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Luke Kawa1/26/26

CoreWeave spikes after Nvidia buys an additional $2 billion of the neocloud’s shares

Shares of CoreWeave are spiking after Nvidia purchased an additional $2 billion of the neocloud’s stock at a purchase price of $87.20 per share.

This “expanded relationship” between the two parties is intended to help CoreWeave build more than 5 gigawatts of AI factories by 2030, in part by using the chip designer’s financial might to help the neocloud secure power, land, and other infrastructure to develop these facilities.

“Our three biggest takeaways are 1) Includes NVIDIA backstopping to help CRWV sign future leases/co-lo deals and be more competitive with IG hyperscalers in leasing market; 2) reinforces CRWV as the dominant platform from a software stack standpoint; and 3) pushes back against bears that GPU asset life is shortening (renewed H100 cluster; 95% ASP),” Needham analyst Mike Cikos wrote after an analyst call with management this morning.

As part of this enhanced pact, CoreWeave will be utilizing CPUs specifically developed by Nvidia for the data center environment, a challenge to the likes of Intel (which the chip designer has also invested in) and AMD.

Nvidia still books a record amount of free cash flow despite spending the most on buybacks and capital expenditure in its history. As such, management has ample opportunities to invest in the AI ecosystem as a means of implicit vertical integration as well as to fortify demand for its offerings and boost the potential size of the market.

Nvidia anchored CoreWeave’s 2025 IPO, and its most recent 13F filing showed 86% of its public equity holdings were in CoreWeave as of the end of Q3.

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Tasha Matsumoto

Stocks set second consecutive closing highs

The S&P 500 posted its fifth weekly gain, its longest weekly winning streak since 2024.

Chicago Bulls Dennis Rodman (91), Scottie Pippen (33) and Michael Jordan (23) during game vs Miami Heat. Miami, FL 2/23/1996

Max Knoblauch6h

US airlines pop on report Spirit preparing to shut down as government rescue deal fails to gain support

US airlines are spiking on Friday following a Wall Street Journal report that low-budget carrier Spirit Airlines is preparing to shut down. According to CBS News, the airline could cease operations as early as Saturday, barring an intervention.

In late April, President Trump said he would “love somebody to buy Spirit.” The administration weighed a $500 million rescue package, though it received significant blowback from members of Congress and ultimately didn’t receive support from Spirit’s creditors.

On Friday, Trump told reporters that the administration has given Spirit a “final proposal.”

Shares of Spirit’s rivals surged on the report, with budget carriers like Frontier Airlines and JetBlue climbing by double digits. The big four — Delta Air Lines, United Airlines, American Airlines, and Southwest Airlines — rose by low single digits. Alaska Air and Allegiant also saw a bump.

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Estée Lauder gets a glow-up after earnings beat, guidance hike

Estée Lauder shares are soaring after the beauty giant released Q3 earnings results that topped expectations and raised its full-year outlook, while also expanding its restructuring plan.

The key numbers:

Revenue of $3.71 billion (compared to analysts’ estimate of $3.69 billion).
Adjusted earnings per share of $0.91 (estimate: $0.65).

Estée Lauder also lifted its full-year earnings outlook to a range of $2.35 to $2.45 per share, up from $2.05 to $2.25 previously.

The bottom line is getting flattered by job cuts, with management increasing that target to as many as 10,000 roles, up from a prior range of 5,800 to 7,000, as part of a broader effort to streamline operations and shift toward faster-growing sales channels.

The rally comes after a tough stretch for the stock, which is down more than 20% year to date, with the results inspiring hope that its turnaround efforts will bear fruit.

CEO Stéphane de La Faverie said fiscal 2026 is “promising to be the pivotal year we intended,” with the company expecting to restore organic sales growth and expand margins for the first time in four years.

Amid these positive signals, Estée Lauder flagged risks from tariffs, geopolitical tensions, and potential disruptions tied to the Middle East.

FLASHBACK

Stocks like Dell, Intel, Sandisk, Western Digital, and Cisco are on fire.

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J. Edward Moreno10h

Moderna beats Q1 estimates and reaffirms full-year guidance

Moderna rose in premarket trading after it reported earnings results that beat Wall Street expectations and reaffirmed its full-year guidance.

For the first three months of 2026, the company reported:

An adjusted loss per share of $3.40, less than the $4.45 loss per share analysts polled by FactSet had expected.
Revenue of $352 million, more than the $236 million the Street was anticipating. About 80% of that came from outside the US, the company said.

For the full year in 2026, the company still expects:

Revenue to grow 10%. Currently, analysts are penciling in $2 billion in 2026 sales, which is about a 5% increase.

Moderna was tapped by the US government to quickly develop a vaccine for COVID-19 in 2020, a product that has seen its sales plummet, but remains the company’s main source of revenue.

Now, the company sees growth on the horizon this year, after the European Commission approved its combination vaccine for the flu and COVID-19 for adults ‌50 years and older. Indeed, Moderna said a growing share of its revenue is coming from international markets.

The company has had a harder time getting approval from the US Food and Drug Administration, though the agency said in February that it would reconsider its stand-alone flu vaccine.

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