Why C3.ai, Oracle, and NuScale Power Stocks Are Moving on Monday
TD Cowen report shakes up AI stocks Monday.
Big news in the artificial intelligence (AI) space over the weekend is shaking up stock prices at AI app-maker C3.ai (NYSE: AI) and small modular nuclear power plant-builder NuScale Power (NYSE: SMR) this morning, with C3.ai stock down 6.4% through 10:20 a.m. ET, and NuScale off 6.2%. At the same time, tech giant Oracle (NYSE: ORCL) is bouncing all around. Up nearly 4% earlier in the day, it's currently in the red, down 0.2%.
And I think you can blame investment bank TD Cowen for all of this.
In a report over the weekend, analysts from TD Cowen noted that Microsoft (NASDAQ: MSFT), an early investor in AI and in OpenAI in particular, has recently canceled "a couple of hundred MWs" worth of data center leases in the United States, and has "pulled back" on projects that would have resulted in further new data center leases.
