NEWS
New Highs Who Dis?

The S&P 500 is back within 1% of all-time highs less than two weeks after the “Yen carry trade” sent the market into a tailspin. Simplicity continues to pay in August’s low-volume trading sessions, with bulls expecting the path of least resistance to remain higher. Let’s see what you missed. 👀

Today's issue covers AMD’s big acquisition, Carl Icahn’s SEC settlement, a Slurpees’ Canadian suitor, and a shipping giant showing momentum. 📰

Here’s the S&P 500 heatmap. 11 of 11 sectors closed green, with technology (+1.65%) leading and consumer staples (+0.34%) lagging.

And here are the closing prices: 

Most bullish/bearish symbols on Stocktwits at the close: 📈 $NCNA, $FN, $EVOK, $SOND, $APDN 📉 $IEP, $FFIE, $VOR, $BMY, $SHAK*

*If you’re a business and want to access this data via our API, email us.

COMPANY NEWS
AMD Acquires Server Builder For $4.90 Billion 🤖

The semiconductor giant plans to acquire server maker ZT Systems in a deal worth $4.90 billion. It will finance the purchase with 75% cash and 25% stock as it expands its artificial intelligence chips and hardware portfolio. 💸

AMD CEO Lisa Su said, “AI systems are our number one strategic priority. The main way (ZT Systems) is additive to the company is we sell more GPUs.”

The company plans to break off its server manufacturing business and sell it once the deal closes, reiterating that it has no plans to compete with Super Micro Computer and others in the space.

AMD plans to retain just 40% of ZT Systems’ 2,500 employees, and CEO Frank Zhang will report to AMD’s data center chief. The acquisition will result in about $150 million in annualized operating expenses. 🔺

Shares rose about 5% on the news, with Stocktwits sentiment pushing back into ‘bullish’ territory for the first time in about two weeks. 🤗

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