🔴 Rackspace Technology Inc is trading 5.1% down today as profit-taking and recent workforce reductions follow a massive rally driven by AMD AI partnership and short-squeeze dynamics

Rackspace Technology Inc is trading at $7.15 (5.1% down) as investors lock in profits following a rapid multi-session surge, with recent workforce reductions also impacting sentiment. The rally was fueled by short-squeeze dynamics and a major AI infrastructure partnership.

• The stock recently jumped more than 50%, driven by excitement over a 30MW AI cloud deal with AMD and positive post-earnings momentum.
• The company also announced plans to reduce its global workforce by approximately 15%, a decision approved on June 10, 2026, as part of a strategic shift towards enterprise AI.
• Today's pullback reflects a cooling of initial AI euphoria, easing squeeze pressure, and the implications of the restructuring.