On this episode of Stock Movers:
- Nvidia (NVDA) shares are after The Information reported, citing unidentified sources, that the company has instructed component suppliers to stop production related to the H20 AI chip. The production suspension comes after Beijing urged local companies to avoid using the H20, a chip designed specifically for the Chinese market. CEO Jensen Huang said he was surprised by Beijing's concerns and reiterated that the H20 houses no security backdoors, according to Huang.
- Workday (WDAY) shares are lower after investors were left disappointed that the human-resources software company left its subscription revenue guidance unchanged, apart from a small boost from the Paradox acquisition. Analysts also flagged concerns around AI displacement continue to linger.
- Zoom (ZM) share are higher after it gave a stronger-than-expected annual outlook for sales growth and raised its fiscal-year forecast, suggesting customers are buying more of the company’s expanded line of software products. The company's fiscal second-quarter enterprise sales increased 7% to $730.7 million, and Zoom said it had 4,274 customers in the period who contributed more than $100,000 each over the past year.