GameStop Shares Plummet Amid New Stock Issuance, Reddit Soars on OpenAI Deal
GameStop plans to sell 45 million new shares, while Reddit partners with OpenAI for AI content training.
- GameStop's stock dropped significantly after announcing plans to issue up to 45 million new shares.
- The company reported preliminary first-quarter results showing a decline in net sales and a larger-than-expected net loss.
- Reddit's stock surged following the announcement of a partnership with OpenAI to provide content for AI model training.
- The Dow Jones Industrial Average briefly crossed 40,000 points before retreating, while the S&P 500 and Nasdaq Composite remained flat.
- Copper futures neared record highs due to concerns over the supply needed for the green energy transition.