On this episode of Stock Movers:
- Nvidia (NVDA) shares are down this week after The Information reported, citing unidentified sources, that the company has instructed component suppliers to stop production related to the H20 AI chip. The production suspension comes after Beijing urged local companies to avoid using the H20, a chip designed specifically for the Chinese market. CEO Jensen Huang said he was surprised by Beijing's concerns and reiterated that the H20 houses no security backdoors, according to Huang.
- Dayforce (DAY) shares are up after Thoma Bravo agreed to buy the human resources software provider in what is set to become one of the investment firm’s largest-ever deals. The private equity giant will pay $70 a share in cash for Minneapolis-based Dayforce, according to a statement Thursday. The price represents a roughly 32% premium to Dayforce’s stock price on Aug. 15, the last trading session before Bloomberg News reported that a deal was in the works. The deal values Dayforce at $12.3 billion including debt and includes a significant minority investment from a wholly-owned subsidiary of the Abu Dhabi Investment Authority.
- Palantir's (PLTR) losing streak came as investors shed some of the biggest tech stocks, wiping out more than $73 billion in market value. The drop has given short sellers more than $1.6 billion in profits, according to data from S3 Partners LLC. Short interest as a percentage of Palantir’s float has fallen to about 2.5% from nearly 5% a year ago, according to Matthew Unterman, managing director of S3 Partners LLC.
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