🚙 Lyft is the chosen one

Good evening. The Fed finally pulled the trigger and cut rates by 25 basis points, the first move of the year. Powell called it a “risk management cut,” basically admitting the job market is limping and inflation won’t quit.

⬆︎⬇︎ 1-day change
Market data: today’s market close

WINNERS

⬆︎13.13% Lyft

Lyft is raising the stakes in the race for driverless rides. The ride-hailing company announced a partnership with Google’s Waymo to roll out robotaxis in Nashville starting next year. As part of the deal, Lyft will handle fleet management (things like maintenance, charging, and depots) while Waymo provides the autonomous vehicles. [Read more]

⬆︎8.00% New Fortress

The liquefied natural gas supplier signed a seven-year, $4 billion deal to provide fuel to Puerto Rico, after an earlier $20 billion proposal was rejected. The agreement includes minimum annual volumes of 40 trillion British thermal units, with the potential to rise to 50, and shipments will come from the company’s Altamira facility in Mexico. The company is struggling with high debt and project delays, so this is a badly needed boost. [Read more]

⬆︎7.25% Workday

The HR software maker attracted a $2 billion investment from activist firm Elliott Investment Management, which is usually known for pushing companies to make big changes. Workday also announced a $5 billion stock buyback plan and a $1.1 billion deal to acquire AI startup Sana, adding to recent purchases of Paradox and Flowise. These moves show how Workday is leaning into AI. [Read more]

⬆︎2.44% Alibaba

Major customer alert. The Chinese e-commerce and cloud giant secured China Unicom, the country’s second-largest telecom operator, as a customer for its in-house AI chips made by its semiconductor arm, Pingtouge (also known as T-Head). Beyond shopping, Alibaba has become a major AI and cloud player. [Read more]

MORE WINNERS

⬆︎19.05% Plug Power
⬆︎18.76% D-Wave Quantum
⬆︎2.43% Lightspeed

⬆︎⬇︎ 1-day change
Market data: today’s market close

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LOSERS

⬇︎2.60% Nvidia

The chipmaker was reportedly banned by Beijing from selling some of its processors, with regulators telling firms like ByteDance and Alibaba to stop testing and ordering them. The move highlights China’s push to cut back reliance on US semiconductors and build its own alternatives. The Chinese AI market is a $50B market for Nvidia. [Read more]

⬇︎4.99% Uber

Waymo is willing to play both sides. Waymo, its self-driving car partner, chose Lyft for its robotaxi launch in Nashville, meaning the service will show up on the rival app in Nashville, but on Uber in Atlanta and Austin. That leaves Uber with more to think about as competition in driverless rides heats up. [Read more]

⬇︎6.38% StubHub

StubHub finally made its Wall Street debut after years of delays. The online ticket marketplace raised about $800 million in its IPO. The company has had a long journey: sold to eBay in 2007, then bought back in 2020. StubHub has grown with the post-Covid surge in live events and competes with rivals like Vivid Seats, SeatGeek, and Ticketmaster. [Read more]

MORE LOSERS

⬇︎3.84% Broadcom
⬇︎4.71% Symbotic
⬇︎12.56% Redwire

⬆︎⬇︎ 1-day change
Market data: today’s market close

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