On this edition of Stock Movers:
- Tesla (TSLA) shares slid after Elon Musk announced he’s forming a new political party, digging deeper into a pursuit that’s been a drag on his most valuable business. The chief executive officer announced over the weekend that he’ll take on Republicans and Democrats with the “America Party,” focusing on House and Senate seats for the next 12 months. After that, backing a candidate for president isn’t out of the question, Musk wrote on X.
- CoreWeave (CRWV) shares were lower on word that it'll drop $9 billion on the data-center operator Core Scientific Inc. in an effort to gain more direct control over the physical assets powering the artificial-intelligence boom. In buying Core Scientific in an all-stock deal, CoreWeave will inherit more than a gigawatt of data-center capacity across the US — much of which is already contracted out to serve its clients in training, deploying and using AI models. CoreWeave said Monday that controlling more of its supply chain will eliminate lease expenses, reduce costs including those associated with financing projects and “future-proof” its revenue growth.
- Netflix (NFLX) shares were lower after Seaport Global Securities downgraded the streamer to neutral from buy. Analyst David Joyce writes, "We believe that plenty of the long-term opportunity set is factored into the shares at this price, and the company needs time to execute against the expectations in advertising, aggregating, launching experiences, and expanding share again."
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