U.S. stocks on the move: Symbotic, Rivian, Intel
SPY•The Nasdaq was set for steep losses as Amazon’s AI spending plan and Intel’s cash-burn warning heightened concerns about AI infrastructure costs and returns. Symbotic, Rivian and Intel were among stocks in focus, with Symbotic climbing on an expanded Walmart automation deal and Rivian gaining after raising its annual delivery forecast.
1. Stocks in focus
Symbotic climbed after expanding its automation deal with Walmart, while Rivian gained after raising its annual delivery forecast. Intel was set to shed more than $120 billion in market value after a weak outlook hit the chip sector.
2. Market concerns
The Nasdaq was set for steep losses at Friday’s open after Amazon’s aggressive AI spending plan and Intel’s cash-burn warning intensified investor concerns about the cost of AI infrastructure and the timeline for returns.
