On this episode of Stock Movers:
- Alphabet (GOOGL) shares soared by the most in nearly eight months after the company reported strong demand for its cloud and artificial intelligence offerings, signaling that its unprecedented investments in AI infrastructure are paying off.
- Qualcomm (QCOM) rallied after the company said it was making headway in the lucrative data center market and predicted that the China phone industry would bounce back. A top hyperscaler is on track to begin using Qualcomm's components later this year, and the company has become more optimistic about the market, seeing AI data centers as a major source of potential growth.
- Pershing Square (PSUS) shares rise. Bill Ackman bought shares of his asset management company and alternative asset manager in the open market on Wednesday, supporting the shares in their debut following a $5 billion combined IPO.