Thursday’s Market Movers: Biotech Surges and Tech Gains Amid Broad Market Volatility
Mersana Therapeutics led biotech gains with a 45% rally after its $1.4 billion acquisition by a major pharmaceutical firm. The deal signals renewed appetite for oncology-focused platforms among cash-rich drugmakers.
Cisco Systems climbed 3.2% as analysts praised its infrastructure AI roadmap following earnings. The networking giant's guidance suggests enterprises are prioritizing AI-ready network upgrades despite macroeconomic uncertainty.
Nokia shares advanced 6% on Nvidia's strategic investment in its 5G radio technology. The partnership positions both firms to capitalize on telcos' $200 billion annual AI infrastructure spend through 2027.
Alibaba gained ground after unveiling plans to integrate generative AI across its e-commerce ecosystem. The MOVE comes as Chinese tech firms accelerate AI deployments to capture the country's $50 billion enterprise AI market.
