Stock Movers: AMD Rises on China Chip Sales, BlackRock Falls, Uber Partners with Baidu

AMD's AI Chip Sales Boost

• 🚀 AMD shares surged over 6.5%, reaching their highest levels since October.
• 💡 This rise is attributed to the company planning to restart shipments of its MI308 chips to China after receiving US regulatory approval.
• 💰 The resumption of sales is expected to recover approximately $800 million in potential lost revenue due to previous export restrictions.

BlackRock's Mixed Financial Results

• 📉 BlackRock (BLK) experienced a significant drop in shares, down about 6% and marking its largest decline since April.
• 📊 The company reported second-quarter results that missed analyst estimates, including performance fees of $94 million (short of the $114 million average estimate) and revenue of $5.4 billion.
• 📈 Despite the missed short-term metrics, BlackRock maintains a record $12.5 trillion in assets under management, which analysts suggest points to strong long-term growth potential.

Uber's Robotaxi Partnership and Stock Performance

• 🚗 Uber (UBER) shares are down 0.8%, extending a 5-day losing streak.
• 🤝 The company is partnering with Baidu to launch robotaxis on the Uber platform in markets outside the US and mainland China, with initial rollouts planned for Asia and the Middle East later this year.
• 📈 While the stock is currently underperforming, Uber has seen a 53% increase year-to-date, and expansion into grocery delivery is noted as a potential positive for upcoming earnings reports on August 6th.