8/20/25

Online used car sellers fall as Amazon expands into the market in deal with Hertz

Online used car sellers Carvana and CarMax are sinking on Wednesday, seemingly on the rule that when Amazon becomes interested in your industry, your future gets bleak.

On Wednesday, the tech giant partnered with Hertz to sell the rental company’s used vehicles on its Amazon Autos platform. The program is starting in four US cities, but the companies plan to expand it. Hertz shares spiked in premarket trading, but fellow online used car sellers like Carvana, CarMax, and rental agency Avis, which sells its cars itself after they’re done being rentals, all sank.

In its latest earnings report, Hertz said it had a fleet of more than 540,000 vehicles. Carvana sold more than 143,000 vehicles in its second quarter, and has a lofty goal to sell 3 million vehicles annually in 5 to 10 years. If Amazon continues to expand into the used car business, that may become even tougher.

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Matt Phillips3h

IREN drops on convertible debt offering

Shares of crypto miner and AI compute provider IREN dropped after the Australia-based, US-listed company said late Tuesday that it would sell $875 million in convertible senior debt.

The announcement came late in the trading day and caused a sell-off in the aftermarket session that continued into Wednesday trading.

The offering makes sense; the company can probably get some fairly cheap capital after its shares doubled over the last month.

But it exposes shareholders to some dilution risk if buyers of the hybrid securities do convert them into equity, which explains the market reaction.

IREN Announces Proposed Convertible Notes Offering

The offering makes sense; the company can probably get some fairly cheap capital after its shares doubled over the last month.

But it exposes shareholders to some dilution risk if buyers of the hybrid securities do convert them into equity, which explains the market reaction.

Jon Keegan3h

Tempus AI shares surge to all-time high

Shares of Tempus AI jumped over 7% Wednesday to reach an all-time high of $99.90. Shares of the AI medical diagnostics company are up over 191% for the year so far.

The company has recently announced a flurry of FDA clearances for its technologies. Most recently, on September 22, Tempus AI was granted FDA clearance for its Tempus xR IVD device, which is used to tailor cancer therapies.

Luke Kawa, David Crowther

POET Technologies is the newest low-price stock seeing record volumes and call activity thanks to retail traders

The optical communications tech company spiked Tuesday and is well on its way to another big gain on Wednesday.

Matt Phillips

Goldman Sachs on bubble speculation: “We don’t think we are in one yet”

But they still think investors should focus on diversifying.

Gold smashes past $4,000 an ounce, cementing its dominance over stocks over the last 1, 5, 10, and 25 years

The precious metal is soaring in value.

Claire Yubin Oh5h

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