Today’s Market Movers: AMD, Intel, and Marvell Stocks Rise as Chip Shares Gain

TLDR

Akamai Technologies stock jumped 21% after signing an $11.6 billion, seven-year cloud deal with Anthropic.
The Anthropic agreement could grow to $20 billion and includes stock warrants worth about 5% of Akamai’s shares.
Advanced Micro Devices, Intel, and Marvell Technology all rose in premarket trading as chip stocks gained.
Chevron and other energy stocks fell more than 1% as oil prices dropped below $100 a barrel.
People Inc. stock rose more than 8% on a report that MGM Resorts may bid for the company.

Stock futures pointed higher early Friday. Bond yields pulled back from 19-year highs, and oil prices dropped below $100 a barrel.
Technology stocks led the gains before the market opened. Energy stocks were among the biggest decliners.
Akamai Technologies was the top mover of the morning. Shares jumped 21% after the company announced a major cloud deal.
Akamai Technologies, Inc., AKAM
The Akamai and Anthropic Deal
Akamai will provide cloud infrastructure and software to Anthropic over the next seven years. The deal is valued at $11.6 billion.
The agreement includes an option to expand by another $9 billion if Anthropic needs more computing power. That would bring the total value to roughly $20 billion.
As part of the deal, Akamai gave Anthropic warrants for about 5% of its common stock. Roughly 2% of those warrants are expected to vest right away.

The remaining 3% depends on Anthropic making an additional $9 billion in cloud purchases over the seven year term. The deal is meant to support growing computing workloads.
Chip Stocks and Energy Stocks Move
Other chip and AI related stocks also gained ground Friday morning. Advanced Micro Devices rose about 2.5%.
The chip maker has climbed more than 12% this week. It crossed a $1 trillion market value for the first time.
Intel gained close to 2%. Marvell Technology rose more than 2%, and Nvidia added a smaller gain of under 1%.
Energy stocks moved in the opposite direction. Marathon Petroleum, Phillips 66, ConocoPhillips, Exxon Mobil, and Chevron each fell more than 1%.
The drop came as Brent crude oil futures fell 1.6% to $98.55 a barrel. Investors were also watching talk of reopening the Strait of Hormuz.
Elsewhere in the market, Barry Diller’s People Inc. rose more than 8%. The move followed a Wall Street Journal report that MGM Resorts is discussing a possible bid for the company.
People had withdrawn its own bid for MGM earlier in the week. A deal in the other direction would reverse that situation.
Other Companies in Focus
Select Water Solutions rose about 6% after agreeing to buy private water company Pilot Water Solutions. The deal is valued at $700 million in cash and stock.
Fathom Holdings and Neighborhood Intelligence both gained after the two companies agreed to explore a new deal structure. It would replace their earlier merger plan and involve digital assets tied to tZERO Group.
Not every stock moved higher Friday. Scholastic shares fell 12% after the company reported wider than expected quarterly losses.
Scholastic reported a 4% drop in year over year revenue. Despite the decline, the company kept its full year outlook unchanged.
Zscaler shares fell 4% after the cybersecurity company announced a change in its Chief Revenue Officer. Ross Tackett will take over the role starting October 1, 2026.
Investors continued watching bond yields and oil prices as the trading day began. Both had eased from recent highs heading into Friday’s session.

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