Gapping down
In reaction to earnings/guidance:
In reaction to earnings/guidance:
- FDS -3.1%, NKE -2.5%, PRGS -0.8%
Other news:
- SSTK -31.4% (Getty (GETY) Board resolved not to proceed with the process to sell Shutterstock's editorial business and terminate merger assuming no material change in circumstances prior to July 7)
- CAST -10.3% (prices $23.7 mln private placement consisting of common stock and warrants)
- PZZA -5.5% (CFO to step down)
- AA -4.9% (to acquire South32's bauxite, alumina, and aluminum assets for $4.1 bln)
- FLZH -4.2% (stock offering by selling shareholders)
- NIO -2.4% (June deliveries)
- KR -2.3% (will acquire Giant Eagle)
- NGNE -1.8% (pricing of $125 million public offering)
- NNBR -1.4% (entered into a securities purchase agreement for a private investment in public equity financing that is expected to result in gross proceeds of $75.0 million)
- ABR -1.3% (prices upsized offering of $325 mln of its 6.25% Convertible Senior Notes due 2029)
- SHEL -1.1% (TALO to acquire Gulf of America deepwater oil assets from from Shell Offshore)
- MPTI -1.1% ($4 mln in orders from defense contractor)
Gapping up
In reaction to earnings/guidance:
In reaction to earnings/guidance:
- MSM +4.3%, GIS +3.8%, STZ +1.2%
Other news:
- SOC +10.4% (prices offerings of common stock and convertible senior notes)
- FMC +8.4% (to receive $400 mln strategic investment from Tessenderlo Group)
- BE +7.7% (BE and BN expand AI infrastructure partnership to $25 bln)
- LUNR +7.3% (receives $148.3 mln NASA contract)
- TALO +3.8% (to acquire Gulf of America deepwater oil assets from from Shell Offshore)
- AIOT +3.7% (authorizes $30 mln share repurchase program)
- ARX +3.5% (Incline P&C Group enhances partnership)
- FLY +3.5% ($144 mln NASA Lunar Payload Services contract)
- ALVO +3.3% (secures additional $75 mln term loan to support growth)
- CHRN +3.2% (stock offering by selling shareholders)
- SITC +2.5% (sells The Pike Outlets, declares $1.00 special dividend)
- ALSN +2.3% (to join S&P MidCap 400)
- ICFI +2.3% ($14 mln contract with California DoT)
- PLTR +2.3% (following quarterly disclosure from President Trump where he purchased between $100-250K worth of shares in the company; also disclosed several crypto transactions and numerous other stocks)
- XPEV +2.1% (June deliveries)
- LMT +1.9% (awarded a $2.99 bln Army contract, awarded a $103.9 mln Navy contract)
- DT +1.5% (appoints two directors after engagement with Starboard)
- MESO +1.4% (seeks FDA modular review for rexlemestrocel-L BLA)
Early premarket gappers
-
Gapping up:
- CTNM +9.2%, BE +8.8%, MSM +8.4%, LUNR +7.3%, FMC +6.9%, AIOT +6.3%, ALSN +4.7%, SITC +4.3%, FLY +3.9%, ARX +3.5%, ALVO +3%, TALO +2.6%, ICFI +2.3%, STZ +2%, XPEV +1.9%, LMT +1.8%, KE +1.6%, IPX +1.6%, ABVX +1.4%, MESO +1.4%, ECHO +1.3%, CHRN +1.2%, DDOG +1%, ORI +0.9%
-
Gapping down:
- CAST -15%, PZZA -5.6%, AA -5.3%, FLZH -3.4%, NKE -3.4%, NIO -2.8%, FAC -2.5%, PRGS -2%, ABR -1.3%, MPTI -1.1%, SHEL -1%, SITM -0.9%
>>> Up
* Abivax ADRs Raised to Buy at Jefferies; PT $158
* Artea Bankas Raised to Buy at Erste Group; PT 1.15 euros (+)
* Bayer Raised to Add at AlphaValue/Baader
* Circle Internet Raised to Neutral at Compass Point; PT $55
* Equinor Raised to Buy at Nordea; PT 370 kroner
* Grindr Raised to Overweight at Morgan Stanley; PT $18
* Lumo Kodit Raised to Buy at Goldman; PT 9.10 euros
* Murphy USA Raised to Buy at Jefferies; PT $625
* Nokia Raised to Buy at Danske Bank Markets; PT 14 euros
* Norsk Hydro Raised to Hold at Arctic Securities; PT 90 kroner
* Novo Nordisk PT Lifted at Jefferies Ahead of 2Q Results (+)
* Rockwool PT Raised to 270 kroner at Morgan Stanley
* RS Group Raised to Buy at Deutsche Bank; PT 775 pence
* Talos Energy Raised to Buy at Roth Capital Partners; PT $17
* Tecan Raised to Buy at UBS; PT 208 Swiss francs
* Tecan Raised to Buy at UBS; PT 208 Swiss francs
* Telenor Raised to Buy at SEB Equities; PT 175 kroner
* Wartsila Raised to Neutral at JPMorgan; PT 30.60 euros
* Zespol Elektrowni Raised to Outperform at Erste Biuro Maklerskie (+)
>>> Down
* Dow Cut to Sector Perform at RBC; PT $28
>>> Down
* Dow Cut to Sector Perform at RBC; PT $28
* Ependion Cut to Hold at Danske Bank Markets; PT 155 kronor (+)
* Nike PT Cut to $45 from $50 at Stifel (+)
* Nike PT Cut to $52 from $67 at Barclays (+)
* Noble Corp. PT Cut to $45 from $52 at Citi
* Richemont Cut to Neutral at Grupo Santander; PT 200 Swiss francs
* Simon Property Cut to Peerperform at Wolfe
>>> Initiation
>>> Initiation
* Allegro Rated New Buy at William O'Neil
* Bombardier Reinstated Buy at Stifel Canada; PT C$390
* Borr Drilling Rated New Overweight at Capital One; PT $6
* Cava Group Rated New Hold at Freedom Capital; PT $95
* CTP Reinstated Outperform at BNP Paribas; PT 21 euros
* El Pollo Loco Rated New Buy at Freedom Capital; PT $22
* GE Vernova Reinstated Buy at William O'Neil
* Gecina Reinstated Underperform at BNP Paribas; PT 70 euros
* Klepierre Reinstated Neutral at BNP Paribas; PT 36 euros
* LEG Immobilien Reinstated Underperform at BNP Paribas
* Seadrill Rated New Overweight at Capital One; PT $55
* Seadrill Rated New Overweight at Capital One; PT $55
* Segro Reinstated Neutral at BNP Paribas; PT 890 pence
* Shurgard Reinstated Outperform at BNP Paribas; PT 28 euros
* SpaceX Rated Outperform as Wedbush Sees Hyperscaler Potential
* TAG Immobilien Reinstated Outperform at BNP Paribas
* Tritax Big Box Reinstated Outperform at BNP Paribas
* Unibail Reinstated Outperform at BNP Paribas; PT 113 euros
>>> Call
>>> Call
* Citi Stays Positive on Ingredients, Symrise on Positive Watch
* Equinor Upgraded to Buy at Nordea on Stronger Cash Flow Margins
* Fox Corp Upgraded With Wolfe Positive on Deal to Buy Roku
* Fox Corp Upgraded With Wolfe Positive on Deal to Buy Roku
* Wartsila Upgraded at JPMorgan on Medium-Term Energy Opportunity
OpenAI Discovers New Way to Cut Inference Costs in Half
We closely track efforts by Anthropic, Google and OpenAI to get access to more server chips to run their models. But we don’t talk enough about the work these companies are doing to get more juice from the servers they already have.
In one previously unreported example, OpenAI engineers earlier this month told some colleagues they had figured out a way to more than halve the cost of inference, or running existing models, thanks to some newly-discovered optimizations, according to a person with knowledge of those discussions.
When the engineers applied the new techniques to power ChatGPT for visitors who didn’t have a free or paid account, it reduced the number of Nvidia graphics processing units needed at one point to just a couple hundred—a shockingly small number. (That said, OpenAI likely doesn’t get much ChatGPT usage from such users, as the company limits how much they can use the chatbot that way.)
It isn’t clear what OpenAI did to get its latest efficiency gains, which might include techniques such as quantization; key value-caching, or helping the model remember information from prior calculations it made so it doesn’t need to repeat the work; sending queries to be answered in batches rather than one by one; and routing some queries to models or parts of models that require less power to answer them.
And the ones OpenAI figured out this month may have less impact later in the year when the company develops bigger models in terms of parameters, the settings that determine its answers, as bigger models tend to cost more to run.
However, these inference optimizations, which rival Anthropic refers to as “compute multipliers,” are a big focus for all the labs. Anthropic CEO Dario Amodei has been publicly talking about the concept since at least mid-2023, when he said on a podcast that the company limits “the number of people who are aware of a given compute multiplier” because it could give other AI labs a leg up if they were to be able to replicate them. (Compute multipliers can also refer to efficiency optimizations in the model-training phase.)
These optimizations are especially important because large AI developers are having a hard time getting access to enough servers. Even when they are able to sign contracts to build or lease new data centers, it can often take months or years to get them up and running. (OpenAI is also trying to further reduce its inference costs by launching its own chip with Broadcom that’s specialized for running models and aims to be cheaper than using Nvidia chips.)
Nvidia competitor Etched hits $5B valuation, $1B in sales for AI chip
Nvidia AI chip competitor Etched issued a progress report on Tuesday, after TSMC successfully manufactured its chip earlier this year. The startup says it has already booked $1 billion in contract orders for its product: full systems powered by those chips.
Etched is currently in the process of testing that first product with customers. It calls these systems “frontier inference clusters,” bundles that include the chips along with custom-designed racks and software, all built to help frontier models run inference faster, more cheaply, and with better power efficiency than rivals, Etched claims. (Inference is what happens after a user submits a prompt — it’s currently the biggest bottleneck, and the biggest cost center for AI companies trying to serve customers at scale, which is exactly why investors are paying attention to anyone promising to solve it.)
Etched, founded in 2022, also revealed that it has now raised a total of $800 million to date. The most recent tranche was an unannounced $500 million round closed in December at a $5 billion post-money valuation, the company said.
The startup has attracted a notable group of investors, too, including VentureTech Alliance, Jane Street, Hudson River Trading, Two Sigma, Ribbit Capital, and Stripes, who led the $500 million round. It has also secured angel investment from AI heavyweights including Andrej Karpathy, Geoffrey Hinton, Fei-Fei Li, Arthur Mensch, and Scott Wu. The cap table also includes billionaires Stanley Druckenmiller and Peter Thiel.
Although the startup’s press release frames Tuesday’s announcement as Etched “coming out of stealth,” co-founders — CEO Gavin Uberti (pictured above) and president Robert Wachen — have actually been talking to TechCrunch about their chip plans since 2024. Both dropped out of Harvard and became Thiel fellows to found Etched, as Uberti told TechCrunch at the time.
By 2024, Etched was already on investors’ radar, having raised more than $125 million. But on Patrick O’Shaughnessy’s “Invest Like the Best” podcast, the founders said that back in 2023, they struggled to get investors interested — even with a 30-page memo arguing that AI would eventually need specialized chips, not just general-purpose GPUs. Every major investor they pitched passed. The company was reportedly operating month-to-month, close to running out of cash, in those early days.
Today’s funding environment looks like a different planet by comparison. Investors are chasing everything AI-related, especially chip technology that speeds up inference. Competitor Cerebras had the first breakout IPO of the year, while AI chip maker Groq just raised $650 million. Hyperscalers Amazon, Google, and Microsoft all build their own in-house AI chips. Even OpenAI just announced its first custom chip, built by Broadcom.
Asian equities edged lower as investors turned cautious after a rally in chipmakers and other tech stocks helped propel them to their best quarter in 17 years. MSCI’s regional equities gauge dropped 0.2%, snapping a two day gain, with nine of the 11 subgroups declining. Stocks in Japan and Taiwan rose, while South Korea’s benchmark index dropped 2.3%. Hong Kong’s markets are closed for a public holiday. Equity-index futures indicated Asian losses will spread to Europe and the US. Elsewhere, Brent crude rose 0.4% to $73.20 a barrel, reversing its losses from Tuesday, even as the US said it had positive talks in Doha on a deal with Iran. The dollar strengthened for a second day, while gold slipped 0.6%. The consolidation in stocks followed a quarter in which investors looked past geopolitical tensions and piled into the AI trade, while the latest US economic data reinforced the view that the world’s largest economy remains resilient. The equities rally faces key tests with Federal Reserve Chairman Kevin Warsh speaking in Europe Wednesday, before attention shifts to the US June payrolls report on Thursday for clues about the path of interest rates. Global equities had their best quarter in almost six years, while Japan’s Nikkei 225 Stock Average gained more than 37% — the best three-month performance on record. South Korea’s Kospi, the world’s best-performing major benchmark this year, jumped almost 70% last quarter, the best advance since 1998. The gauge fell as much as 3.9% Wednesday, with investor focus on a resumption of the National Pension Service’s domestic stock rebalancing after a temporary suspension through end-June. Meanwhile, Tuesday’s economic reports showed US job openings were little changed in May, signaling labor demand remained steady, while consumer confidence edged higher in June as lower gasoline prices helped offset concerns about the job market. Steady employment data and elevated inflation readings have raised expectations that the Fed may need to raise interest rates later this year to tame price pressures. Officials will hold their next policy meeting at the end of July after voting unanimously to leave rates unchanged at last month’s meeting, the first led by chairman Warsh. In other corners of the market, Treasuries inched up. The yield on the benchmark 10-year note fell one basis point to 4.46%. The yen weakened 0.1% to 162.77 per dollar after falling to a 40-year low this week. The currency’s slide to a four-decade low against the dollar left traders eyeing Japan’s next intervention threshold. After the currency weakened past the 162 per dollar level on Tuesday, strategists increasingly pointed to 163 and beyond, arguing the Finance Ministry may tolerate a weaker yen than it did in 2024. Meanwhile, US negotiators Jared Kushner and Steve Witkoff had positive discussions with regional leaders in Qatar and technical talks with Iran are moving ahead, according to a senior administration official. An interim agreement signed earlier this month opened the door to a 60-day negotiating period, but those efforts faced a setback in recent days after a series of clashes over the Strait of Hormuz. US After Hours
Nikkei +0.89% Hang Seng -0.63% CSI -0.34% Kospi -2.23% Shanghai +0.47% Shenzen +0.43%
Eur$ CNH CNY JPY GBP CHF RUB TRY WTI$ Gold BTC ETH
S&P -0.26% Nasdaq -0.29% EuroStoxx -0.03% FTSE -0.31% Dax +0.05% SMI -0.24%
Macro :
- US Withdraws Controls on Anthropic’s Fable 5, Wired Reports
- Ashton Kutcher Exits From Sound Ventures to Set Up New Venture Firm -- WSJ
- Chipmaker Stocks See Best Quarter Ever: S&P 500 Sector Wrap
- Bitcoin Slides Below $60,000 as Strategy Selloff Refuels Anxiety
- *BURRY SAYS HE SHORTED TESLA, NVIDIA AND APPLIED MATERIALS
Keep an eye on :
Keep an eye on :
- ABVX FP : Abivax Is Said to Offer ADRs at Fixed Price of $125 Apiece - 0.02% in After Hours - Stock Closed will open with US Line at 15h30 paris time
- ABVX US : Abivax Announces Launch of Public Offering of American Depositary Shares, Abivax Is Said to Offer ADRs at Fixed Price of $125 Apiece
- AIR FP : BOC Aviation Signs Lease Pact With Starlux for Eight Airbus Jets
- AKER NO : Aker Says Cognite Sale to Generate Proceeds of $1.48B for Co
- AA US : Alcoa Bets on Aluminum Boom With $5.6 Billion South32 Deal
- AMBA US : Ambarella Rallies as Rosenblatt Names It a Top Pick for 2026 +28%
- ANGH US : Anghami Confirms Holder OSN Take-Private Offer at $3.39/Share
- Anthropic IPO : Anthropic’s Fable 5 Has Been Analyzed and Approved, Lutnick Says
- AAPL US : Apple’s Tim Cook, EU’s Virkkunen Held Talks Over ‘Siri AI’: FT
- ASML NA : ASML, Chip-Tool Stocks Soar as Samsung, SK Plan Investments
- ATS AV : AT&S Holders Offer About 567k Shares: Terms, AT&S Offering by Holders Prices at EU200/Share
- AAT SS : Attendo CEO Martin Tivéus Resigns; to Leave Role End-2026
- ADX SM : Audax Says Continues to See Elmera as Highly Attractive
- BAYN GY : Monsanto Files Petition for US Duties on Chinese Glyphosate
- BYW6 GY : BayWa Reaches Deal in Principle to Revise Restructuring
- BE US : Bloom Energy Rises on Expanded AI Brookfield Partnership (1)
- BA US : Boeing Ops Disrupted Coast-To-Coast by IT Outage: Air Current
- BOOZT SS : Boozt CEO Haraldsson Sells SEK14.8m of Shares in Company
- BP/ LN : BP Trading Boss Howle to Retire in Latest Senior Reshuffle
- CINT SS : Cint Says Tricarbs Bidco Raises Its Cash Offer to SEK6 a Share
- SCHO US : Dish DBS Files for Chapter 11 Bankruptcy
- EDF FP : EDF, KKR Deal for EDF Power Solutions Valued at $4.2b
- EDP PL : EDP to Sell Stake in A 68 MWac Portfolio in Italy for EU150m
- ELMRA NO : Audax Says Continues to See Elmera as Highly Attractive
- ENI IM : Eni, Mercuria to Form Partnership to Trade Energy Commodities:FT
- EQNR NO : Transocean Climbs on Pact With Equinor Valued at Over $1B
- P US : Jana Partners Built New Position in Everpure: Reutersdes
- FDX US : CMA CGM Nears $1.4B Deal for FedEx Logistics Unit: FT
- FLY US : NASA Selects Three Companies For Four New Moon Missions
- GEKTERNA GA : Gek Terna Upsizes Private Placement to 15.5m Shares: Terms
- GRF SM : Grifols Reorganizes Operating Model, Appoints US Biopharma SVP
- IDIA SW : Idorsia Appoints Roland Wandeler as CEO Effective October 1
- INGA NA : ING Close to Buying 40% Stake in Singular Bank: Expansion
- IPN FP : Ipsen to Buy Memo Therapeutics to Expand Rare Disease Portfolio
- KKR US : SK, KKR to Launch 10GW Renewable Energy Platform in South Korea
- KKR US : EDF, KKR Deal for EDF Power Solutions Valued at $4.2b
- LMT US : Lockheed Wins $103.9 Million U.S. Navy Contract
- MAERSKB DC : Maersk Says Port of La Guaira Ops Not Yet Authorized to Resume
- MSFT US : Microsoft plans another round of job cuts, impacting thousands of roles
- NWG LN : NatWest sued for £250mn by firm linked to Thurrock council scandal
- NGNE US : Neurogene Is Said to Seek $75 Million from Stock Sale
- NKE US : Nike Shares Drop After Outlook, Cautious Consumer Comments, Nike CFO Doesn't Expect Meaningful Improvement in Environment in Next Six Months
- PIRC IM : Pirelli Board Names Tronchetti Exec Chairman, Backs US Push
- PIRC IM : Pirelli Board Names Tronchetti Exec Chairman, Backs US Push
- PIRC IM : Pirelli Seeks Board Approval for Up to $1.2 Billion Investment Plan to Boost US Operations
- SAABB SS : Saab Signs Contract for Gripen E Fighter Aircraft for Ukraine
- SU FP : Schneider’s Cognite Deal Expensive, Fits Strategy: Street Wrap
- SHEL LN : Shell to Sell Some Deepwater US Oil Assets for $1.7 Billion
- S32 AU : South32 Shares Up 9.1% in Sydney After Alcoa Aluminum Deal
- SF SS : Stillfront Initiates Search for New CEO to Succeed Alexis Bonte
- SSTK US : *SHUTTERSTOCK FALLS 17% AFTER GETTY IMAGES TERMINATES MERGER
- TKMS GY : TKMS Subsidiary Was Victim of Cyberattack: WirtschaftsWoche
- RIG US : Transocean Climbs on Pact With Equinor Valued at Over $1B --> +2.9%
- VWS DC ; Vestas Gets More Than 450 MW of New Wind Turbine Orders
- WLN FP : Crédit Agricole to Acquire CAWL From Worldline Group
- WLN FP : Crédit Agricole to Acquire CAWL From Worldline Group
>>> Up
* Abivax ADRs Raised to Buy at Jefferies; PT $158
* Bayer Raised to Add at AlphaValue/Baader
* Circle Internet Raised to Neutral at Compass Point; PT $55
* Equinor Raised to Buy at Nordea; PT 370 kroner
* Grindr Raised to Overweight at Morgan Stanley; PT $18
* Lumo Kodit Raised to Buy at Goldman; PT 9.10 euros
* Murphy USA Raised to Buy at Jefferies; PT $625
* Norsk Hydro Raised to Hold at Arctic Securities; PT 90 kroner
* Rockwool PT Raised to 270 kroner at Morgan Stanley
* RS Group Raised to Buy at Deutsche Bank; PT 775 pence
* Talos Energy Raised to Buy at Roth Capital Partners; PT $17
* Tecan Raised to Buy at UBS; PT 208 Swiss francs
* Tecan Raised to Buy at UBS; PT 208 Swiss francs
* Telenor Raised to Buy at SEB Equities; PT 175 kroner
* Wartsila Raised to Neutral at JPMorgan; PT 30.60 euros
>>> Down
* Dow Cut to Sector Perform at RBC; PT $28
>>> Down
* Dow Cut to Sector Perform at RBC; PT $28
* Noble Corp. PT Cut to $45 from $52 at Citi
* Richemont Cut to Neutral at Grupo Santander; PT 200 Swiss francs
* Simon Property Cut to Peerperform at Wolfe
>>> Initiation
>>> Initiation
* Allegro Rated New Buy at William O'Neil
* Bombardier Reinstated Buy at Stifel Canada; PT C$390
* Borr Drilling Rated New Overweight at Capital One; PT $6
* Cava Group Rated New Hold at Freedom Capital; PT $95
* CTP Reinstated Outperform at BNP Paribas; PT 21 euros
* El Pollo Loco Rated New Buy at Freedom Capital; PT $22
* GE Vernova Reinstated Buy at William O'Neil
* Gecina Reinstated Underperform at BNP Paribas; PT 70 euros
* Klepierre Reinstated Neutral at BNP Paribas; PT 36 euros
* LEG Immobilien Reinstated Underperform at BNP Paribas
* Seadrill Rated New Overweight at Capital One; PT $55
* Seadrill Rated New Overweight at Capital One; PT $55
* Segro Reinstated Neutral at BNP Paribas; PT 890 pence
* Shurgard Reinstated Outperform at BNP Paribas; PT 28 euros
* SpaceX Rated Outperform as Wedbush Sees Hyperscaler Potential
* TAG Immobilien Reinstated Outperform at BNP Paribas
* Tritax Big Box Reinstated Outperform at BNP Paribas
* Unibail Reinstated Outperform at BNP Paribas; PT 113 euros
>>> Call
>>> Call
* Citi Stays Positive on Ingredients, Symrise on Positive Watch
* Fox Corp Upgraded With Wolfe Positive on Deal to Buy Roku
* Fox Corp Upgraded With Wolfe Positive on Deal to Buy Roku
* Wartsila Upgraded at JPMorgan on Medium-Term Energy Opportunity