On Friday, 8 May 2026, U.S. equities opened with a mixed tone as large-cap tech and AI-related names diverged. Chipmakers and AI infrastructure plays extended recent gains, while parts of the software and crypto complex came under renewed pressure amid profit-taking and selective downgrades.

Sector-wise, space-related stocks and leveraged semiconductor products showed notable strength, while silver-related ETFs also advanced alongside precious metals. In contrast, U.S. cybersecurity names and Russia-linked ETFs underperformed, reflecting risk-off positioning in selected geopolitical and high-valuation themes. Within software, SaaS and broader cloud names were weak, dragged by sharp moves in individual stocks such as HubSpot and Cloudflare. New energy vehicles and U.S. solar names edged higher, but moves were more measured compared with the sharp swings in AI infrastructure and software.

Among thematic groups, AI infrastructure and semiconductor-linked names remained in focus. Leveraged semiconductor ETF SOXL rose strongly, supported by a rebound in chip stocks including Qualcomm, Applied Materials and ASML Holding NV, all benefiting from better-than-expected earnings and robust automotive and AI demand. Conversely, inverse semiconductor ETF SOXS fell, underscoring the rotation back into the sector. Silver ETFs such as ProShares Ultra Silver and iShares Silver Trust gained as investors sought exposure to precious metals, while U.S. cybersecurity stocks like Fortinet lagged despite target price hikes, reflecting lingering valuation concerns.

NVIDIA rose 0.92%. The stock was supported by a series of major announcements, including a strategic partnership with IREN Ltd to deploy up to 5GW of Nvidia DSX-aligned AI infrastructure and a five-year AI cloud services contract worth about $3.4 billion. Nvidia secured rights to purchase up to 30 million IREN shares at $70, implying a potential $2.1 billion investment, and highlighted growing demand for optical interconnects in next-generation AI systems. Additional headlines about potential participation in a Trump administration trip to China and heavy institutional call-option buying reinforced bullish sentiment.

Alphabet slipped 0.05%, while Alphabet edged down 0.01%. SEC filings showed Alphabet has dissolved equity stakes in several biotech companies, including Dexcom, Fulcrum Therapeutics, GeneDx Holdings, Quince Therapeutics and Repligen. The move signals a strategic pullback from smaller biotech investments, which the market appears to interpret as a modest portfolio rebalancing rather than a major shift, resulting in only marginal share price pressure.

Apple gained 1.42%. The stock benefited from reports that the Trump administration plans to invite major U.S. CEOs, including Apple’s, to accompany the president on an upcoming trip to China, which investors view as potentially easing trade and regulatory tensions. Separately, industry data showed global tablet shipments were broadly flat in Q1 2026, but Apple maintained its leading position even as some Android rivals saw double-digit shipment declines, reinforcing confidence in Apple’s hardware ecosystem.

Taiwan Semiconductor Manufacturing dipped 0.19%. TSMC reported April revenue of T$410.73 billion, up 17.5% year-on-year, underscoring solid demand for advanced process nodes. At the same time, the company announced a strategic joint venture with Sony in Kumamoto, Japan, to develop next-generation image sensors and physical AI applications for automotive and robotics. Despite the strong fundamentals and new partnership, the stock saw mild consolidation, suggesting much of the good news was already priced in.

Tesla Motors advanced 1.94%. Recent data showed Tesla’s April China EV sales rose 36% year-on-year, marking six consecutive months of growth. The stock outperformed even as the broader indices pulled back, supported by surging options activity and strong demand for short-dated call contracts. Investors appear to be positioning for continued momentum in Tesla’s China business and its contribution to overall delivery and margin trends.

Advanced Micro Devices climbed 3.31%. Citigroup raised its price target sharply from $248 to $358 while maintaining a neutral rating, reflecting higher long-term earnings expectations tied to AI and data center demand. In parallel, Ark Invest sold around $3 million of AMD shares over three days while rotating capital into Tempus AI, signaling some profit-taking among high-profile growth investors. The net effect was still positive, as the aggressive target hike overshadowed the modest selling.

ASML Holding NV added 1.09%. The stock participated in a broader rebound in chip names after strong results from peers such as Qualcomm, with investors reassessing demand for advanced lithography tools in light of sustained AI and high-performance computing investment. The move suggests renewed confidence that semiconductor capital expenditure will remain elevated despite recent volatility.

Applied Materials rose 2.08%. The company benefited from the same wave of optimism lifting semiconductor equipment and chip stocks, following Qualcomm’s better-than-expected Q2 earnings and record automotive revenue. Investors are betting that robust chip demand will translate into continued orders for wafer fabrication equipment, supporting AMAT’s growth outlook.

ARM Holdings gained 0.79%. Despite recent sharp swings and a previously cautious stance from some brokers, ARM recovered alongside the broader chip complex. The rebound was aided by improved sentiment toward semiconductor demand following Qualcomm’s results, though the modest move suggests investors remain mindful of valuation and prior volatility.

Qualcomm jumped 3.70%. The stock rallied after reporting stronger-than-expected Q2 FY2026 earnings and record automotive revenue, which underscored the company’s diversification beyond smartphones. Options activity was also elevated, with a surge in $220 call volumes, indicating traders are positioning for further upside. The combination of solid fundamentals and bullish derivatives flows drove renewed investor enthusiasm.

McDonald's edged up 0.87%. Several brokers, including TD Cowen, Jefferies, Keybanc and Wells Fargo, cut their price targets but maintained overweight ratings, reflecting a slightly more cautious valuation stance while keeping a positive view on the company’s fundamentals. The mixed analyst messages led to a modest gain as investors balanced near-term multiple compression against the chain’s defensive earnings profile.

AppLovin Corporation fell 2.66%. Macquarie maintained an Outperform rating and raised its price target from $710 to $730, signaling confidence in the company’s growth prospects. However, the stock still declined, suggesting that investors may be locking in profits after a strong run or questioning the sustainability of recent performance despite supportive analyst commentary.

Corning advanced 3.11%. Citigroup and UBS both raised their price targets to $225 and $223 respectively while reiterating Buy ratings, citing improved earnings visibility and growth prospects. Corning also benefited from news of a long-term strategic partnership with Nvidia, which highlighted the importance of Corning’s optical and materials technologies in next-generation AI infrastructure, further boosting investor confidence.

Cloudflare, Inc. slumped 15.71%. The company announced plans to cut about 20% of its workforce as it pivots to an AI-first operating model, incurring restructuring costs of $140–150 million in Q2. Although recent results were better than expected and AI usage surged 600% over three months, revenue guidance and the scale of layoffs spooked investors. Additional commentary about weaker-than-expected Q2 guidance and broader tech volatility amplified the sell-off.

Fortinet inched up 0.56%. UBS and Susquehanna both raised their price targets from $90 to $115 while keeping neutral ratings, reflecting a more constructive view on valuation without a full upgrade. The modest share price reaction suggests investors welcomed the higher targets but remain cautious on growth and competitive dynamics in the cybersecurity space.

Datadog slipped 0.94%. Multiple brokers, including Needham, Mizuho, Rosenblatt and Keybanc, raised their price targets significantly and maintained positive ratings, highlighting strong confidence in Datadog’s growth trajectory. However, the stock still eased, indicating that expectations are already elevated and that investors may be taking profits despite the supportive analyst backdrop.

Coinbase Global, Inc. dropped 4.11%. The company reported a second consecutive quarterly loss, with Q1 net loss reaching $394.1 million and trading revenue down about 40% year-on-year, reflecting a sharp decline in crypto trading activity. Coinbase also cut around 700 jobs, or 14% of its workforce, to manage costs amid a subdued digital asset market. Even though Needham maintained a Buy rating, it trimmed its price target to $220, underscoring a more cautious stance.

Baidu gained 5.94%. The company’s AI chip subsidiary Kunlunxin began A-share listing counseling on the STAR Market, accelerating its path to a domestic listing. Investors view the move as unlocking hidden asset value and strengthening Baidu’s AI chip strategy. The prospect of separate capital market access for Kunlunxin boosted sentiment toward Baidu’s broader AI ecosystem and drove a sharp rally in its U.S.-listed shares.

Rocket Lab USA, Inc. surged 11.40%. As part of the broader “space stocks” theme, Rocket Lab benefited from strong sector interest and risk-on sentiment in high-growth aerospace names. The move reflects investor optimism about the company’s launch cadence and satellite services, even in the absence of fresh company-specific news in the provided data.

CoreWeave, Inc. fell 4.43%. The company reported Q1 revenue of $2.08 billion, up 112% year-on-year and above expectations, but posted an adjusted EPS loss of $1.12, missing estimates, and a net loss of $740 million. Capital expenditure surged 265% to $6.786 billion, and full-year capex guidance was raised, while Q2 revenue guidance came in below market expectations. The combination of widening losses, heavy spending and softer near-term outlook triggered a sharp pre-market drop despite record bookings.

SoundHound AI Inc tumbled 12.08%. Q1 revenue rose 52% to $44.2 million, beating estimates, but adjusted EPS missed at a $0.06 loss versus a $0.04 loss expected. Management highlighted that organic revenue growth excluding acquisitions would have been 88%, driven by automotive and IoT AI demand, and announced a deal to acquire LivePerson to drive 2027 growth. Nonetheless, the earnings miss and integration risks overshadowed the topline strength, leading to a double-digit decline.

NuScale Power declined 3.26%. The company reported Q1 revenue of just $565,000, far below the consensus estimate of $14.7 million, and a net loss of $46.685 million as R&D and administrative expenses climbed. The sharp revenue shortfall and widening losses raised concerns about project timelines and funding needs for its small modular reactor technology, pressuring the stock.

Trade Desk Inc. sank 10.04%. Needham maintained a Buy rating but cut its price target from $32 to $25, signaling a reassessment of valuation amid a more cautious advertising environment. The downgrade in target, even with a positive rating, suggested slower-than-previously-expected growth, prompting investors to de-risk exposure to the ad-tech name.

Klaviyo, Inc. fell 2.95%. Macquarie kept a neutral rating but lowered its price target from $24 to $17, reflecting a more conservative view on the company’s growth and profitability trajectory. The reduced target weighed on sentiment, contributing to further downside in the marketing automation stock.

HubSpot plunged 24.76%. A series of analyst actions turned more cautious: Piper Sandler, Mizuho, Morgan Stanley and Keybanc all cut price targets while maintaining overweight or outperform ratings, but B of A Securities downgraded the stock from Buy to Underperform and slashed its target from $300 to $180. The cluster of target cuts and a high-profile downgrade signaled rising concerns over valuation and growth sustainability, triggering a sharp re-rating.

Fluence Energy, Inc. soared 31.31%. Susquehanna maintained a positive rating and raised its price target from $23 to $25, reflecting optimism about the company’s energy storage solutions and growth prospects. The sizeable move suggests investors are increasingly confident in Fluence’s ability to capitalize on grid-scale storage demand, with the target hike acting as a catalyst for a short squeeze or momentum-driven buying.

Energy Fuels edged up 0.09%. HC Wainwright & Co. raised its price target from $27.25 to $29 while maintaining a Buy rating, signaling continued confidence in the uranium producer’s outlook. The muted price reaction indicates that the incremental target increase was largely anticipated by the market.

Hut 8 Mining Corp rose 0.83%. Canaccord Genuity and Rosenblatt both raised their price targets significantly, to $130 and $124 respectively, while maintaining Buy ratings. The upgrades reflect stronger expectations for Hut 8’s performance in the digital asset mining and infrastructure space, though the modest move suggests investors remain mindful of crypto market volatility.

Fastly, Inc. gained 5.92%. Citigroup raised its price target from $13 to $25 while keeping a neutral rating, indicating improved confidence in the company’s turnaround and growth prospects. The higher target helped lift sentiment toward the edge cloud provider, prompting a rebound in the shares despite the still-cautious rating.

Oklo Inc. advanced 1.42%. The stock was supported by broader ETF-related flows, with commentary noting sharp moves in products linked to Oklo and other thematic ETFs. The move reflects speculative interest in advanced nuclear and related themes rather than new fundamental disclosures in the provided data.

IREN Ltd surged 13.98%. The company announced a sweeping strategic partnership with NVIDIA, including a five-year, $3.4 billion AI cloud services contract and plans to deploy up to 5GW of Nvidia-aligned AI infrastructure. Nvidia secured rights to buy up to 30 million IREN shares at $70, implying a potential $2.1 billion equity investment, and IREN outlined ambitions to reach $3.7 billion ARR by 2026 with 1.2GW of AI cloud capacity by 2027. The acquisition of Nostrum Group expands its European footprint, adding significant power capacity in Spain, driving a sharp re-rating of the stock.