Friday's Pre-Market: Reddit IPO, Nvidia's AI Rally, Rivian & Lucid Disappoint, Biden's fundraising, and Intuitive Machines

Reddit files to list IPO on NYSE under the ticker RDDT

Reddit on Thursday filed to go public.
Its market debut will mark the first major tech initial public offering of the year and the first social media IPO since Pinterest went public in 2019.
The social media company, founded in 2005 by technology entrepreneurs Alexis Ohanian and Steve Huffman, has raised about $1.3 billion in funding and has a post valuation of $10 billion, according to deal-tracking service PitchBook.

Nvidia shares closed up 16% on Thursday, a day after the chip giant posted bumper earnings that beat Wall Street estimates, driven by excitement over artificial intelligence.
The company reported revenue of $22.10 billion for its fiscal fourth quarter, a rise of 265% year-on-year, while net income surged 769%.
Nvidia chips are used to train huge AI models such as those developed by Microsoft and Meta.

Shares of electric vehicle makers Rivian and Lucid fell Thursday after the companies reported stagnant production in their fourth-quarter earnings after the bell Wednesday.
Rivian shares sank about 25%, and Lucid’s stock dropped around 17%.
Rivian forecast it will make 57,000 vehicles in 2024, slightly less than the 57,232 vehicles it produced in 2023. Lucid said it expects to make 9,000 vehicles in 2024, more than the 8,428 vehicles it made in 2023.

President Joe Biden’s fundraising operation is helmed by a “dream team” that is helping to build a war chest to take on former President Donald Trump.
Movie mogul Jeffrey Katzenberg and longtime Democratic fundraiser Rufus Gifford are among the Biden advisers being given credit for the operation’s success.
Katzenberg has been speaking with donors to Republican Nikki Haley, and trying to recruit them to support Biden.

In a little over a month since hitting all-time lows, and with its IM-1 mission on the way to the lunar surface, shares of Intuitive Machines have climbed more than 300% since early January.
It’s a rally that Wall Street analysts describe as fueled by retail investors’ excitement for the space company’s progress toward an unprecedented goal.
“We’ve never witnessed a publicly traded company go through [a moon landing attempt]. So this is new, not just for investors, but for us analysts as well,” Cantor Fitzgerald’s Andres Sheppard told CNBC.