Premarket movers: Tesla and Nvidia are underperforming Magnificent 7 peers, as chip, growth and other AI-related stocks are trending lower. Meanwhile, Microsoft and Apple edge higher: Tesla (TSLA) -1.1%, Nvidia (NVDA) -1%, Alphabet (GOOGL) -0.9%, Meta Platforms (META) -0.7%, Amazon (AMZN) -0.7%, Apple (AAPL) +0.1%, Microsoft (MSFT) unchanged Generac Holdings Inc. shares (GNRC) are up 1.4% outperforming amid weakness in many other industrial names, after two bullish nods on Wall Street. Goldman Sachs (GS -1.5%) and Wells Fargo (WFC -1%) are buys at TD Cowen, while Morgan Stanley (MS -1.2%) is rated a hold on valuations. Levi Strauss (LEVI) falls 3.4% after the denim retailer posted the slowest growth in its direct-to-consumer channels since late 2022. NXP Semiconductors NV shares (NXPI) are down 3.5% after Citi downgraded the chipmaker to neutral from buy, writing that it’s becoming “increasingly selective.” Palantir shares (PLTR) gain 2.6% as Goldman Sachs upgrades to buy from neutral as the stock has underperformed this year. PepsiCo shares (PEP) are up 2.2% after the food and beverage company reported third-quarter core earnings per share above what analysts expected. Shares in energy and utilities companies (CVX +1.9%, OXY +2.6%) are rising as hurricane Isaias develops in the Atlantic, with oil and gas producers shutting in wells and evacuating personnel as the storm tracks toward the Gulf Coast. Shares of Haemonetics (HAE) rise 18% after CSL Plasma expanded its relationship with the maker of blood-processing systems. Spotify Technology SA (SPOT) falls 0.5% as it is being started with a neutral rating and $540 price target at Piper Sandler, which writes that it is “looking for a catalyst” to get more excited about the audio-streaming company. Wolfspeed (WOLF) jumps 14% after Department of Defense announced a $1.5b conditional loan commitment to the company.