Markets
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Matt Phillips

Astera Labs surges after earnings

Astera Labsis surging after issuing strong Q2 results after the close Tuesday.

The San Jose maker of chips, boards, and integrated circuits used to build data servers reported:

  • Adjusted earnings per share of $0.44 vs. Wall Street expectations for $0.32, per FactSet.

  • Sales of $192 million vs. an expected $172 million.

  • Adjusted EPS guidance of $0.38 to $0.39 a share in Q3 vs. the $0.34 Wall Street expected before the report was issued.

The stock’s romp Wednesday adds to a momentous turnaround for the shares, which were hammered by the Trump administration’s tariff policies earlier this year. (Astera’s production is outsourced primarily to contract manufacturers in China, Taiwan, and South Korea.)

Astera Labs’ stock is rocketing. Why analysts predict even more gains for the AI chip play.

Astera Labs’ stock is rocketing. Why analysts predict even more gains for the AI chip play.

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J. Edward Moreno

UniQure surges after encouraging trial results for Huntington’s treatment

UniQure rose more than 150% in early trading Wednesday after it released trial results that showed its experimental gene therapy for Huntington’s disease slowed its progression by 75% after three years.

The treatment, AMT-130, is a one-time treatment for Huntington’s, a genetic brain disease that degrades cognitive function and muscle control. There is currently no cure for the disease.

UniQure said it plans to submit the treatment for approval to the Food and Drug Administration in the first quarter of 2026, meaning it could become available to patients later that year. The company currently makes nearly all of its revenue from gene therapies that treat hemophilia.

Halo of the sun

A tiny UK company is showing how easy it is to get an (undeserved?) Nvidia halo effect

Step 1: join a free Nvidia program. Step 2: watch stock go up. Step 3: watch stock go down.

Luke Kawa2h
markets
Luke Kawa

One of Opendoor’s top shareholders, Access Industries, sold nearly $100 million in stock on Tuesday

Access Industries is rushing for the exits in Opendoor Technologies.

The investment firm run by Len Blavatnik, one of Opendoor’s earliest and biggest shareholders, sold 13.66 million shares of the online real estate company on Tuesday, per a filing, generating roughly $97 million.

With this divestment, it’s dumped nearly $300 million worth of Opendoor stock, or almost 36 million shares, this month through its AI LiquidRE arm. Access Industries had prior sales on Monday and September 12.

Shares of Opendoor are down more than 30% over the past week, but are up big in premarket trading on Wednesday.

Pueo Keffer, one of the Opendoor directors who recently stepped down amid the company’s leadership changes, is a senior managing director at Access Industries. However, he tweeted that he’s still adding to his personal holdings of the stock.

markets
Hyunsoo Rim

Alibaba surges on AI spending hike, new model launch, and Nvidia partnership

Alibaba jumped over 9% in early trading on Wednesday after the company announced greater investment in AI, a partnership with Nvidia, and a new model.

At Alibaba’s annual flagship technology conference, CEO Eddie Wu said the company plans to expand its AI investment over the next three years beyond the $53 billion announced in February, though a specific uplift wasn’t revealed.

The firm also unveiled the latest version of its “largest and most capable” AI model series, the Qwen3-Max — as other Chinese tech giants like Baidu, Tencent, and ByteDance are doubling down on homegrown solutions to compete with OpenAI and Anthropic amid a wider Chinese push to reduce dependence on Western AI hardware and models.

According to Reuters, Alibaba said that its new model “outperformed rival products including Anthropic’s Claude and DeepSeek-V3.1 in certain metrics,” citing third-party benchmarks like Tau2-Bench.

Adding to the hype was Alibaba’s new partnership with Nvidia: the company said it will integrate the chip giant’s AI development tools into Alibaba Cloud to support “physical AI,” which includes real-word products like robots and driverless cars — just a day after Nvidia announced a $100 billion deal with OpenAI.

Alibaba also announced plans to open its first data centers in Brazil, France, and the Netherlands, while adding new sites in Mexico, Japan, South Korea, Malaysia, and Dubai in 2026. Last month, the company struck a deal with Unicom — China’s second-largest mobile service provider — to deploy its in-house AI accelerators.

With this morning’s rise, Alibaba’s shares are at their highest level since 2021, up over 110% year to date.

markets
Luke Kawa & Nia Warfield

Stocks pull back as megacap tech slumps

Stocks fell on Tuesday as the market’s tech titans took a breather after a hot run. The S&P 500 fell 0.6%, the Nasdaq 100 lagged with a 0.7% decline, and the Russell 2000 outperformed, albeit with a 0.2% drop.

The Magnificent 7 had their worst day in over a month, down 1.5%, with every constituent falling.

Consumer discretionary and tech were the two worst-performing S&P sector ETFs, while energy fared the best.

Bright spots on the day were Halliburton and Paramount Skydance, which rose 7.5% and about 6%, respectively. Generac and Vistra were among the biggest decliners, falling more than 10% and 6%, respectively. Elsewhere…

Nvidia fell 2.8% even as Wedbush Securities analysts called its recent $100 billion deal with OpenAI a “watershed moment” for the AI revolution. Separately, Bank of America analysts said the chip designer is poised to generate hundreds of billions in free cash flow.

Shares of Opendoor sank more than 15% after its third-biggest shareholder, Access Industries, sold 11.36 million shares of the online real estate company through its AI LiquidRE arm.

Firefly Aerospace also dove more than 15% after the Texas-based space launch startup missed Wall Street’s estimates for the company’s first quarterly report since its August IPO.

Plug Power had a wild ride, up double digits in premarket trading before ending down 4.6%, snapping a nine-day winning streak that was close to becoming the longest on record for the hydrogen fuel cell company.

Boeing ticked up another 2% after announcing on Monday that Uzbekistan Airways will order up to 22 of its 787 Dreamliner jets.

Satellite stocks like AST SpaceMobile, Planet Labs, and Rocket Lab climbed on elevated activity, especially in the options market.

IonQ jumped more than 4% after the company announced “a significant technological advancement in its pursuit of scalable quantum networks.”

Shares of Sinclair Inc. rose more than 3% after the self-proclaimed “largest ABC affiliate group” said it will continue to keep “Jimmy Kimmel Live!” off its ABC stations.

Palantir rose 1.8% after Bank of America analysts hiked their price target on the stock to $215 — the highest among the published price targets tracked by FactSet.

Kenvue, the company behind Tylenol, gained 1.6% as doctors pushed back against President Trump’s claims about a link between the drug and autism, per Reuters.

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