Stocks making the biggest moves premarket: Nvidia, AMD, Eli Lilly, Berkshire — Live updates

The stock market opened the week on a strong note after a losing week previously. However, not every stock performed well. Nvidia experienced a decline in premarket trading following CEO Jensen Huang's admission of having a relationship with a suspected Chinese spy. Despite Nvidia's dip, other semiconductor companies managed to perform well in early trading.

Molson Coors Beverage saw a 1% drop in shares following a downgrade to underweight from neutral by JPMorgan. The company, which recently cut its full-year guidance, is facing difficulties due to weak fundamentals such as challenges in the beer category and inflationary cost pressures, as stated by analyst Drew Levine. On the other hand, SAP experienced a nearly 3% increase in shares after receiving an upgrade to overweight from neutral by JPMorgan.

Analyst Toby Ogg highlighted SAP's AI offerings and upgraded their price target to £275 from £175, noting the shift in AI from pilots to production, which favors systems of record like SAP.

Amazon and Meta, two companies heavily investing in AI, received positive mentions from JPMorgan's Doug Anmuth. He identified them as picks for the bank's analyst focus list, citing AI-driven ad improvements for Meta and strong revenue growth for Amazon through its cloud segment expansion. AMZN shares saw a 3% increase in premarket trading, while Meta rose by 2.5%.

Eli Lilly shares increased nearly 2% following Canada's Drug Agency's positive recommendation to reimburse Lilly's Alzheimer's treatment, Kisunla, for eligible adults. Meanwhile, Berkshire Hathaway edged 0.4% lower after reporting third-quarter earnings, citing a 6% year-over-year decline in operating earnings due to insurance business declines and lower gains on common stock investments. The company also increased share repurchases in Q3.

UBS downgraded DraftKings to neutral from buy, reducing its price target to $22 from $48, citing an uncertain regulatory outlook. The downgrade affected DraftKings' stock, which fell 1.7%. Oppenheimer, on the other hand, upgraded the chipmaker to outperform from market perform and set a price target of $600 per share, indicating a 34% upside from the previous close.

Rick Schafer, an analyst at Oppenheimer, became bullish on the company after its strong third-quarter performance. However, the company initiated an investigation into CEO Jensen Huang's relationship with Alice Huang, a businesswoman who intelligence agencies claim is a Chinese spy. Alice Huang is linked to a cloud company and an Nvidia customer, Megaspeed.

U.S. intelligence agencies have expressed concerns about Alice Huang potentially passing information to Beijing, as reported by The New York Times and the Financial Times.