Tempest Therapeutics (TPST) reported Tuesday a registered direct offering of common stock expected to raise $4.25 million from a single healthcare-focused institutional investor, with potential additional gross proceeds of $4.1 million from a concurrent private placement of warrants, to support working capital and general corporate purposes.

Shares sank 24% following an increase in intraday trading volume to nearly 567,000 from a daily average of about 80,000.

Graphic processing units manufacturer Nvidia's (NVDA) shares dropped 4.2% after The Information reported Monday that Meta Platforms (META) is contemplating using artificial intelligence chips designed by Alphabet's (GOOG, GOOGL) Google unit.

Shares of Advanced Micro Devices (AMD), also a chipmaker, sank 7.2%.

The volume of trading in Nvidia's shares was 233 million, versus its average of 193.5 million. The corresponding figures for AMD were 51.7 million and 58.7 million, respectively.

Price: 174.89, Change: -7.67, Percent Change: -4.20