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Reddit Falls, GE Vernova Drops, Super Micro Rises After Early Results Show Rising Backlog
Description
On this episode of Stock Movers:
- Reddit (RDDT) shares fall. The Wall Street Journal reported that the social forum company has discussed cutting off Google’s access to its content for AI use.
- GE Vernova (GEV) fall as much as 7.5% after the power equipment manufacturer raised a full-year revenue outlook by what Citi called a “relatively modest” amount and left an outlook for adjusted Ebitda margins unchanged, disappointing investors after a surge in the stock.
- Super Micro Computer (SMCI) shares rose after the server maker issued preliminary results saying its backlog hit a record on new orders in the quarter of more than $60 billion. Sales have surged for Super Micro’s servers fitted with Nvidia Corp. chips for artificial intelligence workloads.
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