Getty Images soared Friday after announcing a multiyear licensing deal with AI search company Perplexity AI. Reuters reports:

“Under the agreement, Perplexity will integrate Getty’s API technology into its AI platform workflows, enabling users to access premium visuals while improving image attribution. The collaboration is part of a wider trend of digital platforms signing licensing deals with AI content providers to expand content access while respecting intellectual property rights and generating revenue.”

Getty was up as much as 85% in the premarket trading session, but those gains are quickly dropping as holders rush to dump the stock, which has been a truly disastrous long-term trade.

In fact, Getty has had a pretty bizarre ride since it returned to the public markets on July 25, 2022, as part of a SPAC deal — in a previous life it had been publicly traded before being taken private in 2008. Within days of its return, Getty became a minor meme stock, spiking more than 250% before crashing a couple months later.

Since then, the stock’s trajectory has been abysmal. Prior to the announcement of the Perplexity AI deal on Friday, it was down 80% from its trading debut. No wonder people are trying to get out fast.

At last glance, those 85% gains in the premarket have been swamped by sellers, shrinking today’s gain for Getty down to 17%.

AbbVie slipped after it reported earnings results that beat Wall Street estimates, but also showed a slowdown in its oncology and aesthetics business.

The company reported adjusted quarterly earnings per share of $1.86, compared to the $1.77 analysts polled by FactSet were expecting, and raised its full-year profit guidance. It also reported revenue at $15.7 billion, higher than the $15.5 billion the Street was penciling in.

But the pharmaceutical giant’s oncology and aesthetics business (sales of Botox and Juvederm) slowed down and missed the Street’s estimates. The latter is sometimes seen as a pulse for consumer sentiment.

Hims & Hers rose on Friday after JPMorgan disclosed that it substantially increased its position in the telehealth company.

As of September 30, JPMorgan owned 17,796,759 shares — or about 8.1% of the company — up from the 2,740,375 it owned on June 30. Hims, a heavily shorted, volatile stock, reports earnings on Monday.

The numbers are in and tech giants Amazon, Alphabet, Meta, and Microsoft spent a whopping $97 billion last quarter on purchases of property and equipment. That’s nearly double what it was a year earlier as AI infrastructure costs continue to balloon and show no sign of stopping. Amazon, which reported earnings and capital expenditure spending that beat analysts’ expectations yesterday, continued to lead the pack, spending more than $35 billion on capex in the quarter that ended in September.

Note that the data we’re using here is from FactSet, which strips out finance leases when calculating capital expenditures. If those expenses were included the total would be well over $100 billion last quarter.

Nvidia is rising modestly in premarket trading today, up more than 2% at the time of writing, after announcing bumper deals with the South Korean government and some of the nation’s largest companies to supply them with more than 260,000 of its Blackwell chips.

In a press release published earlier today, Nvidia detailed that 50,000 of the company’s most advanced chips would go to AI projects from the government’s Ministry of Science and ICT; AI factories under construction from Samsung, Hyundai, and SK Group would also take 50,000 each; and Naver Cloud will receive 60,000 chips to expand its current Nvidia-powered AI infrastructure.

The deal was announced at the ongoing Asia-Pacific Economic Cooperation summit, held this year in Gyeongju, South Korea, with Nvidia CEO Jensen Huang having arrived in the nation just one day after his company became the first in history to cross the $5 trillion market cap threshold on Wednesday.