00:00 Speaker A
We are watching Meta and AMD, Novo Nordisk and Himsen Hers.
00:03 Speaker A
First up, Meta and AMD have announced a multi-year partnership to deploy AMD’s chips. And Meta says it will use up to 6 gigawatts of GPUs to power its AI data centers.
00:13 Speaker A
AMD CEO says its energy efficient infrastructure is optimized for meta’s increasing workload. And by the way, uh Lisa Su, the CEO of AMD also said this could be worth double digit billions of dollars this order.
00:27 Speaker A
At the same time, the deal is going to give Meta the opportunity to take a 10% stake in AMD if the the partnership reaches certain milestones here. That would make it likely the largest shareholder in AMD.
00:39 Speaker A
And all of this coming a week after the social media giant announced a similar partnership with Nvidia. Meta has committed up to $135 billion in capex this year as it tries to keep pace in the global AI race.
00:52 Speaker A
Next up, Novo Nordisk, the drug maker planning to slash US list prices for some of its popular weight loss drugs. The company’s going to cut prices of Wegovi and Ozempic by up to 50% starting next year.
01:07 Speaker A
The move intensifying a price war with its rival Eli Lilly, as the two companies compete for dominance in the weight loss space.
01:16 Speaker A
It also comes a day after Novo announced that one of its next-gen obesity drugs underperformed in a clinical trial against one made by Eli Lilly.
01:24 Speaker A
Novo’s stock is trading almost 25% down year to date after a series of disappointing announcements and the shares are down another 3% this morning.
01:35 Speaker A
And finally, on a related note, Hims and Hers, shares in the health company edging lower despite reporting a revenue beat.
01:44 Speaker A
The company’s first quarter guidance though, underwhelming investors. Hims and Hers is facing a lawsuit from Novo Nordisk as it seeks to ban it from offering copycat versions of Novo’s obesity drugs.
01:53 Speaker A
Novo has accused Hims and Hers of violating patents that cover Ozempic and Wegovi. Those Hims and Hers shares down by almost 8%.