Broadcom Higher on Apple Pact; Energy Stocks Rally; TeraWulf Gains

Today’s biggest winners and losers in the stock market.

On this episode of Stock Movers:

• Shares of Broadcom (AVGO) rallied ahead of the Wednesday close after Apple indicated that it plans to follow through on a pledge to boost spending on US-made components. The iPhone maker says its expanded agreement with Broadcom is expected to top $30 billion. The deal will involve manufacturing more than 15 billion chips in the US, supporting hundreds of jobs, Apple said in a statement Wednesday. Apple will also help Broadcom upgrade its production facilities in Colorado. The announcement sheds new light on an arrangement that Broadcom announced Monday, when the chipmaker said the pact would run through 2031 but didn’t offer financial details. 
• Shares of Chevron (CVX) and US other energy stocks gained after President Trump said a tentative ceasefire with Iran is “over.” Speaking to reporters from the NATO summit in Ankara, Trump said the US would probably launch further strikes on Iran and could resume a blockade on the country’s ports, ratcheting up pressure on Tehran and raising the prospect of a return to all-out war. The US earlier on Tuesday revoked a waiver that allowed Tehran to sell its oil globally, in response to attacks on ships in the Strait of Hormuz that it blamed on the Islamic Republic. The moves posed the greatest threat yet to a ceasefire deal between the US and Iran and talks toward a broader agreement to end the war. 
• Shares of TeraWulf (WULF) moved higher after Morgan Stanley raised its price target on the data center operator following the Anthropic lease deal. The deal, announced Monday, locks in a 20-year lease with Anthropic for its Justified Data campus in Kentucky. TeraWulf also announced that it agreed to sell its majority stake in the Abernathy joint venture to a Fluidstack-led investor group.

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