Trending tickers: Apple, Nvidia, Spotify and Ashtead

Apple to catch up on AI at WWDC ’24 (ASSOCIATED PRESS)

Apple (AAPL)

Apple shares were flat in pre-market trading, with the iPhone maker failing to spark interest from investors following reports that it is expected to enter artificial intelligence race with ambitions to overtake the early leaders.

However, the stock price might surge later as Apple's annual World Wide Developers Conference kicks off on Monday night.

Apple is expected to unveil a wide range of new generative artificial intelligence tools as it looks to rival Google (GOOG) and Microsoft (MSFT) in embracing the emerging technology.

Experts are predicting Apple’s AI plans to come in several layers. Firstly, that broad AI-powered updates will be made across core apps to help with basic, everyday tasks, for example new AI editing tools to help with photos and videos, better predictive text for messages and emails or quick, AI-generated summaries of webpages or longer emails.

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In addition to this, there are reports that Apple will use the event to announce a deal with ChatGPT maker OpenAI, which will see the chatbot and virtual assistant integrated directly into Apple’s software across iPhone, iPad and Mac, to help with more detailed, complex tasks.

Nvidia (NVDA)

Nvidia was the number one trending ticker in pre-market trading as the company will start trading later on Monday under a split.

The split will lower Nvidia's stock price, which in theory makes Nvidia stock ownership more accessible to a wider range of investors and boost demand.

The company will pay out a one cent per share dividend based on post-split holdings on June 28. Shareholders must have shares after market close on June 11 to receive the dividend.

The chip giant’s 10-for-1 stock split follows significant price growth, with shares up 212% in the past year.

“A stock split is a vote of confidence from management that the stock will hold its value, as the stock [price] typically increases,” S&P Dow Jones Indices senior analyst Howard Silverblatt said.

Spotify (SPOT)

Shares in the audio streaming company were lower ahead of the US market opening as it hiked prices yet again.

Starting in July, Spotify’s US customers will see a $1 monthly increase for its ad-free premium plan, which will now cost $11.99 per month. This marks a 20% increase over the last two years. Spotify explained that the price hike is necessary to “continue to invest in and innovate on our product features and bring users the best experience.”

There has been no announcements regarding prices hikes in the UK or Europe but the last time the streaming giant increased prices, other markets followed suit.

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Other subscription tiers will also see price increases. The Duo plan, which allows two users to share a premium subscription, will rise by $2 to $16.99 per month. The family plan, which supports up to six users, will go up by $3 to $19.99 per month.

However, Wall Street bulls continue to praise the company's outlook, with the stock up about 70% since the start of the year.

Ashtead (AHT.L)

The FTSE 100 equipment hire giant in the early stages of exploring a switch of its listing from London to Wall Street, according to The Sunday Telegraph.

The company has reportedly asked City advisers to review the potential merits of the move.

Board members at the FTSE 100 group are concerned that the company, which operates largely in the United States, is trading a "significant" valuation gap to that of its US rivals.

"Ashtead is essentially a US business operationally, with over 90% of its revenue and over 95% of its operating profits being generated in North America," Lucinda Riches, a non-executive director at Ashtead said.

Ashtead's departure would come as another blow for London after the loss of the likes of Cambridge-based chip firm Arm Holdings to the US.

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