The Dow Jones Industrial Average was up, while the S&P 500 and Nasdaq Composite were down in late-morning trading Tuesday, as a recent surge in chip stocks lost momentum.
In company news, GSK (GSK) said it signed a definitive agreement Tuesday to acquire Nuvalent (NUVL) for $10.6 billion in cash. The transaction includes a tender offer of $124 per share for all outstanding common stock, as GSK looks to expand its pipeline of lung cancer therapies, the company said. GSK shares were up 0.7% around midday, while those of Nuvalent were up 38.9%.
Apple (AAPL) on Monday unveiled major software updates at its Worldwide Developers Conference, including Siri AI and the next generation of Apple Intelligence. Siri AI is deeply integrated across iPhone, iPad, Mac, Apple Watch and Vision Pro, the company said. The tech giant also introduced new parental controls and redesigned Screen Time, allowing parents to set age-appropriate protections, daily app time limits and communication safety features. Apple users in the European Union will not have Siri AI access on iOS 27 and iPadOS 27 when it launches due to requirements under the Digital Markets Act, the company said. Apple remains unable to reach an agreement with EU regulators on a framework that would let Siri AI launch on iPhone and iPad while adhering to privacy and security standards, it said. Apple shares were down 3.3%.
Broadcom (AVGO) said Tuesday it is launching the AI XPV Platform alongside Apollo Global Management (APO) and Blackstone's (BX) Credit & Insurance Business to facilitate over 20 gigawatts in compute capacity for leading AI labs, including Anthropic and OpenAI, through 2028. The platform, which will use Broadcom's XPUs and networking solutions, launches Tuesday with an initial $35 billion tranche led by Apollo in partnership with Blackstone. Broadcom shares were down 4.0%, while Apollo and Blackstone shares were up 1.7% and 2.8%, respectively.
CoreWeave (CRWV) will hold calls Tuesday with high-yield investors in Europe about potential dollar and euro bond sales, Bloomberg reported, citing a person familiar with the matter. The AI infrastructure provider has appointed JPMorgan Chase (JPM) to arrange the calls, the report said, citing the person. CoreWeave shares were down 4.7%.
JPMorgan Chase plans to launch AI agents later this year that are capable of working autonomously for far longer than current versions, CNBC reported Tuesday, citing an interview with Chief Analytics Officer Derek Waldron. JPMorgan shares were down 0.6%.
Price: 51.01, Change: +0.37, Percent Change: +0.73
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