Markets
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Luke Kawa

Synopsys jumps after Nvidia announces $2 billion investment as part of strategic partnership with the electronic design automation firm

Synopsys spiked after Nvidia announced a $2 billion purchase of its stock as part of a partnership between the two firms to “design, simulate, and verify intelligent products with greater precision, speed, and at lower cost.”

Synopsys is one of a handful of electronic design automation firms that help chipmakers make chips, and as such, sits at a fairly narrow choke point in the semiconductor industry.

Nvidia CEO Jensen Huang has previously laid out a vision to evolve from generative AI to physical AI. This strategic partnership seems geared toward just that: using generative AI to enhance and speed the ability to pioneer AI solutions in the real world, where the engineering demands grow even more complex.

Per the press release, the two companies will also “collaborate in engineering and marketing activities” related to their joint endeavors.

Nvidia purchased Synopsys shares at $414.79 apiece. In premarket trading, the stock was recently up 7.3% to $448.50.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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