On this episode of Stock Movers:
- Coinbase (COIN) shares rise. Coinbase Global Inc. said it will cut around 14% of its workforce to manage costs in volatile markets and technological advances in artificial intelligence.
- Meta (META) shares rise. Meta Platforms Inc. is working on a financing package for a data center in El Paso, Texas, that could total roughly $13 billion, underscoring Big Tech’s growing reliance on debt to bankroll the infrastructure behind the AI boom.
- Fiserv (FISV) shares slide. The payments company reported first quarter adjusted revenue and organic revenue that came in below analyst expectations. KBW analyst Vasundhara Govil said “although FISV reported a headline EPS beat, it was low quality with revenues coming in below expectations”