Investors are increasingly captivated by the dynamic shifts within the tech sector, where rapid leadership changes and breakthrough collaborations are reshaping the landscape. Amid this backdrop, Jim Cramer's insights on popular stocks highlight significant movements that could influence market trajectories.
On CNBC's “Mad Money Lightning Round,” Cramer said Opendoor Technologies Inc. (NASDAQ:OPEN) is a “meme stock.”
Opendoor Technologies, CEO Carrie Wheeler abruptly stepped down on Aug. 15. The company's CTPO Shrisha Radhakrishna will assume the role of president and interim CEO, effective immediately. A formal search for a permanent successor is currently underway.
When asked about Astera Labs, Inc. (NASDAQ:ALAB), he said, “I'm upset that I missed it.”
On the earnings front, Astera Labs reported second-quarter revenue of $191.9 million on Aug. 5, representing a 150% year-over-year increase and a 20% quarter-over-quarter rise. The revenue total beat a Street consensus estimate of $172.54 million according to data from Benzinga Pro.
Cramer said Rigetti Computing, Inc. (NASDAQ:RGTI) could “have something that could be a home run, I don't want to keep you out of it. But it is a speculation, please remember that.”
Rigetti Computing announced a new collaboration with Montana State University (MSU) on Aug. 20 to advance quantum computing research and innovation. The announcement coincided with the launch of MSU's Quantum Core Research and Education Center (QCORE), which now houses an on-site Rigetti quantum processor.
Price Action:
- Astera Labs shares rose 0.4% to settle at $179.20 on Wednesday.
- Opendoor shares dipped 14.5% to settle at $4.02.
- Rigetti Computing shares gained 0.6% to close at $15.39.
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