Midday stock movements: Nio, Braiin, AppLovin, SpaceX, SK Hynix and others

Market Update: Notable Stock Movements

Here’s a look at some companies making significant moves this afternoon:

Brain: Shares of this AI platform surged 62% after the launch of Aria, an AI agent aimed at the real estate sector. CEO Natraj Balasubramanian noted that this initiative could lead to a scalable software opportunity in a global real estate market that might hit around $32 billion by 2033.

AppLovin: The software stock dropped 12%, marking it as the worst performer in the S&P 500 for the start of the week. This decline puts it on track for daily losses for the sixth time out of seven trading sessions.

Biogen: Shares increased roughly 2% after Trust upgraded the biotech from hold to buy. The firm suggests the stock may see a rise following the release of new data from an investigational drug trial.

Nio: Shares for the electric vehicle company based in China gained 3%. Goldman Sachs upgraded Nio from neutral to buy, citing expectations for rapid volume growth, a strong margin profile, and positive earnings this year. The new price target of $7 indicates a potential 46% upside from the previous closing price.

SpaceX: The rocket company founded by Elon Musk hit a post-IPO low, approaching its public offering price of $135. The stock dropped nearly 4% during the day and has decreased over 13% in the past week. This drop occurred despite the Federal Aviation Administration completing its investigation, allowing for flight tests as soon as this week.

SK Hynix: Shares of the South Korean semiconductor manufacturer listed on Nasdaq faced an 8% drop, despite a prior recovery of nearly 13%. Its shares in Seoul fell over 15%, marking their worst trading day.

Memory and Chip Stocks: Stocks in this category faced pressure as investors reconsidered the sustainability of AI trading. The Round Hill Memory ETF (DRAM) fell 12%, with SanDisk down 9% and Western Digital and Micron Technology down 6% and 4%, respectively. The iShares Semiconductor ETF (SOXX) also dropped 4%, while Intel and Advanced Micro Devices saw decreases of over 5% and 3%.

MGM Resorts International: Shares increased by more than 1% following news that the company is engaged in private discussions with Barry Diller. Although an offer to acquire MGM was made in early June, there has been no formal response from the company yet.

Energy Stocks: Stocks in the energy sector rose after oil prices increased by over 4% following President Trump’s reinstatement of a blockade on Iranian shipping. Valero Energy climbed 4%, while ConocoPhillips and APA rose nearly 3% and 2.5%, respectively. Exxon Mobil and Chevron also saw increases of 3% and 2%.

Shopify and Deckers Outdoor Group: Shares for both companies gained ground after Jefferies upgraded them to a Buy rating. Analysts highlighted Shopify’s strong fundamentals and noted that Deckers could have growth potential due to innovative products from its Hoka sportswear brand. Shopify rose 2%, matching the increase for Deckers.