Closing Bell: Rivian Jumps, Apple Gains, Chip Stocks Sink

On this episode of Stock Movers:

Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Bailey Lipshultz, Norah Mulinda and Tim Stenovec

- Rivian Automotive (RIVN) shares climb 8.5% on Thursday after the electric vehicle maker reported second-quarter deliveries and lifted its full-year sales outlook. The company now expects to deliver between 65,000 and 70,000 vehicles this year, it said in a statement Thursday. That range exceeds the roughly 63,000 deliveries expected by Wall Street analysts. Rivian said it saw strong quarter-over-quarter growth for its commercial van and R1 EVs as it began sales of the new R2 electric SUV.

-Apple (AAPL) stock rose more than 4% on Thursday, outperforming a sharply weaker technology sector. The technology giant is in negotiations to buy chips from two Chinese semiconductor makers on a Pentagon blacklist to help reduce the impact of a global memory shortage that’s forced the company to raise prices across its product line.

-Shares of semiconductor companies are down on Thursday, after the Information reported that Anthropic started early-stage work on its own AI chip and held talks with Samsung Electronics as a potential manufacturing partner. The report cited three people familiar with the matter. Among notable movers: Micron -3.1%, Sandisk -9%, Western Digital -4.9%, Seagate -5.3%, Intel -2.9%, Nvidia -0.6%, AMD -3.9%, Broadcom -0.5%

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