AMD, Iren and Archer Aviation lead midday stock moves

Traders Union
All News
Business & Wealth
Midday leaders: AMD, Iren, Archer

Highlights

Advanced Micro Devices rises nearly 4% midday as Microsoft announces AMD's Helios-based system will be offered on Azure cloud, highlighting Helios' competitiveness.
Iren jumps over 17% after increasing its year-end AI Cloud annualized run-rate revenue target to over $4 billion, driven by $2.8 billion in new multiyear contracts.
Archer Aviation climbs 17% after unveiling an autonomous vertical take-off and landing aircraft with Anduril, with first flight scheduled for next year.

AI, cloud and contract news drive gains

As reported by CNBC, Advanced Micro Devices is trading nearly 4% higher after Microsoft says it will offer AMD's Helios-based system on the Azure cloud. Wolfe Research's Chris Caso says Microsoft's decision to return to AMD GPUs "attests to Helios' competitiveness," and the development comes ahead of AMD's Advancing AI day later this week.

Iren jumps more than 17% after the data center operator raises its year-end AI Cloud annualized run-rate revenue target to more than $4 billion from $3.7 billion, following the receipt of $2.8 billion in new multiyear contracts. The company says about 85% of year-end AI cloud annualized run-rate revenue is under contract.

Archer Aviation climbs 17% after unveiling an autonomous vertical take-off and landing aircraft developed jointly with Anduril for defense and commercial applications. The aircraft's first flight is planned for next year.

Alibaba's U.S.-listed shares gain 5% after the company previews a new artificial intelligence model, Qwen 3.8 Max. Hut 8 rises 11% after signing a 15-year lease with an existing customer that fully commercializes its 1 gigawatt Beacon Point data center in Texas, with the agreement totaling $9.8 billion.

Entertainment strength and sector rebound offset declines

Movie theater stocks are trading higher Monday after a strong opening weekend for "The Odyssey" and upbeat second-quarter results from AMC Entertainment. The film generates $264.1 million in worldwide ticket sales, while Imax says its screens account for $52 million in global box office sales over the weekend.

AMC says U.S. movie attendance is up 12%, while international attendance grows 18%. By midday, AMC is up 20%, Cinemark adds 4% and Imax is up nearly 1% after pulling back from earlier highs.

Domino's Pizza rises more than 1% after second-quarter results come in better than feared, with revenue slightly ahead of expectations and meaningful order count growth in delivery and take-out. Semiconductor names are also rebounding after last week's selloff, with the iShares Semiconductor ETF, SOXX, up 2%, while Micron Technology gains more than 4%, Marvell Technology rises 5% and Intel advances 3%.

On the downside, Sweetgreen falls 8% and Cava Group drops 5% as the Food and Drug Administration continues to investigate the source of a cyclospora outbreak. SpaceX declines 1% to a fresh low even after announcing its next Starship launch attempt for Thursday, following an aborted attempt last week because of engine issues.

In our earlier article on Hut 8’s Beacon Point AI data center lease, we covered the company’s second 15-year, $9.8 billion agreement that expanded contracted IT capacity and supported expectations for stronger recurring revenue. We also noted that while the contract win improved fundamentals and boosted momentum, technical indicators were showing some overbought signals, suggesting a period of consolidation could follow.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.