Key Takeaways
- Micron gained more than 3% following statements from a Trump administration official discouraging Apple from sourcing memory chips from Chinese manufacturers
- HIVE Digital jumped 8% on news of a $350 million GPU cloud services agreement with BUZZ HPC involving Nvidia Blackwell Ultra processors
- Diana Shipping soared up to 10% after pulling its acquisition proposal for Genco Shipping due to failed negotiations
- Alibaba advanced following the announcement it would divest its gaming division for a minimum of $1.5 billion to support its artificial intelligence initiatives
- L3Harris dropped 2% after the immediate dismissal of its chairman and CEO due to Code of Conduct violations
Equity futures in the United States posted modest gains Monday morning as market participants shifted capital toward artificial intelligence-linked equities ahead of an anticipated low-volatility trading week.
Micron advanced 3.4% during premarket hours following Commerce Secretary Howard Lutnick’s comments to The Wall Street Journal indicating the administration’s opposition to Apple procuring memory chips from Chinese suppliers.
The statement provided tailwinds for the memory semiconductor industry broadly. Sandisk rallied nearly 5%, while Seagate and Western Digital registered gains of approximately 2.6% and 3.7% respectively.
Additional semiconductor manufacturers also experienced upward momentum. Advanced Micro Devices, Intel, Marvell, Corning, Coherent, and Lumentum all posted increases during early sessions on continued AI-driven demand.
Technology Software Names Retreat Amid Chip Rally
Software companies traded lower, following a familiar pattern of inverse correlation with semiconductor strength. Oracle declined 1.3%, ServiceNow retreated 1.4%, Trade Desk slipped 2.3%, and Workday decreased 2.8%.
Alibaba climbed approximately 1% after the e-commerce conglomerate announced plans to divest its gaming operations for no less than $1.5 billion. The proceeds will be reallocated to fund the company’s artificial intelligence expansion.
Maritime Transport Sector Under Spotlight
Diana Shipping rallied as much as 10% following its decision to withdraw the acquisition proposal for Genco Shipping and Trading’s outstanding shares. The parties were unable to reach mutually acceptable terms despite nearly twelve months of deliberations.
Diana’s proposal consisted of $24.80 cash plus one Diana share for each Genco share. Genco’s board of directors had requested $27.50 cash, dividends exceeding $2, and three Diana shares, valuing each Genco share at approximately $36.91.
Diana’s chief executive emphasized the company’s continued belief in the strategic rationale for a merger with Genco and stated it would maintain its position as the company’s largest shareholder. Genco had requested Diana provide a response by August 24.
Genco shares declined 3.6% following the announcement.
HIVE Digital Technologies climbed 8% after its BUZZ HPC subsidiary secured a five-year GPU cloud computing agreement valued at approximately $350 million. The arrangement encompasses 2,016 Nvidia Blackwell Ultra GPUs and is projected to commence operations in Q4 2026 at HIVE’s Bell AI Fabric data center in British Columbia.
The agreement contributes approximately $70 million in annual recurring revenue and elevates BUZZ HPC’s total annualized revenue to roughly $180 million. HIVE projects daily HPC and AI revenue will approach $500,000 following full deployment.
Etsy increased around 2% after Goldman Sachs initiated coverage with a Neutral rating and $89 price objective. Goldman highlighted strengthening buyer engagement trends in early 2026 following Etsy’s divestiture of Depop.
L3Harris declined 2% after the defense contractor announced the immediate replacement of chairman and CEO Christopher Kubasik with Sam Mehta. The board attributed the dismissal to behavior incompatible with the company’s Code of Conduct, clarifying the matter was unrelated to financial performance or operational issues. L3Harris maintained its full-year 2026 guidance.
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