Investor confidence in the artificial intelligence sector is being tested following reports of slower-than-expected progress at Meta and short positions taken by investor Michael Burry. Key AI-related stocks, including NVIDIA and Meta, saw declines in pre-market trading.
Despite Nvidia's stock gaining only 3% year-to-date while the broader semiconductor index surged 82%, Bank of America analysts see a significant buying opportunity, citing overestimated investor concerns.
Financial services firm Kepler Cheuvreux has upgraded Viaplay to 'buy' from 'hold', citing the strategic benefits of the streaming company's deal to sell its Dutch operations. The sale is expected to help Viaplay reduce debt and increase its focus on core Nordic markets.
Bath & Body Works stock fell after Goldman Sachs downgraded the retailer to "Sell" from "Neutral," citing declining consumer sentiment and risks associated with its new third-party distribution strategy.
Wells Fargo has begun coverage of AT&T, Verizon, and T-Mobile with a cautious outlook, identifying SpaceX's Starlink satellite service as a growing competitive risk to the industry.
Shares of the energy giant climbed in pre-market trading, driven by a surge in crude oil prices following reports of attacks on vessels in the Strait of Hormuz and a U.S. policy shift on Iranian oil sales.
Bank of America clients became net buyers of U.S. equities for the first time in five weeks, purchasing a net $4 billion in the week ending July 3. The shift was primarily driven by strong buying from hedge funds, which have now been net buyers for four consecutive weeks.
