Check out the companies making the biggest pre-market moves: Nvidia, Microsoft — Hyperscalers rose after Nvidia teamed up with Microsoft to announce new processors for personal computers. Nvidia rose 2% and Microsoft rose nearly 4% in premarket trading. Dell, HP, Arm — derivatives of Nvidia’s computer chip announcement also jumped on the news. Dell and HP, which will make computers with the new chips, rose more than 1.5% and 3.5%, respectively. Arm, whose technology is used by Nvidia to develop new chips, soared 14.5%. Qualcomm, Intel, Advanced Micro Devices — chip-making competitors declined as Nvidia rose to prominence. Qualcomm fell 9.5% and Intel fell more than 6.5%. Advanced Micro Devices also fell more than 4%. Taylor Morrison Home — Shares rose about 23% after Berkshire Hathaway agreed to buy the company for $6.8 billion. Berkshire CEO Greg Abel called Taylor Morrison a best-in-class homebuilder and said the addition to the company’s portfolio will help bring home ownership to more Americans. Berkshire stock fell slightly. Yum Brands — The restaurateur rose 1.5% after Bloomberg News reported that the company is in talks to sell the Pizza Hut brand to Long Range Capital. Summit Therapeutics — Shares rose 2.5% after the company’s experimental lung cancer drug showed in a late-stage clinical trial in China that it reduced the risk of death by 34%. Phase 3 trials were conducted only in China, but phase 3 trials are also currently being conducted worldwide. International Business Machines — Shares rose 13% after Barclays initiated coverage with an Overweight rating. Analysts say quantum computing is poised to become the next major computing paradigm, and IBM’s strategy for this technology is compelling. Melius Research also raised its price target for IBM. Software stocks — Software gains gained momentum on the first trading day of June, as the iShares Expanded Technology Software Sector ETF (IGV) rose 4.5% in premarket trading. ServiceNow rose 11%. Workday and Adobe both rose 6%. Salesforce rose nearly 7%. Robinhood, Coinbase — The trading platforms fell as Bitcoin prices fell below $73,000, the lowest since mid-April. Robinhood fell nearly 3% and Coinbase fell 2%.
