TLDR
- Stock futures were mixed Tuesday as investors weighed high oil prices, rising bond yields and OpenAI’s decision to scrap its newest AI model launch.
- AMD agreed to buy AI research company World Labs in an $8.2 billion all-stock deal.
- Nvidia extended gains after unveiling a $150 billion buyback expansion and new AI safety software.
- Summit Therapeutics jumped 24% after AstraZeneca announced a $2 billion investment tied to a cancer drug partnership.
- Fair Isaac fell over 8% after federal regulators announced changes to mortgage credit scoring rules.
Stock futures were mixed early Tuesday. Investors were weighing high oil prices, rising government bond yields and news that OpenAI had scrapped the launch of its newest AI model.
Chip stocks were gaining after a slump the day before. Several other companies also made headlines for deals, investments and leadership changes.
Chip Stocks Bounce Back on New Deals
AMD agreed to buy AI research company World Labs in an $8.2 billion all-stock deal. Its shares rose about 1% in premarket trading.
Advanced Micro Devices, Inc., AMD
Nvidia gained as well, building on strong moves from the previous session. The company had announced a $150 billion expansion to its stock buyback plan along with new software meant to address AI safety concerns.
Navitas Semiconductor jumped between 12% and 14%. The gain came after the company was selected for an Army grant tied to the ALATTIS program.
Navitas will work on next-generation power semiconductor technology used in high voltage applications. The work covers design, manufacturing and testing of the devices in the United States.
Biotech, Credit Scores and Buyouts Move Markets
Summit Therapeutics shares jumped 24% after AstraZeneca announced a $2 billion investment in the company. The deal also includes a plan for the two companies to work together on new cancer treatments.
AstraZeneca will purchase convertible preferred shares in Summit at a price near $18.36 per common share. That price sits about 10% above Summit’s recent trading average.
Analysts at JPMorgan and Citi reacted positively to the news. One analyst called the deal strong outside validation for Summit’s drug candidate and its class of cancer treatments.
Fair Isaac shares dropped more than 8%. The decline followed an announcement from the Federal Housing Finance Agency about changes to mortgage pricing rules.
Those changes are meant to bring more competition into credit scoring for mortgages. Fair Isaac has long held a central role in that market.
Sangoma Technologies shares soared, rising between 33% and 35%. The company agreed to be bought by BRC Group Holdings in a deal valuing Sangoma at about $204 million.
Sangoma shareholders will receive cash plus a portion of a BRC share for each share owned. Total value works out to about $5.225 per share, a premium of close to 47% over Monday’s closing price.
The deal has already been approved by Sangoma’s board. It still needs sign off from shareholders, courts and regulators, with a close expected in early 2027.
Pharming shares fell about 2% after CEO Fabrice Chouraqui stepped down. The company said the move followed a mutual decision after disagreements over strategy.
Two executives have been named interim co-CEOs while the company searches for a permanent replacement. Pharming said its drug pipeline and overall strategy remain unchanged for now.
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