It’s a chip-driven session on Wall Street, with a single report out of China sending shockwaves through the semiconductor equipment space while memory names swing wildly on a blockbuster IPO. Add in a whiskey takeover drama, an EV upgrade, and a biotech collapse, and there’s plenty moving at midday. Here are the companies making the biggest moves.
ASML tumbles on China’s chip breakthrough
The day’s marquee decliner is ASML, the maker of semiconductor manufacturing equipment, with shares sliding 8%.
The catalyst: a report from The Information that China has begun mass production of domestically made deep ultraviolet (DUV) chipmaking tools. For a company that has long enjoyed near-monopoly status in critical lithography equipment, even an early-stage domestic competitor is enough to rattle investors.
The threat is real but not immediate. The report said China’s advances in immersion DUV systems were still at an early stage, with the unnamed company planning to churn out about five DUV machines this year and roughly 20 next year — a small output compared to ASML’s capabilities. Still, the strategic implications loom large, particularly since China accounts for roughly 20% of ASML’s 2026 revenue and the news arrives as U.S. lawmakers advance legislation to further restrict DUV exports. Chip-equipment peers Applied Materials, Lam Research, and KLA fell in sympathy. Investing.com
Memory chip stocks swing on CXMT’s explosive debut
Memory names rose broadly after Chinese chipmaker CXMT (ChangXin Memory Technologies) debuted as a public stock in Shanghai and soared more than 466%.
The scale of the listing was massive. CXMT launched its IPO on July 27, 2026, in Shanghai and raised at least $8.6 billion, underscoring China’s growing self-reliance in memory chips. Crypto Briefing
But the read-through wasn’t positive for everyone. Several established players slid on the news, with SK Hynix’s stock dropping more than 8%, Sandisk sliding 11%, and Micron Technology losing 5% as investors weighed the prospect of a well-capitalized new Chinese competitor.
SAP jumps on buyback news
Shares of German software giant SAP, whose American depositary receipts trade on the NYSE, jumped more than 7%.
The move came after the company said it would begin the second part of a 10 billion-euro (US$11.37 billion) stock buyback program that was originally announced in January, according to the FactSet StreetAccount service. Buybacks tend to be well received, and this one gave the stock a clear lift.
Energy stocks slip as US and Iran pause attacks
Energy shares followed oil prices lower after the U.S. and Iran agreed to pause attacks against each other, easing some of the geopolitical risk premium that had been supporting crude.
The pullback was broad but modest. Chevron and ExxonMobil each fell about 1%, while APA and Devon Energy retreated between 1% and 3%.
Forte Biosciences rallies on buyout
Forte Biosciences was a standout gainer, with the biotech stock rallying about 40%.
The surge followed news that the company agreed to be acquired by Argenx of Holland for $2.2 billion in cash, or $77 per share. The deal, expected to close in the third quarter, represents a 40% premium over Forte’s Friday close of $54.78. U.S.-listed shares of the acquirer, Argenx, were down about 2%.
Rivian pops on Piper Sandler upgrade
Electric-vehicle maker Rivian Automotive saw shares pop 5% after Piper Sandler upgraded the stock to overweight from neutral.
The firm’s $20 price target implies 26% upside from Friday’s close. Analyst Alexander Potter pointed to Rivian’s recent boost to its delivery guidance and the smooth launch of its R2 SUV as reasons for the more bullish stance.
Brown-Forman climbs after rejecting takeover
Shares of Brown-Forman, the maker of Jack Daniel’s whiskey, climbed almost 4% after the distiller rejected another unsolicited takeover offer.
The $32-per-share bid, worth roughly $15 billion, came from Sazerac and was first made earlier this year. The Louisville, Kentucky-based company said the offer wasn’t “actionable” and didn’t align with the board’s “vision for Brown-Forman’s future” — a firm rebuff that investors evidently welcomed.
Baker Hughes rises on earnings beat
Baker Hughes gained 6% after posting better-than-expected earnings and revenue for the second quarter.
CEO Lorenzo Simonelli said the company expects to reach the midpoint of its full-year guidance thanks to “favorable underlying fundamentals” as it continues to manage through “the Middle East uncertainty.”
Amkor slips ahead of earnings
Shares of Amkor Technology, the semiconductor packaging and testing provider, dropped 7% as the company prepares to report quarterly results after the closing bell. It’s a case of investors trimming exposure ahead of the numbers.
D-Wave and quantum peers gain on AT&T deal
D-Wave Quantum announced a partnership with AT&T on Monday, with plans to use its annealing quantum computers to bolster the telecom giant’s AI efforts.
The news lifted the broader quantum group. D-Wave shares added 5%, while IonQ and Rigetti Computing gained 6% and 7%, respectively.
MapLight Therapeutics plunges on trial failure
The day’s sharpest decliner was MapLight Therapeutics, with the clinical-stage biotech’s stock plunging 68%.
The collapse followed results from a Phase 2 trial of its schizophrenia treatment, which failed to meet a primary endpoint when taken once daily. Adding to the disappointment, mild side effects occurred more often than with a placebo.