Chipmaker surges 8% thanks to AI

Good morning Wake-Up Watchlisters! While you’re sipping coffee you’ll see stock futures rose on Thursday. The levels were boosted as investors grew confident the Federal Reserve’s peak interest rate would be within levels already priced by the markets. US jobless claims data may help shine a light on the strength of the labor market, which has remained stubbornly high through the rate-hiking cycle.

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Here’s a look at the top-moving stocks this morning.

NVIDIA Corporation (Nasdaq: NVDA)

NVDIA is up 8.10% premarket after its earnings report beat estimates on the top and bottom line despite a 46% year-over-year decline in gaming revenue. Revenue came in at $6.05 billion versus $6.02 billion expected. Data center revenue, which includes AI chips, grew 11% overall.

Chips are now the ultimate source of economic power, and China is looking to dominate the chip market in the coming years. If they succeed, it could spell economic doom for the U.S. But there’s reason to believe this US company could see a 525% increase as they look to stop China’s chip dominance.

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Unity Software, Inc. (NYSE: U)

Unity Software is down 8.24% premarket after shares fell in the extended session on Wednesday after the game-engine and app-monetization company’s outlook fell short of Wall Street estimates on a weak mobile-ad market. Unity forecast revenue of $470 million to $480 million for the first quarter, and revenue of $2.05 billion to $2.2 billion for the year.

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EBay (Nasdaq: EBAY)

EBay is down 5.4% premarket. The e-commerce marketplace company reported fourth-quarter earnings and sales that came in roughly in line with estimates but gross merchandise volume declined 12% from a year earlier.

Planet Fitness (NYSE: PLNT)

Planet Fitness is up 7.42% premarket after seeing record profits spurred by record membership growth. A strong December sale led to record membership growth. Net income was $36.3 million, compared $6.3 million in the prior year period.

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Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team

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