AMD, Iren, Archer jump in midday trading; Microsoft, movie theater stocks rise

According to CNBC, Advanced Micro Devices shares rose nearly 4% after Microsoft said it would offer AMD's Helios-based system on the Azure cloud, while Wolfe Research's Chris Caso said Microsoft's move back to AMD GPUs showed Helios was competitive. Iren jumped more than 17% after lifting its year-end AI Cloud annualized run-rate revenue target to more than $4 billion from $3.7 billion and saying it had received $2.8 billion in new multiyear contracts. The company said about 85% of its year-end AI cloud annualized run-rate revenue is under contract. Archer Aviation gained 17% after unveiling an autonomous vertical take-off and landing aircraft jointly developed with Anduril for defense and commercial use, with first flight planned for next year. Movie theater stocks also moved higher after "The Odyssey" posted $264.1 million in worldwide ticket sales and AMC Entertainment reported stronger second-quarter results, including U.S. attendance up 12% and international attendance up 18%.