpler explanation, claiming that the company is a “ccp state psyop” that’s “faking the cost was low to justify setting price low and hoping everyone switches to it [to] damage AI competitiveness in the us.” (A Community Note has been attached to his post pointing out that Khosla offers no evidence for this, and that his father Vinod is an OpenAI investor.)

Meanwhile, journalist Holger Zschaepitz suggested DeepSeek “could represent the biggest threat to US equity markets” — if a Chinese company can build a cutting-edge model at low cost, without access to advanced chips, it would call into question “the utility of the hundreds of billions worth of capex being poured into this industry.”

In response, Y Combinator CEO Garry Tan argued DeepSeek’s success would actually be good for its American competitors. “If training models get cheaper faster and easier,” he wrote on X, “the demand for inference (actual real world use of AI) will grow and accelerate even faster, which assures the supply of compute will be used.”

And Meta’s Chief AI Scientist Yann LeCun argued against looking at DeepSeek’s announcement through the lens of China versus the United States. Instead, he suggested the real lesson is that “open source models are surpassing proprietary ones.”

“DeepSeek has profited from open research and open source (e.g. PyTorch and Llama from Meta),” LeCun wrote on LinkedIn this week. “They came up with new ideas and built them on top of other people’s work. Because their work is published and open source, everyone can profit from it.”

All of the debate seems to be driving consumers to try the product. As of Sunday afternoon, DeepSeek’s AI assistant is the top free app in the Apple App Store, just ahead of ChatGPT.

>>> Research Calls I

Research Calls I
  • Upgrades:
    • 1st Source Corp (SRCE) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $72.50
    • Apple Hospitality REIT (APLE) upgraded to Buy from Neutral at BofA Securities; tgt raised to $17
    • Aptiv (APTV) upgraded to Outperform from Neutral at Robert W. Baird; tgt raised to $82
    • British American Tobacco (BTI) upgraded to Buy from Neutral at UBS
    • Burke & Herbert Financial Services Corp. (BHRB) upgraded to Outperform from Mkt Perform at Keefe Bruyette; tgt lowered to $76
    • Dana Inc (DAN) upgraded to Equal Weight from Underweight at Wells Fargo; tgt raised to $16
    • Exelixis (EXEL) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $40
    • Interpublic (IPG) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $39
    • Portillo's (PTLO) upgraded to Buy from Hold at Stifel; tgt raised to $16
    • Qorvo (QRVO) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $110
    • Redwire Corporation (RDW) upgraded to Buy from Neutral at B. Riley Securities; tgt raised to $27
    • South State (SSB) upgraded to Buy from Neutral at Citigroup; tgt raised to $128
    • State Street (STT) upgraded to Peer Perform from Underperform at Wolfe Research
    • Take-Two (TTWO) upgraded to Buy from Neutral at UBS; tgt raised to $230
    • Titan Machinery (TITN) upgraded to Outperform from Neutral at Robert W. Baird; tgt raised to $25
    • Travel + Leisure Co (TNL) upgraded to Buy from Underperform at BofA Securities; tgt raised to $60
    • Twilio (TWLO) upgraded to Buy from Neutral at Goldman; tgt raised to $185
    • Waste Mgmt (WM) upgraded to Sector Outperform from Sector Perform at Scotiabank; tgt raised to $250
  • Downgrades:
    • Air Products (APD) downgraded to Neutral from Buy at BofA Securities; tgt $350
    • Ameren (AEE) downgraded to Equal Weight from Overweight at Barclays; tgt raised to $95
    • Barrick (GOLD) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $18
    • Bloomin' Brands (BLMN) downgraded to Underperform from Neutral at BofA Securities; tgt $13
    • D.R. Horton (DHI) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $150
    • Fannie Mae (FNMA) downgraded to Underperform from Mkt Perform at Keefe Bruyette; tgt raised to $4
    • Freddie Mac (FMCC) downgraded to Underperform from Mkt Perform at Keefe Bruyette; tgt raised to $4.50
    • Intellia Therapeutics (NTLA) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $11
    • Public Service (PEG) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $84
    • RingCentral (RNG) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $37
    • RLI Corp (RLI) downgraded to Underperform from Buy at Jefferies; tgt lowered to $61
  • Others:
    • American Tower (AMT) initiated with a Mkt Outperform at JMP Securities; tgt $225
    • Ares Management (ARES) resumed with an Overweight at Barclays; tgt $224
    • Bitdeer Technologies (BTDR) initiated with an Outperform at Keefe Bruyette; tgt $26.50
    • CleanSpark (CLSK) initiated with an Outperform at Keefe Bruyette; tgt $19
    • Core Scientific (CORZ) initiated with an Outperform at Keefe Bruyette; tgt $22
    • Crown Castle (CCI) initiated with a Mkt Outperform at JMP Securities; tgt $115
    • DigitalBridge (DBRG) initiated with a Mkt Outperform at JMP Securities; tgt $16
    • Digital Realty Trust (DLR) initiated with a Mkt Outperform at JMP Securities; tgt $220
    • Equinix (EQIX) initiated with a Mkt Outperform at JMP Securities; tgt $1200
    • GDS Holdings (GDS) initiated with a Mkt Outperform at JMP Securities; tgt $35
    • GFL Environmental (GFL) initiated with a Buy at Citigroup; tgt $53
    • Marvell (MRVL) initiated with a Buy at Melius; tgt $188
    • Palladyne AI (PDYN) initiated with a Buy at Alliance Global Partners; tgt $15
    • Sagimet Biosciences (SGMT) initiated with a Buy at JonesResearch
    • SBA Comm (SBAC) initiated with a Mkt Outperform at JMP Securities; tgt $250
    • Vistra Corp. (VST) resumed with a Neutral at BofA Securities; tgt $206

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:
  • T +2.1%, SBGI +1.3%
Other news:
  • AKRO +110.7% (reports preliminary topline results showing statistically significant reversal of compensated cirrhosis due to MASH—by both completer and ITT analyses—at Week 96 in phase 2b symmetry study)
  • TVGN +37.8% (Broadens Relationship with Microsoft to Deepen Artificial Intelligence Collaboration and Develop PredicTcell Technology on Azure)
  • DADA +26.2% (announces receipt of a preliminary non-binding proposal to acquire the company)
  • LGTY +23.8% (to be acquired by Aptean for $14.30 per share)
  • SOR +14% (Proposes Merger With 180 Degree Capital Corp)
  • IPHA +10.2% (Announces First Patient Dosed in Phase 1 Study of Its Nectin-4 Targeting Antibody Drug Conjugate IPH4502 in Selected Advanced Solid Tumors)
  • ADAG +3.1% (Updated Data from Phase 1b/2 Study of Muzastotug in Combination with KEYTRUDA)
  • AZPN +3% (Aspen Tech to be acquired by Emerson for $265.00 per share)
  • RNAC +3% (received written agreement from the U.S. FDA under the Special Protocol Assessment process on the overall design of the Company's planned Phase 3 AURORA trial for Descartes-08, its lead mRNA cell therapy candidate, in myasthenia gravis)
  • DEC +2.3% (enters into a definitive agreement to acquire Maverick Natural Resources, a portfolio company of EIG for total consideration of approximately $1,275 mln)
  • DVAX +2% (advances board refreshment program)
  • GSK +1.7% (Shingrix new prefilled syringe presentation accepted for review by EMA)
  • AWK +1.5% (Pennsylvania American Water receives $19.3 mln in PENNVEST funding to make water and wastewater infrastructure improvements)
  • BMY +1.5% (Presents Results from CheckMate -8HW Analysis Evaluating Opdivo® (nivolumab) plus Yervoy (ipilimumab) Compared to Opdivo Monotherapy)
  • EMCG +1.3% (announces entering into a definitive merger agreement with Tianji)
  • EXEL +1.2% (Announces Encouraging Results from Phase 1b/2 STELLAR-001 Trial Evaluating Zanzalintinib Alone or in Combination with an Immune Checkpoint Inhibitor in Metastatic Colorectal Cancer at ASCO GI 2025)

>>> US Gapping down

Gapping down
In reaction to earnings/guidance:
  • SOFI -11.8%
Select Index ETFs showing weakness:
  • QQQ -3.8%, SPY -2.2%, IWM -1.2%, DIA -0.9%
Select tech names showing early weakness:
  • NVDA -12.1%, ARM -10.5%, MSFT -6%, AI -5.7%, XLK -4.8%, AMD -4.4%, META -3.4%
Other news:
  • VERU -38.8% (Topline Data from Phase 2b QUALITY Clinical Study: Enobosarm Preserved Lean Mass in Patients Receiving WEGOVY (Semaglutide) for Weight Reduction)
  • MVST -15.1% (files for $250 mln mixed securities shelf offering)
  • KULR -6.5% (increased the maximum offering amount of the shares issuable under the At The Market Offering Agreement to $100,000,000 from $50,000,000; filed a prospectus supplement under the Sales Agreement for an aggregate of $50 mln)
  • MSTR -5.6% (sold an aggregate of 2,765,157 Shares under the Sales Agreement during the period between January 21, 2025 and January 26, 2025)
  • ECOR -3.5% (files $100 mln mixed shelf securities offering)
  • NTRA -3.3% (Phase III CALGB (Alliance) / SWOG 80702 Clinical Trial in Colorectal Cancer)
  • KOPN -3% (enters into $50 mln At-The-Market Equity Offering Sales Agreement)
  • PRTC -2.5% (Founded Vedanta Biosciences Publishes Additional Phase 2 VE303 Results in Nature Medicine)
  • SLDB -2.5% (provided DOE update)
  • SRPT -1.7% (Announces Results from Part 2 of the EMBARK Study Demonstrating Sustained Benefits and Disease Stabilization in Ambulatory Individuals with Duchenne Muscular Dystrophy Following Treatment with ELEVIDYS)
  • X -1.7% (reiterates commitment to maximizing value for stockholders; issues statement in response to Ancora)
  • HTH -1.7% (announces agreement to sell its interest in Moser Energy Systems)
  • MIDD -1% (confirms ongoing strategic review of business portfolio as part of Board of Directors' efforts to maximize shareholder value)