Intel, Amazon, Palantir, Super Micro, and Other Tech Stocks in Focus Today
Tech stocks look set for another challenging day as corporate earnings keep AI-exposed companies under pressure.
Futures on the Nasdaq 100 fell 0.3% early Thursday after the technology-heavy Nasdaq Composite Index closed lower for the second consecutive day Wednesday.
Arm Holdings was the latest tech company to disappoint investors following its quarterly earnings report. The stock tumbled 8.3% as the chip designer's revenue guidance, while higher than Wall Street's midpoint estimate, failed to inspire the market.
Several AI-exposed stocks, such as $Palantir Technologies Inc.(PLTR)$
Chip stocks in general were under a bit of pressure. Nvidia shares were down 0.5%, Micron Technology fell 0.4% and Qualcomm dropped 0.5%. Intel edged down after falling 2.2% Wednesday as it lowered its second-quarter revenue guidance following the U.S. Department of Commerce's decision to revoke export licenses to a customer in China. The customer is Huawei, Bloomberg reported.
The Magnificent 7 stocks were also struggling to make any gains-- Tesla, Apple, $Amazon.com(AMZN)$
AppLovin and Robinhood Markets both defied the broader market gloom, though, with impressive earnings. AppLovin stock surged 15% after the app-monetization company beat earnings and revenue estimates and signaled an improvement in the app advertising market.
Robinhood shares climbed 5.3% as a surge in crypto trading volumes helped the company beat earnings estimates. Crypto trading volumes jumped 224% year over year to $36 billion in the first quarter, while crypto revenue surged 232% to $126 million. Robinhood reported record net deposits of $11.2 billion for the quarter.
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