Check out the companies making the biggest moves premarket: Alibaba — U.S.-listed shares of the Chinese technology company were off by 2% after the company announced it was issuing $10.2 billion of new shares to non-U.S. investors . Alibaba said all of the money it raises will be used to fund its AI projects, particularly on its AI infrastructure. Chipmakers — After falling 5.5% last week, the iShares Semiconductor ETF (SOXX) was down almost 2% on Monday. Marvell Technology declined almost 3.5%, while Advanced Micro Devices and Intel fell about 2%. Memory stocks — A slew of memory storage companies were also starting the week in the red before the bell. Sandisk was off more than 5%, while Western Digital and Seagate Technology declined almost 4%. Micron Technology slid 3.5%. Nucor , Steel Dynamics — The steel manufacturers climbed after trade negotiations between the U.S. and Canada collapsed on Friday . Nucor jumped more than 4%, while Steel Dynamics was up 3.5%. Canada is set to target the U.S. steel industry in its retaliatory tariffs that will start on Sept. 8. Robinhood , Coinbase — Bitcoin prices stalled over the weekend around $77,000 after a three-day rally that sent the cryptocurrency surging 22% last week. Trading platform Robinhood, which surged more than 18% over the three-day crypto rally, was off 1% before the bell. Coinbase, which similarly jumped more than 27% over the course of the rally, declined 1%. Jersey Mike’s Subs — The sandwich restaurant chain operator was higher by 0.5% after a slew of Wall Street firms initiated coverage of the stock at a buy rating. Analysts largely said that the company was undervalued and has strong potential for upside ahead.
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