Atlassian shares skyrocketed 23% in premarket trading on Friday after the embattled workflow software firm hiked its FY2026 guidance and reported better-than-expected revenue and profit results for its fiscal third quarter.

For the quarter ended March 31, 2026, the company reported:

• Revenue of $1.79 billion, up 32% year-over-year and topping Wall Street expectations of $1.695 billion (compiled by Bloomberg).

• Adjusted EPS of $1.75 per share, more than 30% ahead of analyst estimates for $1.34 of adjusted earnings.

CEO Mike Cannon-Brookes noted that “Our strong Q3 results show the power of our strategy in action, with total revenue growing 32% year-over-year to $1.8 billion, as customers sign bigger, longer-term commitments, and connect their teams and workflows on our AI-powered platform,” the company also hiked its fiscal year 2026 outlook, ending June 30. Atlassian now expects:

• Total revenue year-over-year growth to be approximately 24%, up from 22% expected in the previous quarter.

• Higher revenue growth for its key businesses, with Cloud now expected to grow 26.5%, Data Center 21.5%, and Marketplace and other 6.5%, compared to the year before.

The latest jump is a sigh of relief not only for Atlassian — which has seen its shares fall more than 50% in 2026 — but also the wider software complex at large, which has been under relentless pressure from an AI-spooked selloff in recent months. While this certainly won't kill the "SAASpocalypse" thesis altogether — the idea that the moat of software businesses will disappear in an age of vibe-coding — it may blunt some of the concerns, or at the very least push the timeline of any anticipated disruption back a few quarters.

Strong earnings from Five9, and even Reddit, are also helping the software landscape this morning, with a number of high profile SAAS stocks in the green, includingHubspot, GitLab, Workday, ServiceNow, Salesforce, and Figma.

Earlier in March, Atlassian announced it was laying off about one-tenth of its staff “to self-fund further investment in AI and enterprise sales, while strengthening our financial profile.”

The conditions of SpaceX’s pay package for founder Elon Musk were revealed in a confidential registration statement, which was reviewed by Reuters last week.

While the compensation plan, approved by the SpaceX board in January, includes a sky-high valuation target of $7.5 trillion, it turns out Musk will only be awarded 200 million in super-voting restricted shares if he also establishes a ​permanent human colony on Mars with more than a million people, according to excerpts from the statement.

The bitcoin miner turned data center operator released first-quarter earnings that surpassed expectations for revenue. Shares built on strong gains from Thursday’s session in after-hours trading following the results.

Riot Platforms reported:

• Q1 revenue of $167.2 million, growing 3.6% from the same quarter a year ago and surpassing analysts’ expectations of $131 million.

• A diluted loss per share of $1.44, much worse than analysts’ consensus estimate of a $0.72 loss, which includes unrealized loss on its bitcoin holdings.

The bulk of company’s revenue stems from its bitcoin mining activity, which made up $111.9 million in the quarter, while its data center housing revenue stood at $33.2 million, per its press release.

The first quarter of 2026 marks an inflection point for Riot. CFO Jason Chung said on Thursday in the firm’s Q1 earnings conference call, “With the delivery of our first 5 megawatts to AMD this quarter, Riot is now an active data center operator, and for the first time, our top line now includes contracted lease revenue from an investment-grade tenant.”

The earnings report comes the same week the company announced amending its $200 million credit agreement with Coinbase by replacing a floating interest rate with a fixed rate, according to an SEC filing dated on Monday.

Social media platform Reddit climbed late Thursday after guiding for stronger sales in the current quarter and posting Q1 numbers that were better than analysts had expected. Reddit reported:

• Q1 earnings per share of $1.01 vs. analysts’ expectations of $0.57.

• Revenue of $663.4 million vs. expectations for $607.7 million.

• 126.8 million “daily active uniques” vs. the 125.9 million expected.

• Sales guidance for Q2 2026 of between $715 million and $725 million (midpoint $720 million) vs. analysts’ estimates of $710.9 million.

After surging 40% last year, Reddit has struggled since last September, when it hit a record closing high of $270.71. The stock closed Thursday roughly 45% below that level.

The drop is not so much because the outlook for sales and earnings at the company have weakened dramatically. (In fact, Wall Street analysts have lifted their sales estimates for the next 12 months by about 30% since then, and raised earnings estimates by about 70%.)

It’s that the price-to-earnings multiple on the stock has plunged from over 90x expected earnings over the next 12 months to about 32x, suggesting that sentiment around the stock — which had been something of a favorite for retail traders last year — has ebbed significantly.

The bottom is falling out of Roblox in postmarket trading after the video game company’s Q1 daily active users fell short of estimates and management cut full-year guidance.

For the period ended March 31, the company reported: 

• Net revenue of $1.44 billion (compared to analyst estimates for $1.42 billion).

• Daily active users of 132 million (estimate: 143.8 million).

The real pain, though, comes from the reduced full-year outlook, with management lowering their view for sales to between $5.87 billion and $6.14 billion, down from a range of $6.02 billion to $6.29 billion. In other words, the old base case for sales is now their best-case scenario.

The firm also cut its outlook for 2026 bookings (money spent on in-game currency known as Robux) to a range of $7.33 billion to $7.6 billion (previously $8.28 billion to $8.55 billion).

Analysts were way off-side, having expected full-year revenue of $6.6 billion and bookings of $8.4 billion.

The stock hit its lowest level since October 2024 in the after-hours session. It’s been languishing near its 52-week low after halving over the past six months, with analysts wondering whether the kid-focused company has a plan to stay out of legal trouble, monetize, and “age up” in the years ahead. 

Roughly one-third of the video game company’s users are under 13. This month, Roblox announced expanded controls for parents and the rollout of Roblox Kids (for ages 5 to 8) and Roblox Select (for ages 9 to 15) this June. These launches are one part of its multitiered safety plan, which includes third-party biometric scans — something kids have been expertly outsmarting. 

Roblox’s decision to cut its guidance for 2026 was “largely safely-related,” Roblox’s C-suite said on Thursday’s earnings call. As Roblox started age-gating, CFO Naveen Chopra explained, many users lost access to intercommunications on the platform — resulting in a lack of engagement and daily active users, as well as negative App Store reviews (which management also blamed on running annoying ads).

David Baszucki, Roblox CEO:

“We have seen a reduction in App Store rating, and we believe this may be contributing to a reduction in organic sign ups that typically flow from app stores.”

Naveen Chopra, Roblox CFO:

“We do know that the fact that we had more sign up headwinds over the last few months is going to put pressure on bookings over the remainder of the year.”

Over the past month, the company has also importantly settled with several states over lawsuits that allege the company failed to implement proper security to protect children from adults on the site, which showed up in the company’s quarterly bill.

The platform paid out $1.5 billion to creators in 2025, and the company overall remains in the red.

AI memory play Western Digital posted stronger-than-expected quarterly earnings and sales figures.

Shares of the company, which have run up 131% so far this year, were down 3.6% as the beats weren’t able to satiate investors, a similar situation that played out with its peer Sandisk, which also reported earnings on Thursday afternoon.

Here’s how the results looked:

• Fiscal Q3 revenue of $3.34 billion vs. the $3.25 billion consensus analyst expectation, per FactSet.

• Adjusted earnings per share of $2.72 vs. the $2.39 analysts had predicted.

• Fiscal Q4 guidance for adjusted EPS of $3.10 to $3.40 ($3.25 midpoint) vs. analyst estimates of $2.75.

• Sales guidance for Q4, which ends in June, of $3.55 billion to $3.75 billion ($3.65 billion midpoint) vs. estimates of $3.46 billion.

A maker of hard disk drives that are suddenly in high demand due to the AI data center build-out, Western Digital — along with Seagate Technology Holdings, Sandisk, and Micron — is a cornerstone of the AI memory trade, which has delivered massive gains over the last year. Western Digital alone is up more than 1,000% over the last 12 months and is one of the top-performing names in the S&P 500 in 2026.

Data storage company Sandisk dropped late Thursday despite reporting much better-than-expected quarterly numbers. The massive beneficiary of the data center boom — the stock topped the S&P 500 last year and is leading it again in 2026 with an astounding year-to-date gain of about 360% — reported:

• Non-GAAP diluted earnings per share of $23.41 vs. the $14.62 forecast from Wall Street analysts polled by FactSet.

• Revenue of $5.95 billion vs. a $4.72 billion consensus forecast from FactSet.

• Non-GAAP EPS guidance for the current quarter, which ends in June, of $30 to $33 vs. Wall Street’s $23.38 expectation.

• Current-quarter revenue guidance of $7.75 billion to $8.25 billion ($8 billion midpoint) vs. the $6.62 billion analyst forecast.

Shares fell 6% after-hours.

Sandisk was spun off from Western Digital in February 2025, and since then, its AI-driven stock price run-up has been nothing short of spectacular. The stock has risen more than 3,300% over the last 12 months, creating more than $150 billion in market value. When it emerged as a stand-alone company, it was valued at about $5 billion.

Can such a run-up continue? The law of large numbers would suggest not.

Sandisk executives have been adamant that demand for products — to store the massive amounts of data required for and produced by AI — shows no sign of slowing. But the sell-off after the numbers suggests investors who have ridden the shares up are nervous.

US EV maker Rivian reported its first-quarter results after markets closed on Thursday. The company’s shares whipsawed in after-hours trading.

For Q1, Rivian reported:

• An adjusted net loss of $0.54 per share, compared to the $0.60 loss per share expected by Wall Street analysts polled by FactSet.

• $1.38 billion in sales, compared to $1.37 billion expected.

Looking ahead, Rivian maintained its forecast for a full-year adjusted loss in the range of $1.8 billion to $2.1 billion. Wall Street expects a $1.99 billion loss.

Rivian’s primary focus this year will be the commercial launch of its new, smaller R2 SUV.

Earlier this month, Rivian reaffirmed its full-year delivery guidance of 62,000 to 67,000 vehicles. Analysts polled by FactSet expect 17,200 of those to be R2s, while Rivian has implied annual R2 deliveries of between 20,000 and 25,000 units. In March, Rivian announced that the R2 price would start at $59,485 at launch. The company reportedly began deliveries of the first R2s to employees this month.

Rivian also announced a robotaxi partnership with Uber in the first quarter. Uber will invest up to $1.25 billion in the EV maker in a deal for 50,000 robotaxis.

This week, a regulatory filing revealed that Rivian CEO RJ Scaringe earned $402.6 million in 2025 — more than 7x the combined pay for GM CEO Mary Barra and Ford CEO Jim Farley.

There’s optimism, there’s damning with faint praise, and then there are Beyond Meat bulls on Reddit.

Shares have jumped more than 20% at their peak on Thursday, briefly breaching $1, with some traders very happy that the faux meat seller has... scheduled its Q1 earnings report for after the market closes on May 6.

To be fair, they’ve got a point, given the company’s recent history of rather chaotically releasing preliminary results:

• On March 16, Beyond said it was delaying the release of Q4 and full-year 2025 results until March 25, and released preliminary results. At the time, management said it needed more time to “complete a review and analysis related to its inventory provision.” On March 25, it then pushed that date out to March 31. CEO Ethan Brown would go on to blame American society for the company’s underwhelming sales outlook.

• On October 21, Beyond scheduled its Q3 earnings release for November 4, then rescheduled for November 11. Management had already released Q3 preliminary figures out of the blue on October 24. This delay was due to its inability to quantify how big of a write-down to take.

Separately, Beyond’s retail enthusiasts are also touting the company’s ability to benefit from a report that the US Army is looking into meatless proteins, and, of course, the potential for a short squeeze in the stock.

On the surface, it’s difficult to see why Nvidia is getting clobbered after the Magnificent 7’s four hyperscalers reported earnings after the close on Wednesday.

The 2026 capex guidance for this group — which went up about $15 billion thanks to Meta and Google’s updates — has been a shorthand for Nvidia’s earnings outlook throughout the AI boom. That makes sense, as it’s one of the biggest suppliers to all four firms.

But the AI boom evolves, and one reason being offered for Nvidia’s sharp sell-off is that its most important product — GPUs — simply aren’t the key missing ingredient in the AI boom right now. Rather, they’re something these companies are trying to do without while building up their own suite of offerings.

After a spike during Q4 earnings, hyperscalers aren’t talking as much about the OG brains behind the AI boom...

...but they are talking a lot about the hardware they’re bringing to the table...

Amazon CEO Andy Jassy:

“Nobody has a better set of chips across AI and CPU workloads than AWS with Trainium and Graviton, and we’re unusually well positioned for this AI inflection we’re in the early stages of experiencing. While the largest number of AI chips we’re bringing in are Trainium, we continue to have a deep partnership with NVIDIA. We have immense respect for them, continue to order substantial quantities, we’ll be partners for as long as I can foresee, and we’ll always have customers who want to run NVIDIA on AWS. And we will also have a very large chips business ourselves.

Customers always want choice. It’s always been true, and always will be true.”

Microsoft CEO Satya Nadella:

“Our Maia 200 AI accelerator, which offers over 30% improved tokens per dollar compared to the latest silicon in our fleet, is now live in our Iowa and Arizona data centers.

Our Cobalt server CPU is deployed in nearly half of our DC regions running workloads at scale for customers like Databricks, Siemens, and Snowflake. As our largest customers scale their AI deployments, they’re increasingly leveraging other services across our platform and choosing to run those workloads on Cobalt, and we’re expanding Cobalt supply significantly to meet this demand.”

Google CEO Sundar Pichai:

“We are unique in the market because of our vertically optimized AI stack and the way we co-develop the components from our infrastructure and models to platforms and the tools to applications and agents. And the fact that we own frontier models, own the silicon, you know, really helps us stay ahead of the curve.”

Meta CEO Mark Zuckerberg:

“We are very focused on increasing the efficiency of our investments. And as part of that, we are rolling out more than 1 gigawatt of our own custom silicon that we’re developing with Broadcom, as well as significant amount of AMD chips to complement the new NVIDIA systems that we’re rolling out as well. One of the primary goals of our Meta compute initiative is to lead the industry in efficiency of building compute. And we expect that will be a strategic advantage over time.”

...and nodding to the idea that escalating capex numbers are indeed a function of higher memory chip prices, rather than a more aggressive accumulation of GPUs.

Zuckerberg:

“On that note, we are increasing our infrastructure CapEx forecast for this year. Most of that is due to higher component costs, particularly memory pricing.”

Jassy:

“So, on memory and storage and the supply chain, I think everybody knows that the cost of these components, particularly memory, has skyrocketed. And we’re just in a stage where there’s just not enough capacity for the amount of demand.”

Of course, this is 20/20 hindsight: Nvidia — like every chip company — has been on an absolute heater since the market bottomed in late March. And to be clear, the chip designer’s sharply rising sales estimates strongly imply that hyperscalers’ hardware offerings are meant to augment, rather than replace, demand for the most valuable company’s products.

Bitcoin miners are continuing to position themselves beyond digital assets.

On Thursday, MARA Holdings, longtime bitcoin miner turned compute infrastructure firm, announced it will acquire Long Ridge Energy & Power LLC from FTAI Infrastructure for $1.5 billion, including the assumption of at least $785 million of debt.

The move, which aims to add more than 1 gigawatt of total potential power capacity, helps the firm capitalize on the AI boom. Shares of MARA Holdings jumped 9% on the news, with FTAI Infrastructure shares surging as well.

The acquisition includes a 505-megawatt combined-cycle gas plant in Hannibal, Ohio, and over 1,600 contiguous acres of land to support the build-out of an AI campus.

MARA’s newly acquired Hannibal data center “has already received inbound interest from multiple potential investment-grade AI/Critical IT tenants,” according to a Thursday press release. The firm expects construction to begin in the first half of next year.

“Power is the scarce input in AI,” Fred Thiel, MARA’s chairman and CEO, said. “With the planned addition of Long Ridge Energy, we are gaining control of a highly efficient, contracted energy platform that has a rare combination of large-scale power, land, water access, fuel supply and grid interconnection in a single location — assets that are increasingly difficult to replicate in today’s market.”

Big Tech’s big capital spending continues to surge even higher than the companies had previously expected.

Alphabet raised its 2026 capex outlook to between $180 billion and $190 billion, up from $175 billion to $185 billion. Meta increased its 2026 forecast to $125 billion to $145 billion, up from $115 billion to $135 billion. Microsoft, meanwhile, said it’s planning on spending $190 billion this calendar year, about $55 billion more than the FactSet analyst consensus. Amazon, the lone outlier, didn’t boost its capex forecast, keeping it at a cool $200 billion.

Combined, Alphabet, Amazon, Microsoft, and Meta plan to spend more than $700 billion on capex in 2026, nearly double what they spent last year and $100 billion more than they’d expected just last quarter, as they continue to build out the AI infrastructure to support their AI futures.