Stocks like Intel, Nvidia, and Chinese automakers Xpeng and Nio fell on Monday, while SanDisk surged 7.4% after Morgan Stanley initiated coverage with an overweight rating.
Intel’s shares dropped 4.2% as chipmakers Nvidia and Broadcom announced they were running manufacturing tests with the company. Reuters reported that both companies are likely to commit hundreds of millions of dollars’ worth of contracts to Intel.
Chinese electric vehicle brands Xpeng, Nio, and Li Auto also fell. Xpeng slid 5.8%, while Nio dropped 8.6%. The decline was due to deliveries reports.
Nvidia’s artificial intelligence chip darling stock declined 8.7% after The Wall Street Journal reported that Chinese buyers are circumventing U.S. export controls to order the company’s Blackwell chips.
Crypto stocks like Mara Holdings and MicroStrategy also fell. Mara Holdings closed 0.9% lower, while MicroStrategy sank 1.8%.
On the other hand, SanDisk surged 7.4% after Morgan Stanley initiated coverage with an overweight rating. The firm anticipates tough times in the near term but sees upside as cyclical drivers reverse.
Chipmaker Allegro MicroSystems rallied 14.9% after Bloomberg News reported that it has drawn takeover interest from ON Semiconductor. ON Semiconductor was 4.6% lower after the report.
AppLovin’s mobile advertising stock surged 3.6% after disclosing $500 million in shares will be immediately available for repurchase. Capri Holdings’ shares climbed 3.9% on news of a deal to buy Versace from Prada.
Finally, Chipotle Mexican Grill rose 0.7% after an upgrade to overweight from equal weight at Morgan Stanley. Thor Industries also jumped 0.3% after Bank of America upgraded the stock to buy from neutral, forecasting a rebound for shares as the company expands its customer base and increases shipments.
Source: https://www.cnbc.com/2025/03/03/stocks-making-the-biggest-moves-midday-intc-nvda-app.html