Key insights
- DraftKings is up on news of a bipartisan Senate bill targeting sports betting in prediction markets. Synopsys is rising after Elliott Investment Management took a multi-billion dollar stake, aiming to boost software/services revenue. Tesla and SpaceX are collaborating on a chip complex in Texas for Tesla's vehicle and robotics needs. Overall, the news is moderately positive for the involved companies.
Yahoo Finance Head of News Myles Udland takes a look at some of Monday morning's trending tickers and stories.
US senators have introduced a bipartisan bill to ban sports betting from prediction markets. DraftKings (DKNG) stock is moving higher on the news.
Synopsys (SNPS) stock is rising on a Wall Street Journal report that Elliott Investment Management has built a multibillion-dollar stake in the company.
Elon Musk's Tesla (TSLA) and SpaceX (SPAX.PVT) are teaming up to build a large chip complex in Texas.
Right now it's time for some of today's trending tickers. We're watching DraftKings, Synopsys, Tesla, and SpaceX.
First up, DraftKing's shares are climbing with US senators reportedly proposing a bill to ban sports betting on prediction markets.
The bipartisan legislation is said to prevent prediction market exchanges such as Calshi and Polymarket from listing contracts related to sporting events.
Sponsors of the bill say prediction markets violate state consumer protections.
The proposal will mark the first bipartisan Senate bill to regulate prediction markets.
Next, Synopsys stock trading higher this morning. Elliot Management has built a multi-billion dollar stake in the company. That's according to the Wall Street Journal.
The activist investor is planning to push Synopsys to make more money from its software and services businesses.
Elliot's Jesse Cohen told the journal, the chip designer is essential to the global chip industry as AI demand continues to drive the market.
Some of the company's customers include Intel, Alphabet and Tesla.
Elliott Investments has made a push into semiconductors and it comes as no surprise with the company also taking large positions in Western Digital and SanDisk.
And finally, Tesla is teaming up with SpaceX on a massive chip complex in Texas.
Elon Musk said the complex will have two factories at the site.
The first will aim to make chips that Tesla will use for its vehicles and in its humanoid robots.
And the second will aim to make chips designed for AI satellites and space data centers.
Musk says specialized chips are needed to take account for the harsher environment in space, and SpaceX is said to be gearing up for a blockbuster IPO later this year.
That's after it merged with Musk's XAI back in February.