Alibaba, Marvell, Affirm, IREN, Nukkleus: Stocks Making The Biggest Moves Today

Alibaba shares surged over 10% in Friday’s midday trade after the company was reported to be developing a new AI chip to fill the void left by Nvidia due to regulatory hurdles.

U.S. equities declined in Friday’s midday trade as Wall Street digested Personal Consumption Expenditures (PCE) data from the Bureau of Economic Analysis, which showed that the inflation came in at 2.6% in July.

The SPDR S&P 500 ETF (SPY), which mirrors the S&P 500 index, was down 0.72% at the time of writing, while the Invesco QQQ Trust (QQQ), which mirrors the Nasdaq, declined 1.23%. The SPDR Dow Jones Industrial Average ETF Trust (DIA), which mirrors the Dow Jones Industrial Average, fell 0.35%.

Here are the top stocks making the biggest moves in Friday’s midday trade:

Alibaba Group Holding (BABA)

Alibaba’s NYSE-listed shares surged over 10% in Friday’s midday trade after the company was said to be developing a new AI chip to fill the void left by Nvidia Corp. (NVDA) due to regulatory hurdles, according to a report by The Wall Street Journal.

BABA stock is up 57% year-to-date.

Marvell Technology Inc. (MRVL)

Marvell shares plunged 16% in Friday’s midday trade after CEO Matthew Murphy said during the second-quarter (Q2) earnings call that data center revenue in the third quarter (Q3) would be flat on a sequential basis.

MRVL stock is down 41% year-to-date.

Affirm Holdings Inc. (AFRM)

Affirm’s shares surged over 13% in midday trade on Friday after the Buy Now, Pay Later company’s fourth-quarter (Q4) earnings blew past Wall Street estimates. It reported earnings per share (EPS) of $0.2 on revenue of $876 million, compared to an estimated EPS of $0.12 on revenue of $837 million, according to Stocktwits data.

AFRM stock is up 48% year-to-date.

IREN (IREN)

IREN’s shares surged over 20% on Friday before paring some of the gains to hover 12% higher in the midday trade. The Bitcoin miner’s expansion of services to include AI cloud services helped the stock bag multiple price hikes. IREN reported an EPS of $0.21 in Q4, beating Wall Street expectations of an EPS of $0.18, according to Stocktwits data.

IREN stock is up 163% year-to-date.

Nukkleus Inc. (NUKK)

Nukkleus shares ripped over 37% in Friday’s midday trade after the company announced a strategic joint venture focused on commercial and defense-oriented infrastructure modernization with Israeli business development firm, Mandragola, to establish advanced manufacturing zones to support civil and defense aviation needs.

NUKK stock is down 86% year-to-date.

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