Stocks making the biggest moves midday: Nvidia, Palantir, Western Alliance, Johnson & Johnson and more

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Check out the companies making headlines in midday trading.

Nvidia – Shares of the chipmaker slid about 3% a day after Google revealed details about its artificial intelligence supercomputer and claimed that, compared to similar systems, it's 1.2-1.7x faster and uses 1.3-1.9x less power than the Nvidia A100.

Palantir Technologies – Shares of the big data company, known for its many government contracts, fell about 5% after Palantir announced the expansion of its partnership with Microsoft to the public sector from the private sector. This development would give U.S. government customers and industry partners access to enterprise-grade capabilities by Palantir and Microsoft.

Western Alliance — The regional bank stock shed 17% a day after the bank provided an update on its deposit balance, saying that deposits as a percent of the total rose to 68% at the end of March. Western Alliance also said it has enough liquidity to cover the remaining uninsured deposits.

Johnson & Johnson  — Shares rose about 3%. The action follows the day after the pharmaceutical giant said it will pay $8.9 billion over the next 25 years to settle allegations that talc in its baby powder and other products caused cancer. J&J, which said it continues to believe the claims lack merit, also refiled for bankruptcy protection for its LTL Management subsidiary. 

FedEx — Shares of the shipping giant rose more than 1% after the company announced that it will fold its businesses that move freight and its divisions that offer other services into one organization. The move is viewed as FedEx's effort to cut costs and increase efficiency across its operations.

First Citizens BancShares — First Citizens BancShares rose roughly 3% after UBS