On Thursday, altcoins swept lower as bitcoin weakened. The tokens with the biggest losses in the last 24 hours are NEAR, ethena, and Zcash, each declining double digits in the period.

Other tokens have dropped to lows not seen in over a year in the past 24 hours:

• Ethereum dropped 4.4% to under $1,780, a level not seen since April 2025.

• XRP declined 4.5% to an 18-month low last hit in November 2024.

• Solana decreased 6% to trade below the $70 mark, its lowest price since December 2023.

• Dogecoin slid below $0.09, a 27-month low last seen in February 2024.

“Sentiment for crypto is firmly in the gutter as fears surrounding BTC/STRC and its potential overflow compound and overshadow anything that can be read as positive news (e.g. CLARITY movements),” according to Sean Dawson, head of research at crypto options platform Derive.xyz.

“[Altcoins] are high beta plays to BTC and are typically sold heavily in a downturn. Simply put, I’d be even more bearish on alts,” Dawson told Sherwood News.

“Further, liquidity has been drained into this year’s ‘superhot’ narrative of AI/data centers. In other words, there are just better, more exciting opportunities elsewhere,” Dawson added.

One cryptocurrency that has bucked the downtrend has been worldcoin, the native token for World, the digital identity project backed by OpenAI CEO Sam Altman. While the broader crypto market has been pushing lower, WLD has jumped nearly 5% in the last 24 hours and 90% in the past seven days, data from CoinGecko shows.

Applied Aerospace & Defense shares are gaining on Thursday, though they’re still trading below their Wednesday IPO price of $20. Yesterday’s debut raised $650 million and put the company’s valuation at roughly $3.5 billion. Despite opening trading at $20.75, shares closed the day at just over $19.

Applied Aerospace manufactures components used in rockets, aircraft, and defense systems, including solid rocket motor cases, fuselage assemblies, and engine shafts. Its customers include companies such as Boeing and Anduril Industries. Separately, its IPO filing showed that its three largest customers accounted for roughly 59% of revenue in 2025.

Investors remain interested in defense-related listings as geopolitical tensions and military spending continue to drive interest in the sector.

“We’re right at the epicenter of doing really incredible mission work supporting next-gen interceptor development, which protects cities and countries,” CEO Trip Ferguson said in an interview with NYSE.

It took Facebook and Instagram around eight years; it took YouTube just over six; even TikTok, which at the time felt like it was a global sensation almost as soon as it arrived, took more than half a decade.

Now, though, the mobile version of ChatGPT has positively left the biggest platforms (and all of your other favorite apps) in the dust, hitting 1 billion monthly active users in just three years, per new data from market intelligence firm Sensor Tower, as more users turn to OpenAI’s chatbot each month.

While rival Anthropic might be pulling ahead in terms of annualized recurring revenue, enterprise customer adoption, and valuation, the app version of Claude, a market-leading chatbot on several counts, has clocked only 56 million monthly active users in the quarter to date.

In fact, according to Abe Yousef, a senior insights analyst at Sensor Tower, ChatGPT’s monthly active user count for the quarter to date outweighs the figures for Claude, Gemini (472 million), Doubao (106 million), Dola (78 million), DeepSeek (68 million), Meta AI (61 million), Grok (50 million), Perplexity (44 million), and Copilot (31 million)... combined.

ChatGPT made a pretty big splash in the tech world when it landed toward the end of 2022, but there’s no question that the mobile versions — which launched on iOS in May 2023, then on Android a couple months later — helped to catapult the chatbot into the mainstream proper.

Ciena Corp. shares are plunging Thursday despite the network technology company posting Q2 earnings results that beat Wall Street consensus estimates and raising its full-year outlook.

Ciena stock has surged so far this year, gaining over 150% year to date including today’s drop.

Key numbers:

• Revenue of $1.57 billion (compared to analyst estimates of $1.50 billion).

• Earnings per share of $1.64 (estimate: $1.46).

• 2026 full-year revenue guidance of $6.3 billion (estimate: $6.18 billion).

Revenue grew 40% year over year. That growth was anchored by the company’s core Optical Networking segment, which brought in $1.1 billion, while its Routing and Switching division nearly doubled to $174.2 million.

Management also raised its full-year fiscal 2026 revenue guidance to $6.3 billion (plus or minus $100 million). This marks a notable upgrade from its previous full-year target range of $5.9 billion to $6.3 billion. For the upcoming fiscal third quarter, the company anticipates revenues of $1.625 billion, exceeding the Wall Street’s expectations of $1.58 billion.

“Today’s results reflect the strength of our portfolio, the power of our business model, and disciplined execution in a dynamic supply environment,” Gary Smith, president and CEO of Ciena, said in a statement.

PVH is plunging in early trading following the release of its Q1 report, as a lowered full-year sales guidance overshadowed an otherwise solid earnings beat. The company, which owns iconic brands Calvin Klein and Tommy Hilfiger, warned investors that ongoing macroeconomic and geopolitical tensions would impact international revenues.

The primary driver behind the stock collapse is a revised fiscal 2026 forecast that caught Wall Street off guard. Revenue is now projected to be “approximately flat” compared to the flat to slight increase it had forecast previously, with the prolonged war with Iran and its widening economic impact on the EMEA region cited as the cause. Revenue in constant currency terms for the EMEA region fell 5% during the quarter as a result of these disruptions. The company continues to expect growth in its Americas and Asia-Pacific businesses.

PVH continues to expect full-year adjusted earnings between $11.80 and $12.10 per share, which includes a roughly $3.30 impact from tariff costs and around a $1.70 benefit from tariff refunds.

“As we look forward, we are balancing two opposing forces: on one side, the increasing brand and business momentum we are driving in both Calvin and TOMMY, and on the other, the prolonged effects of the Middle East conflict, which is putting pressure on the consumer in EMEA,” Stefan Larsson, the CEO of PVH, commented in a statement. “We are adjusting to the moment, while keeping our long-term approach to fueling our brand and business momentum.”

For Q1 itself, PVH posted total sales that rose 2% year over year to $2.03 billion. The retail brand bounced back to an $88 million profit, or $1.90 per share, reversing a net loss of $44.8 million from the same quarter last year. Growth was anchored by the company’s direct-to-consumer sales, which grew by 6% on the back of strong performance in Calvin Klein denim and underwear, alongside Tommy Hilfiger outerwear.

Despite the sell-off, PVH stock has risen over 30% year to date.

Micron and Sandisk are both down more than 6% on Thursday, as Broadcom’s underwhelming results weigh on the entire AI complex.

But the two memory giants might be under more pressure than others for another reason, too. Reuters reported that Korean rival SK Hynix told investors this week that it received strong backing on its proposed US listing, potentially giving US investors an alternative way to play the memory chip crunch.

Citing a source familiar with the matter, the Reuters report outlined that the South Korean chipmaker received “tremendously positive” feedback from stockholders, thanks to growing AI demand and SK Hynix’s competitive position in the memory chip market. Noting discussions with customers on future pricing of its advanced chips, the company reportedly also told investors that it expects a favorable pricing environment for its high-bandwidth memory (HBM) chips to continue into next year, and strong demand for its new, power-efficient LPDDR memory from Nvidia, which could further tighten memory supply from 2027.

Back in March, SK Hynix announced that it had filed an application to list ADRs with the SEC, the review of which remains underway, with aims to go stateside within 2026. Reuter’s cited source noted that the size and pricing of the listing still haven’t been decided, but local Korean media had reported that the company could raise up to $10 billion back in March, when SK Hynix had a market valuation of less than half of what it is today.

Micron is currently the only US-listed company out of the top 3 memory producers (Samsung being the other). SK Hynix remains ahead of Micron across the memory landscape, according to the latest available data on market share by revenue from Counterpoint Research, including DRAM (SK Hynix 29% vs. Micron 22%), NAND (18% vs. 13%), and HBM (57% vs. 21%) chips.

ChargePoint, an electric vehicle infrastructure company, topped analysts’ expectations for first-quarter revenue, but its cash pile dropped by about one-third.

Here are the numbers: 

• Q1 revenue of $101.8 million (compared to analyst estimates of $95.6 million).

• A Q1 loss per share of $1.75, compared with a $2.49 loss a year earlier.

After-hours, shares whipsawed as traders digested a slightly more complicated story, with ChargePoint continuing to burn through cash quickly. ChargePoint’s cash and cash equivalents on the balance sheet totaled $95.8 million, while only a quarter ago it had held $141.5 million in cash. That’s a drop of 32%.

The industry overall is at a crossroads. With federal subsidy rollbacks, electric vehicle sales continue to continue to look relatively bleak in the United States. But with gas prices elevated because of the Iran war, Americans are looking more closely at EVs again and turning to more fuel-efficient options.

Results for other companies in the space, like Blink Charging Co., have been mixed: this earnings season it beat earnings-per-share estimates for Q1 but missed Wall Street revenue expectations. Meanwhile, another charging network, EVGo, beat on revenue and EPS, but investors’ reaction was mixed given the headwinds in the sector. 

Discount retailer Five Below delivered impressive Q1 earnings, beating out analyst estimates on Wednesday after the bell. But instead of getting a pat on the back, investors responded by sending the stock down as much as 9% in after-hours trading.

Here are the numbers:

• Q1 sales of $1.28 billion (compared to analyst estimates of $1.23 billion, per FactSet).

• Q1 adjusted earnings per share of $2.22 (estimate: $1.77).

The company raised its guidance for the full fiscal year and now projects full-year net sales between $5.40 billion and $5.48 billion (up from the $5.20 billion to $5.30 billion estimated last quarter), beating out analysts’ full-year estimates of $5.36 billion.

Similarly, the company expects Q2 revenue to fall between $1.18 billion and $1.20 billion, above Wall Street expectations of $1.14 billion.

The stock has risen over 80% in the past 12 months as consumers across income brackets search for affordable goods. The retailer has maintained its aggressive expansion campaign, opening 150 net new stores in fiscal year 2025. On Wednesday, Five Below said it still plans to open 150 further locations in fiscal year 2026.

Recently, the company has not only courted customers looking for cheaper everyday items, but also dopamine hits like its “squishy dumplings,” a Wall Street winner, according to analyst Spencer Hanus at Wolfe Research.

“Our continued focus on compelling newness at amazing value and great store execution are at the heart of our operating flywheel,” said Winnie Park, CEO of Five Below. “We successfully amplified social media trends and drove outsized traffic through coordinated merchandising and marketing efforts.”

CrowdStrike edged past analysts’ estimates for revenue and earnings in its fiscal first quarter.

For FY 2027 Q1, the cybersecurity platform posted:

• Revenues of $1.39 billion (estimate: $1.36 billion).

• Adjusted earnings per share of $1.10 (estimate: $1.07).

• Annual recurring revenue of $5.51 billion, beating analyst estimates of $5.50 billion.

• Subscription revenue of $1.32 billion, up 26% year on year.

The company also boosted its annual guidance for revenue and adjusted EPS, and it announced a 4-for-1 stock split.

Still, shares, which had surged some 60% over the past month, fell 8.2% after-hours.

Since Anthropic’s announcement of its forthcoming Mythos model, the cybersecurity industry has been bracing for an explosion in vulnerabilities that may be discovered using such advanced AI models.

In a press release, CrowdStrike CEO George Kurtz said:

“In Q1, the worlds of cybersecurity and frontier AI collided: this was the Mythos moment. CrowdStrike is AI security infrastructure, critical to successful AI adoption.”

EV maker Rivian is climbing for the 10th consecutive day on Wednesday, putting the company on pace for its longest winning streak ever.

The stock has climbed more than 40% in the two-week stretch, as the company prepares to start customer deliveries of its highly anticipated R2 SUV on June 9. The EV will launch at nearly $60,000, with a lower-priced variant in the $45,000 range due to release late next year. Rivian has implied it expects to deliver up to 25,000 R2s this calendar year.

Despite the hot streak, Rivian shares are down about 7% year to date and nearly 90% from their all-time high in late 2021.