DUFFIELD DAVID A sold $18.9M of WDAY

Workday (WDAY) shares rose 7% on reports that financing efforts for a potential take-private deal are ongoing, according to CNBC's David Faber. This follows a previous 18% surge after Reuters reported Silver Lake was in talks to acquire the company.

Workday (WDAY) and Adobe (ADBE) rose 2.5% to 3% on September 14 as chip stocks fell. Workday reported $2.649B revenue, up 12.8%, with AI driving 25% of new contract value. Adobe reported $6.76B revenue, up 13%, with AI-first ARR up over 150%. Both companies face growth and competition challenges.

Wall Street indexes fell as AI stocks declined following safety concerns from top executives. Nvidia dropped 3.2%, while Amazon lost 1%. Chipmakers like Intel, AMD, and Marvell also fell. The Nasdaq Composite lost 1.02%. Defensive sectors like healthcare and consumer staples rose. Traders expect a Fed rate hike.

Workday (WDAY) stock rose 2.8% in pre-market trading to $190.93, despite a broader market selloff. The gain was attributed to ongoing takeover speculation from private equity firm Silver Lake and a $4 billion buyback plan. Barclays raised its price target to $224, while Freedom Broker downgraded to Hold with a $200 target. Workday reported a fiscal Q2 profit of $632 million, up from $228 million a year earlier.

Nasdaq 100 futures dropped early Monday due to a selloff in AI stocks after U.S. executives called for slowing AI development. Nvidia fell 2%, while Meta and Amazon each declined over 1%. Chipmakers like Intel, AMD, and Marvell also fell. Software stocks like ServiceNow, Adobe, and Workday rose. Investors are pricing in an 89% chance of a Fed rate hike this week.

Enterprise software stocks are rising while semiconductor stocks fall due to concerns about AI development pace. CrowdStrike, ServiceNow, and others gain, while Marvell, Intel, and chipmakers decline. Investors are rotating into SaaS stocks, seen as less tied to hardware cycles, amid signs of plateauing AI infrastructure spending.