Robinhood Markets posted fourth-quarter revenue that fell short of analysts’ estimates, but earnings topped Wall Street’s forecasts.

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions. I own Robinhood stock as part of my compensation.)

The stock, crypto, and options trading platform reported:

• Q4 earnings per share of $0.66 vs. analysts’ consensus estimate of $0.63, according to FactSet.

• Sales of $1.28 billion vs. expectations of $1.35 billion.

• Transaction-based revenue of $776 million vs. expectations of $797.6 million. 

Shares of the company were down 5.4% shortly after the report.

Robinhood shares notched gains of 193% and 204% in 2024 and 2025, respectively, though they’ve recently given up some of those gains amid volatility in the crypto markets.

Tesla’s recently reported move into solar manufacturing could add $25 billion to $50 billion in value to the company’s energy business, Morgan Stanley writes.

The bank currently values the energy business at $140 billion, so an increase of as much as $50 billion isn’t anything to sneeze at, though it’s also a drop in the bucket of Tesla’s gargantuan $1.3 trillion market cap, or the $1 trillion opportunity Wedbush Securities analyst Dan Ives thinks is packed into Tesla’s AI and autonomy efforts.

Reporting on Tesla’s solar ambitions knocked First Solar shares lower last week. But Morgan Stanley writes that Tesla is unlikely to compete directly with the country’s leading photovoltaic panel maker, instead pairing it with its fast-growing energy business and using much of that production internally. Rather than adding solar panels to an already glutted global market, Tesla could use them internally to avoid supply chain bottlenecks and meet its own growing power demands.

The bank expects Tesla to vertically integrate its solar capacity to meet data center demand, including for data centers in space. (As we’ve noted, the mission of Elon Musk’s SpaceX has been seeming very similar to Tesla’s these days.)

“We believe the decision to allocate capital to adding solar capacity may be  justified by the value creation and growth opportunities that having a vertically  integrated solar + energy storage business can yield,” the Morgan Stanley note reads.

Notably, Morgan Stanley estimates the solar panel endeavor will cost Tesla $30 billion to $70 billion — a sum that Tesla didn’t include as part of its doubled $20 billion-plus capex plan this year.

It’s bizarro world for the tech sector.

Software stocks, the market’s collective whipping boy in 2026 in light of the presumptive threat of AI disruption, are continuing to recover on Tuesday. Meanwhile, the biggest winners of the AI boom this year — memory stocks, benefiting from intense shortages — are taking their turn in the red.

The iShares Expanded Tech Software ETF’s gains are being led by Datadog, a rare case of a software stock rising after reporting earnings this season, with heavyweights Oracle and ServiceNow outperforming the industry. Figma, which isn’t in this product, is also up double digits.

On the other side of the spectrum, Micron, Sandisk, Seagate Technology Holdings, and Western Digital are selling off.

The seesaw of modern markets often requires that as one group’s fortunes inflect positively after a long drubbing, so too must a high-flyer have its wings clipped.

That is, if you’re a portfolio manager long memory and short software stocks, and enough investors are willing to catch a falling knife and buy the beaten-down group, staying market-neutral and reducing this position would require you to purchase software and dump some memory stocks.

Harley-Davidson posted a loss per share more than twice as bad as Wall Street had expected in its fourth quarter. The company, which reported Q4 and full-year results on Tuesday, posted an adjusted loss of $2.44 per share, compared to Wall Street estimates of a $1.06 loss per share.

The motorcycle maker is contending with declining sales of, well, motorcycles. Shipments fell 4% in the fourth quarter from the year prior, while analysts had anticipated a 22% increase. Harley’s full-year gross margin was about 4 percentage points lower year over year, a decline the company said was driven by tariffs.

Harley CEO Artie Starrs called 2025 a “challenging year” and said the company is “taking deliberate actions to stabilize the business, restore dealer confidence, and align wholesale activity with retail demand.” Near-term results reflect those actions, Starrs said.

The year ahead didn’t offer much optimism for investors. For its motorcycle division, the company forecast a full-year operating income of between a $40 million loss and a $10 million profit. Wall Street analysts polled by FactSet expected $128 million in profit. The company said its full-year guidance could be impacted by a new strategic plan, set to be announced in May.

Credo Technology Group is earning itself some new believers.

The seller of active electrical cables (AECs) and other electrical connectivity solutions for data centers announced stellar Q3 preliminary sales results after the close on Monday, with guidance that calls for rapid growth to continue.

Shares are up about 15% as of 8 a.m. ET.

Management said Q3 revenues would range between $404 million and $408 million, above the upper end of its guidance and the $341 million forecast from Wall Street. Going forward, the company projects that revenues will grow in the mid-single digits quarter on quarter, propelling revenue growth up more than 200% year on year through its current fiscal year.

“We reaffirm CRDO as our Top Pick for 2026 and view this announcement positively given management’s continued execution with its AEC product offering and our underlying belief in the longevity of AECs,” wrote Needham & Co. analyst Quinn Bolton, who has a $220 price target on the shares. “At the Needham Growth Conference, management stated that they believe the industry is still in the early innings of the AEC adoption curve, pointing to only one customer that has fully deployed AECs across potential use cases (front-end networks, scale-out networks and switch racks) and stated that visibility continues to be strong over the next twelve months and beyond.”

Bolton boosted his sales outlook for Credo’s next fiscal year and the one after that following this news.

Music streamer — and soon to be physical book seller — Spotify reported impressive Q4 results on Tuesday that are sending shares up 15% in premarket trading.

Spotify said it added more than 38 million monthly active users, a quarterly record that brought its total to 751 million. Wall Street analysts polled by FactSet expected 744.7 million. The number of premium, paying subscribers grew 10% to 290 million, slightly better than estimates of 289.4 million. Revenue for the quarter rose 7% to €4.53 billion (~$5.4 billion), which fell broadly in line with estimates, while its 33.1% gross margin figure was also a new company record.

Looking ahead to the current quarter, Spotify forecast an addition of 8 million net monthly active users for a 759 million total (vs. the 752.7 million expected). The streamer guided for 293 million premium subscribers in Q1, compared to the 293.5 million consensus estimate.

The company, which raised its US subscription prices this month, expects to book €4.5 billion, or $5.36 billion, in Q1 revenues. Wall Street expected €4.58 billion, or $5.41 billion.

With the global population sitting at just over 8 billion per the latest estimates, Spotify’s new figures imply that roughly 1 in 11 people now uses the streamer each month.

Oscar Health rose in premarket trading after reporting impressive full-year guidance that more than offset Q4 results that failed to live up to analysts’ expectations.

For the last three months of 2025, Oscar reported:

• A loss per share of $1.24, compared to the $0.89 loss per share analysts polled by FactSet were expecting.

• Revenue of $2.8 billion, lower than the $3.1 billion Wall Street was penciling in.

• A medical cost ratio of 95.4%, higher than the 91.1% analysts expected.

For the full year in 2026, Oscar expects:

• Revenues between $18.7 billion and $19 billion, compared to the $12.4 billion analysts had penciled in.

• Its medical cost ratio to sit between 82.4% and 83.4%, while analysts had expected 85.5%.

Health insurers have been under pressure for the past year amid rising health costs. Oscar, a provider of ACA Marketplace plans, has taken a hit as tax credits for the program lapsed in January.

TSMC is up 2.6% in premarket trading, as of 6:15 a.m. ET Tuesday, after the Taiwanese chipmaker reported that January revenues jumped 37% to NT$401.3 billion ($12.7 billion).

That leap is a fair way above the company’s full-year growth outlook of 30%.

Much of the rise was fueled by booming demand for advanced AI chips made for customers including Nvidia and Apple. In January, TSMC revealed plans to spend $52 billion to $56 billion in capital expenditure across 2026, up sharply from $40.9 billion in 2025.

The January figure builds on the world’s biggest chip manufacturer’s rip-roaring Q4, where revenue, earnings, and sales and margins guidance all beat estimates.