TLDR
- Micron rose over 3% after a Trump official said the US doesn’t want Apple buying memory chips from China
- HIVE Digital surged 8% after signing a $350M GPU cloud deal with BUZZ HPC covering Nvidia Blackwell Ultra GPUs
- Diana Shipping jumped up to 10% after withdrawing its takeover bid for Genco Shipping
- Alibaba climbed after agreeing to sell its videogame unit for at least $1.5 billion to fund its AI push
- L3Harris fell 2% after its chairman and CEO was immediately removed over a Code of Conduct violation
US stock futures edged higher Monday morning as investors moved into artificial intelligence-related stocks at the start of what is expected to be a quieter week for markets.
Micron climbed 3.4% in premarket trading after Commerce Secretary Howard Lutnick told The Wall Street Journal that the Trump administration does not want Apple buying memory chips from China.
The comments gave a boost to the broader memory chip sector. Sandisk rose nearly 5%, while Seagate and Western Digital added around 2.6% and 3.7% respectively.
Other chipmakers also moved higher. Advanced Micro Devices, Intel, Marvell, Corning, Coherent, and Lumentum were all up in early trading on AI-related demand.
Software Stocks Fall as Chips Rise
Software names moved in the opposite direction, as they often do when chip stocks are in favour. Oracle dropped 1.3%, ServiceNow fell 1.4%, Trade Desk dipped 2.3%, and Workday slid 2.8%.
Alibaba rose around 1% after the Chinese e-commerce giant agreed to sell its videogame business for at least $1.5 billion. The company is redirecting capital toward artificial intelligence.
Shipping Stocks in Focus
Diana Shipping jumped as much as 10% after withdrawing its offer to acquire the remaining shares of Genco Shipping and Trading. The two sides could not agree on deal terms after nearly a year of negotiations.
Diana’s bid included $24.80 in cash plus one Diana share per Genco share. Genco’s board had been seeking $27.50 in cash, more than $2 in dividends, and three Diana shares, implying around $36.91 per Genco share.
Diana’s CEO said the company remains committed to the strategic case for combining with Genco and will continue watching the company as its largest shareholder. Genco asked Diana to respond by August 24.
Genco shares fell 3.6% on the news.
HIVE Digital Technologies surged 8% after its subsidiary BUZZ HPC signed a five-year GPU cloud services deal worth approximately $350 million. The contract covers 2,016 Nvidia Blackwell Ultra GPUs and is expected to go live in Q4 2026 at HIVE’s Bell AI Fabric facility in British Columbia.
The deal adds around $70 million in annualized revenue and brings BUZZ HPC’s total annualized revenue to roughly $180 million. HIVE expects daily HPC and AI revenue to reach around $500,000 once fully deployed.
Etsy gained around 2% after Goldman Sachs started coverage with a Neutral rating and an $89 price target. Goldman cited improving buyer trends in the first half of 2026 following Etsy’s sale of Depop.
L3Harris fell 2% after the company immediately replaced its chairman and CEO Christopher Kubasik with Sam Mehta. The board said the removal was due to conduct inconsistent with the company’s Code of Conduct, unrelated to financials or operations. L3Harris reaffirmed its full-year 2026 outlook.
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