Stocks making the biggest moves midday: Nvidia, Carvana, Disney, Amazon and more

cnbc.com:

Check out the companies making headlines in midday trading.

Alphabet — The Google parent company added 4.4% after launching its large language model, Bard AI, in Brazil and the European Union.

Cirrus Logic — The chipmaker fell more than 3% in midday trading after it announced in an 8K filing plans to slash 5% of its workforce.

Nvidia — Stock in the semiconductor and artificial intelligence powerhouse added 2.2%. Nvidia invested $50 million into Recursion to help drive AI-based drug discovery, the company said Wednesday.

Disney — Shares of the media giant rose less than 1% after the company said it will extend CEO Bob Iger's deal two years, through 2026. Bank of America reiterated its buy rating on Disney following the news.

Carvana — Shares tumbled 7% after being downgraded to underweight from neutral by JPMorgan, which said the used-car dealer's valuation has «disconnected materially from fundamentals.» Carvana has soared about 700% this year. The Wall Street firm's price target of $10 suggests 74% downside from Wednesday's close.

SoFi — The financial technology stock slipped 1.4% after Morgan Stanley downgraded it to underweight. Morgan Stanley said SoFi should be valued more like a bank and a fintech company.

ViaSat — ViaSat shares tanked 29% for their worst day on record after the company revealed a malfunction with its recently launched communications satellite. The company disclosed late Wednesday that an «unexpected event» occurred during reflector deployment that could affect the performance of its Viasat-3 Americas satellite.

Shopify — The online purchase processor added 5.5% in midday trading, building on its strong gain from the previous session, after chief executive Tobi Lutke announced in a video on