On this episode of Stock Movers:
- Merck (MRK) is no longer in talks to acquire biotech firm Revolution Medicines (RVMD) after the two companies couldn’t agree on a price, the Wall Street Journal reported, citing people familiar with the matter.A deal could have valued Revolution Medicines at around $30 billion, the report said, adding that talks could restart or another suitor could emerge. Merck is seeking deals that will strengthen its treatments portfolio to counter patent losses that will erode sales by $18 billion over the next five years.
- USA Rare Earth (USAR) shares rise after it entered into a non-binding letter of intent with the US Department of Commerce for $1.6 billion in funding in exchange for 16.1 million shares issued to the department as well as warrants. US Rare Earth also raised $1.5 billion in private investment to accelerate domestic heavy rare-earth production.
- Nvidia (NVDA) the dominant maker of artificial intelligence chips, invested an additional $2 billion in CoreWeave (CRWV) to help speed up an effort to add more than 5 gigawatts of AI computing capacity by 2030. Nvidia purchased CoreWeave Class A common stock at $87.20 a share, the companies said Monday. As part of the collaboration, CoreWeave will be among the first to deploy forthcoming Nvidia products, including storage systems and a new central processing unit, or CPU. Nvidia, already a CoreWeave investor, previously agreed to buy more than $6 billion in services from the firm through 2032.
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