Wednesday markets will open with the above-average trading volume for Nvidia (NVDA). The supplier of GPU chips that provide parallel processing power for ChatGPT reclaimed the $3.1 trillion market capitalization. It is still below that of Microsoft (MSFT) at $3.335 trillion and Apple (AAPL) at $3.21 trillion.
Companies with high risks of delisting in the coming years will top the most actively traded list today. Faraday Future (FFIE) lost 18.7% on Tuesday after it announced a reverse stock split that will severely hurt its shareholders. To regain Nasdaq’s compliance of trading above $1.00 (a minimum bid), the firm will reverse split between 1-for-2 and 1-for-40 shares.
Ginkgo Bioworks (DNA), which once traded as high as $16.00 in 2021-22 when ARK Invest (ARKK) ETF bought a large position, will likely fall again today. ARK Invest’s Cathie Wood sold over 41.5 million shares. Shareholders in ARKK ETF lost nearly all of its investment. They would have lost less had Wood set a limit loss to minimize the damage from holding the stock.
Rivian Automotive (RIVN) traded nearly 50% higher last night. It announced a joint venture with Volkswagon (VWAGY). Before the announcement, VWAGY stock lost 20% of its value in the last month. Investors are selling European automotive stock. They worry that China will fight back against the European Union’s tariffs on Chinese EVs.
