On this edition of Stock Movers:
- Google parent Alphabet (GOOGL) shares popped today after the search giant on Monday joined an elite group of companies valued at more than $3 trillion, the latest sign of improving investor sentiment toward the Google parent. Shares rose as much as 4.8% to $252.41, resulting in a market capitalization of just over $3 trillion. The stock has soared more than 70% from its April low, adding roughly $1.2 trillion in value over that span. Alphabet joins a short list of companies valued at more than $3 trillion, with Nvidia Corp., Microsoft Corp. and Apple Inc. the only other publicly traded stocks above that level.
- Global X Uranium ETF (URA) rallied today after the Trump administration’s top energy official said the US should look to boost its strategic uranium reserve to buffer against Russian supplies and increase confidence in the long-term prospects of nuclear power generation. US Energy Secretary Chris Wright comments underscore the Trump administration’s plans to promote nuclear energy as the demand for power soars with the electrification of the economy. Russia supplies about a quarter of the enriched uranium needed by America’s fleet 94 nuclear reactors, which generate about a fifth of US electricity. Turning the tap off too quickly from that source could endanger about 5% of electricity in the absence of alternative suppliers or additional stockpiles. “We’re moving to a place — and we’re not there yet — to no longer use Russian enriched uranium,” Wright said Monday in Vienna, where he’s attending the IAEA’s annual general conference.
- CoreWeave (CRWV) shares jumped today after the company said its shareholder Nvidia Corp. has agreed to buy cloud services valued at $6.3 billion, part of that company’s push to speed up the adoption of artificial intelligence across the economy. The deal, first announced in April 2023, runs through 2032 and requires Nvidia to buy any excess capacity not used by its customers, CoreWeave said in a regulatory filing on Monday. Nvidia said the agreement guarantees AI computing capacity will be in place when needed. “Industrywide demand for AI infrastructure continues to grow, yet building large-scale data-center capacity typically requires long lead times and four- to six-year customer commitments,” Nvidia said in an emailed statement. “To support startups and small to midsized companies, Nvidia and CoreWeave are proactively building data center infrastructure and provisioning data-center capacity to meet evolving capital needs.”
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