Anthropic Fuels Marvell, Macy's Gains, Hive Digital Surges

In the volatile world of stock markets, recent news from the AI sector is creating significant ripples. On the Bloomberg Stock Movers podcast, Christina Keeno provided insights into three companies making notable moves: Marvell Technology, Macy's, and Hive Digital. The conversation highlighted how developments in artificial intelligence and institutional investment are shaping investor sentiment and market performance.

Marvell Technology Rides AI Wave

Marvell Technology (NASDAQ:MRVL), a chip maker, experienced a substantial surge of 7.5%. The primary driver for this rally was the positive financial update from Anthropic, a leading AI research company. Anthropic announced that its preliminary second-quarter revenue reached $11.5 billion, marking an impressive 14-fold increase compared to the same period last year. This significant growth in a key AI player is seen as a strong indicator of the broader AI market's expansion, benefiting related semiconductor companies like Marvell.

Despite the positive news, Marvell did face a price target adjustment from UBS, which lowered its target from $340 to $300. However, even with this reduction, the new target still represents a potential 27% increase from its previous closing price, suggesting continued analyst confidence in the company's prospects.

The full discussion can be found on Bloomberg Podcast's YouTube channel.

Investors are awaiting Marvell's upcoming earnings report on August 27th. The company's second-quarter forecast for adjusted earnings per share (EPS) ranged from $0.88 to $0.98, with net revenue projected between $2.57 billion and $2.84 billion. The market will be closely watching if these figures meet or exceed expectations, further influencing the stock's trajectory.

Macy's Attracts Investor Attention Amidst 13F Filings

Retailer Macy's (NYSE:M) saw a modest decline of about 1% in its stock price. However, the company became a focal point during the recent 13F filing season. A significant development was Berkshire Hathaway's filing, which revealed an increase in its stake in Macy's. Additionally, new positions were established by Balazni Asset Management and Sixth Street, indicating growing institutional interest.

According to Bloomberg Intelligence's Mayor Ross Gilbert, Macy's is showing signs of recovery. Gilbert noted that improvements in the company's product assortments, merchandising, and in-store service across its locations are contributing to a restoration of comparable sales. This positive momentum, he suggested, could lead to an increase in operating margins for future earnings reports.

The discussion also touched upon the perception of Macy's as a more traditional investment. One commentator humorously remarked on the potential reaction of a portfolio manager to a pitch for Macy's, questioning where the "juice" or "alpha" might be found. However, another perspective suggested that "boring is back," hinting at a potential resurgence for established companies with solid fundamentals, especially in the context of a shifting market focus towards value and stability in 2026.

Hive Digital Soars on Major AI Data Center Deal

Hive Digital, a Bitcoin miner, experienced a significant boost with its stock price climbing 9.7%. The company's subsidiary, Buzz High Performance Computing, announced a substantial 5-year cloud services deal worth $350 million. This agreement involves providing GPU cloud services to an investment-grade enterprise customer at the Bell AI fabric facility in British Columbia.

Analysts from Keith Bryant and Woods noted that the deal's associated capital expenditure is estimated at $276 million, with funds remaining after previous funding and customer repayments. This positive development for Hive Digital underscores the increasing demand for specialized AI infrastructure and GPU compute power, a trend that is benefiting companies positioned to capitalize on it.

The Stock Movers podcast, from Bloomberg Radio, continues to provide market participants with crucial updates on companies making significant moves. Listeners can stay informed by checking back for daily roundups and market-moving headlines on Bloomberg Radio Live, YouTube, Bloomberg.com, and through the Bloomberg Business App.