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Lucid Short Interest Hits Record High of 49.7%
Welcome to this week's installment of "The Short Interest Report" - The Fly's weekly recap of short interest trends among some of the most widely followed high-short-float stocks. Using the data from our partner, which utilizes the latest information from stock lenders to estimate short interest changes for thousands of publicly traded companies, this report will screen for some of biggest changes in short interest as a percentage of free float and days-to-cover ratios while also considering the short interest data on some of the more volatile and heavier-traded names of the week. Based on the availability of data from Ortex, the report tracks the trading period that covers prior Friday through Thursday of this week, excluding holidays. As a basis of comparison for stocks discussed below, the S&P 500 index was down 2.0%, the Nasdaq Composite was down 1.9%, the Russell 2000 index was down 2.6%, the Russell 2000 Growth ETFwas down 3.0% and the Russell 2000 Value ETFwas down 2.1% in the four-day trading session range through September 10.SHORT INTEREST GAINERSOrtex-reported short interest in Lucidtroughed at a multi-month low of about 30% on August 23 as bears booked profits amid a multi-week slide in the stock price. Concerning news flow regarding a recall of 27,000 Air luxury sedans contributed to restoring the bearish conviction already sustained by the company's liquidity woes however, and short interest as a percentage of free float has been on the rise for the past two weeks. This week in particular, short interest saw an especially pronounced uplift, rising from 35.3% to 49.7% - a record high. Days to cover on the name rose from 3.3 to 4.9. The stock was down another 9% in the five-day period covered through Thursday, and has now fallen 60% year-to-date.Ortex-reported short interest in Wix.comtroughed around 10% of free float on September 1, coinciding with a five-month high in the stock price, but bearish positioning is being rebuilt into the downward inflection, with Wix shares having sold off over the past two weeks in conjunction with a downturn in other infrastructure software names. Short interest as a percentage of free float rose from 17.8% to 22.1% this week, reaching a one-month high. Days-to-cover also increased from 4.1 to 5.4. The stock fell 7% during the five-day period covered through Thursday and is now down 26% year-to-date.Ortex-reported short interest in Array Technologieshad tracked in a 21% to 23% range since mid-August prior to this week's breakout as short sellers bet on a continuation of downward pressure in the stock price in spite of shares seemingly finding support. Bearish positioning as a percentage of free float jumped from 20.9% to 25.6% - a one month high – while days-to-cover on the name rose from 4.5 to 5.7 amid sustained trading volume activity. The stock is flat in the 5-day period covered but has fallen about 50% year-to-date, tracking a broader downdrift in the utility-scale solar group.SHORT INTEREST DECLINERSOrtex-reported short interest in Avis Budget Grouphas continued to track the stock price lower, as it has since mid-June, with bears having positioned during the company's outsized price spike earlier this spring. This week, shorts as a percentage of free float was down from 36.8% to 31.8%, a multi-month low, and days to cover are slipping from 10.8 to 9.9. With the stock falling through its $135-$150 August range this week, shedding 8.5% in the five day period covered and another 4% on Friday, Avis Budget is now negative on the year with a 5% decline.Ortex-reported short interest in Newsmaxhad tracked in the 21% to 26% range since mid-May, though with the stock price sustaining its sharp earnings-driven mid-August gains, and briefly breaking out to 2026 highs late this week, short positioning is being squared with more capitulation in the bearish camp. Short interest as a percentage of free float fell from 22.9% to 16.7% this week, the lowest level since February. Days-to-cover on the name also slipped from 6.5 to 4.9. Shares of Newsmax were up 1% in a five-day period covered through Thursday, but inclusive of Friday's 3.7% gain, the stock is up 47% year-to-date.
Newsmax Reports Q2 Revenue of $54.1M
Reports Q2 revenue $54.1M, two estimates $48.6M. "This was a milestone quarter for Newsmax. We delivered record revenues and our first quarterly net income since becoming a public company, led by strong growth in affiliate fees and licensing, our highest-margin revenue streams," said Christopher Ruddy, Chief Executive Officer of Newsmax. "Halfway through the year, we continue to execute on our growth strategy. With the majority of one-time costs of becoming a public company largely behind us, the value creation opportunities of our multi-platform model are showing positive results."
Newsmax CEO Emphasizes Ongoing Investment and Growth Strategy
CEO Christopher Ruddy stated: "We are still in strategic investment mode, and that will not change. We continue to invest in content and streaming, while our licensing strategy is growing rapidly, domestically with AI deals like the one we completed with Meta, and internationally with media partners licensing our brand and content. Our strategy is to maximize these relationships to license the Newsmax brand and launch local channels in foreign markets, a model that requires minimal capital from us. We are also staying at the forefront of emerging technology, and our recently announced AI partnership will help us meet viewers wherever they consume content. The market for center right news is huge with limited options and significant whitespace to grow, increase monetization and deliver sustainable, long-term growth for our shareholders." Darryle Burnham, Chief Financial Officer of Newsmax, further stated: "The improvement in our revenue mix, combined with the operating discipline we have established in our second year as a public company, allowed strong top-line growth to flow through to the bottom line. We will continue to invest in content, distribution and OTT initiatives that support long-term growth, and with a strong balance sheet, no debt and a disciplined approach to capital allocation, we are reiterating our full-year revenue guidance and remain focused on sustainable, long-term shareholder value."
Meta Partners with BlackRock to Develop Data Center, Investing Over $10 Billion
Catch up on the top artificial intelligence news and commentary by Wall Street analysts on publicly traded companies in the space with this daily recap compiled by The Fly.AI MODEL REVIEW:OpenAI and Anthropic have jointly urged the Trump administration to require government reviews of advanced AI models across the industry, aligning on AI safety oversight despite being fierce competitors, The Information's Stephanie Palazzolo.AI STRATEGY OVERHAUL:Amazonis restructuring its AI strategy by scaling back in-house model development, reorganizing teams, and concentrating resources on fewer priority efforts to better compete in frontier AI, Business Insider's Eugene Kim. According to people familiar with the matter, Amazon is shifting its AI strategy away from broad Nova model development toward a focused frontier-model effort, deprecating several flagship models, reorganizing teams, and concentrating engineering and compute resources on a next-generation foundation model expected to debut atMEMORY REQUIREMENTS:Nvidiais reducing memory requirements for its Vera Rubin NV72 AI rack system to address elevated memory costs and supply constraints, supported by long-term memory agreements that have helped mitigate industry-wide shortages, Wccftech's Ramish Zafar, citing analysis from GF Securities. Without these adjustments, Zafar writes that memory could account for around 29% of the Vera Rubin VR200 system's estimated $2.1M bill of materials, well above Nvidia's preferred level of 20%.AI CONTENT PARTNERSHIP:Newsmaxannounced that the Company has entered into an AI content partnership with Meta Platforms. Under the agreement, Meta will have access to Newsmax's digital news content. Meta will be able to draw upon Newsmax's significant current reporting as well as archived content across its platforms to support AI queries across Meta's apps and devices.AI INNOVATION:DXC Technologyannounced a strategic partnership with ElevenLabs, an AI company specializing in audio models and voice agents. The collaboration will accelerate DXC's AI-first transformation strategy by embedding advanced voice AI capabilities across its internal operations and customer solutions. DXC also participated in ElevenLabs' recent $500M Series D funding round, valuing the company at approximately $11B. As part of this partnership, DXC will embed advanced voice AI capabilities across its global enterprise environment, enhancing employee productivity, modernizing customer engagement, and enabling new AI-driven service offerings.CORTEX AI GATEWAY:Snowflakeintroduced Cortex AI Gateway and several AI security innovations that "establish the foundation" for trusted agent interoperability, enabling organizations to securely scale their agentic enterprises. "Enterprise AI is moving from data interoperability to agent interoperability, and security has to be at the center of that shift," said Mayank Upadhyay, Chief Security and Trust Officer, Snowflake. "Agent interoperability only works when enterprises can trust how agents from different platforms access data, invoke tools, and take action on behalf of users. Snowflake provides the visibility, governance, and control capabilities needed to make that interoperability secure for production AI. The future of the agentic enterprise will not be built in closed agent ecosystems, and Snowflake is the trusted control plane that enables secure enterprise work."AI RESEARCH:Everforth ECS, the Federal Government Segment of Everforth, announced the company has won a three-year, $115M contract with the U.S. Army Combat Capabilities Development Command, DEVCOM, Army Research Laboratory, ARL. Under the award, Everforth ECS will support the Nautilus for AI Research and Development program, helping the Department of War, DoW, accelerate the development, testing, and operational integration of advanced AI capabilities.OPEN SECURE AI ALLIANCE COALITION:Nvidiaon Monday it had formed a coalition with other companies to develop and share tools for AI safety and cybersecurity. The Open Secure AI Alliance, with founding members including Adobe, CrowdStrike, Dell Technologies, and Hugging Face, follows a public letter, signed by a wide range of companies including OpenAI, which advocates for open-weight AI models. Nvidia said it is contributing open models, weights, data and agent harness research to the Alliance, including the new open-source Nvidia Labs Object-Oriented Agent project, now available on code-hosting platform GitHub.DATA CENTER CAMPUS:Meta Platformsand BlackRockannounced a venture to develop and own a data center campus in El Paso, Texas. The data center campus, currently under construction in El Paso, Texas, will have 1 gigawatt of compute capacity and will play a role in bringing Meta's AI technologies to life, accelerating progress on AI models and supporting enhancements to the core business. Meta will provide construction management, administrative, and property management services for the campus, and will be the initial sole occupant of the campus upon completion. The transaction is expected to close in the coming days and the venture expects to begin bringing this capacity online in 2028.The El Paso data center represents an investment of over $10B from Meta, supporting more than 4,000 construction jobs at peak and 300 operational jobs once complete. Funds managed by BlackRock will own an 80% interest in the venture, while Meta will retain the remaining 20% ownership. The parties have committed to fund their respective pro rata share of the approximately $14B in total development costs for the buildings and long-lived power, cooling, and connectivity infrastructure at the campus. At financial close, Meta will contribute the venture land and construction-in-progress assets valued at approximately $2.3B, and BlackRock will make a cash contribution of approximately $4.9B. Meta will receive a one-time distribution of approximately $1B to align ownership stakes in accordance with the 80/20 ownership split. A portion of BlackRock's investment will be funded with proceeds from a $12.5B debt financing.
Newsmax Enters AI Content Partnership with Meta
Newsmax (NMAX) announced that the Company has entered into an AI content partnership with Meta Platforms (META). Under the agreement, Meta will have access to Newsmax's digital news content. Meta will be able to draw upon Newsmax's significant current reporting as well as archived content across its platforms to support AI queries across Meta's apps and devices.
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