1. AMD shares rise after company’s chip announcement, with Meta, Microsoft, and OpenAI using it
Meta Platforms (META), Microsoft (MSFT), and OpenAI have all announced that they will be using Advanced Micro Devices’ (AMD) Instinct MI300X chip, a new graphics processing unit designed for artificial intelligence applications. AMD launched the new chip at an event on Wednesday, presenting it as a competitor to Nvidia’s H100 chip. AMD shares rose 3% in pre-market trading, while Nvidia shares rose 0.3%.
2. GameStop shares decline due to lower-than-expected revenues
GameStop (GME) shares fell more than 7% in pre-market trading after the video game retailer reported a decline in hardware, software, and accessory sales. GameStop’s revenue was $1.078 billion, below expectations of $1.18 billion, although it beat loss expectations of $0.08 per share, with third-quarter earnings of $0.01 per share.
3. Robinhood launches cryptocurrency offerings in the EU market
Online brokerage Robinhood (HOOD) has launched cryptocurrency services in the European Union, allowing customers there the option to buy and sell 25 digital currencies. This is the company’s second step in expanding into international markets, following last month’s announcement that it would launch stock trading services in the UK by early 2024. Robinhood shares fell 1% in pre-market trading.
4. Cerevel Therapeutics shares rise after AbbVie acquisition
Shares of neuroscience company Cerevel Therapeutics (CERE) rose nearly 14% in pre-market trading to around $42 per share after AbbVie (ABBV) announced it would acquire Cerevel for $8.7 billion. Under the deal, AbbVie will pay $45 per share for Cerevel in a transaction expected to close by mid-2024. AbbVie shares fell slightly in pre-market trading.
5. Initial jobless claims expected to rise and consumer credit easing
Initial jobless claims for the week ending December 2 are expected to reach 220,000 when the data is announced at 8:30 AM EST, higher than the 218,000 reported the previous week. At 10 AM EST, wholesale inventories are expected to decline by 0.2% in October, compared to a 0.2% increase from the previous month, while the consumer credit report at 3 PM EST is expected to show that consumers added $8 billion in credit in October, less than the $9.1 billion added the previous month.
Source: https://www.investopedia.com/5-things-to-know-before-markets-open-december-7-2023-8411840
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