Markets
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Luke Kawa

Goldman Sachs flags incessant retail buying as one of the three major positives for US stock market

One increasingly prominent narrative to explain April’s V-shaped price action is that US stocks had a trust fall, and retail traders caught them.

Scan the list of top-performing stocks from the Rose Garden reciprocal tariff announcement on April 2 through Friday’s close and you’ll see no shortage of popular names, headlined by Palantir’s 29% gain over the period along with double-digit gains for the likes of Netflix and CrowdStrike.

Goldman Sachs referred to this unrelenting retail bid as one of the “three constructive dynamics that are occurring in the market right now.”

“Retail buyers haven’t blinked (and likely won’t unless you start to see unemployment rate tick higher),” Managing Director John Marshall wrote.

This cohort has become a more active part of the market during the recent rebound in major indexes.

RetailFlowsGoldman

The other two constructive factors, per Marshall, are that “earnings have been fine” (with a special shout-out to Alphabet) and that getting through earnings means corporates are poised to ramp up buybacks.

“The April to May corporate repurchase window is historically strong,” he wrote. “This two-month period is the third-best of the year with 20% of executions.”

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Claire Yubin Oh

Applied Digital leaps on $5.2 billion deal with undisclosed US hyperscaler

Like other AI-adjacent stocks, Applied Digital has hit a bit of a speed bump of late, caught up in the malaise that sent the wider market tumbling at the end of last week. However, after unveiling a new lease agreement with an undisclosed US-based hyperscaler worth at least $5.2 billion, the stock is soaring once again today in premarket trading, up more than 11%.

The deal is with a “high investment-grade hyperscaler,” per the company’s press release, and will cover 210 MW of critical IT load at the company’s Delta Forge 2 AI Factory campus under a take-or-pay structure (in which the buyer is obliged to pay a minimum of $5.2 billion over 15 years) with renewal options.

If all renewal options are exercised, the deal would be worth approximately $12.7 billion over a 30-year total term. Initial operations at the Delta Forge 2 site are expected to commence in the first quarter of 2028.

Emphasizing the company’s “franchise model — a core team of design, construction, and operations professionals replicated across every campus, in every market,” CEO Wes Cummins noted that the latest lease is Applied Digital’s third long-term agreement with the same hyperscaler. The agreement also brings the company’s total base-term lease revenue to $36 billion, rising to $86 billion if all options are taken up.

Tasha Matsumoto
15h
Stocks climb higher as traders buy the dip in chip stocks

While market breadth was weak, gains in semiconductors helped propel the S&P 500 and Nasdaq 100 higher.

Group of bulls being herded
markets
Helena Cheng

Nvidia and SK Hynix strike multiyear partnership on memory chips, AI data center build-out

Nvidia shares are modestly higher after it announced a multiyear partnership with SK Hynix on memory chips and building out AI data centers.

The agreement secures a long-term pipeline of memory chips for Nvidia. At the center of the partnership is the integration of SK Hynix’s high-bandwidth memory chips into Nvidia’s newly unveiled Vera central processing units. The Vera processor is Nvidia’s first stand-alone data center microprocessor designed to compete directly against traditional enterprise server lines.

The collaboration is also structured to reshape how semiconductors are manufactured. Under the terms of the agreement, SK Hynix will implement Nvidia’s CUDA-X library and PhysicsNeMo framework directly into its memory design and manufacturing workflows.

The announcement happened during a high-profile visit to Seoul by Nvidia CEO Jensen Huang, who arrived on June 5 to align with core infrastructure partners. Over the weekend, Huang met with SK Group Chairman Chey Tae-won, SK Hynix CEO Kwak Noh-Jung, and other top South Korean technology executives during a dinner meeting, according to Nvidia’s blog posts and Reuters.

Last week, SK Hynix told investors that its proposed US listing has received strong backing, which would potentially give US investors an alternative way to play the memory chip crunch.

markets
Helena Cheng

FuelCell Energy rises as AI data center pipeline overshadows Q2 miss

FuelCell Energy shares rebounded into positive territory during premarket trading, reversing an initial dip sparked by Q2 results that showed widening net losses and a year-over-year revenue decline.

Key numbers:

  • Revenue of $35.6 million (compared to analyst estimates of $40.56 million).

  • An adjusted loss per share of $1.45 (estimate: a $0.50 loss).

That revenue number marks a 5% decrease from the $37.4 million generated during the same quarter last year.

The company’s net loss expanded to $78.7 million, or $1.45 per share, compared to a loss of $38.8 million in the prior-year period. Management attributed the deeper loss primarily to a $42.6 million one-time impairment expense linked to essential equipment upgrades at its Groton Project facility.

While a 9.9% drop in total backlog initially added to the shares’ downward momentum, investors appeared to quickly pivot their attention to the company’s forward-looking metrics. FuelCell highlighted a 267% sequential jump in its sales pipeline, which has reached 4 gigawatts. The surge is driven by demand for its packaged 12.5-megawatt utility-grade power block solution tailored specifically for the booming AI data center market.

To support this high-growth data center strategy, FuelCell announced a major capacity expansion at its Torrington, Connecticut, manufacturing facility. The company plans to raise its annualized production ceiling from 350 MW to 500 MW, an infrastructure upgrade estimated to cost between $200 million and $275 million over the next 24 months.

Driven by the AI data center narrative, FuelCell Energy’s stock has risen over 130% year to date.

markets
J. Edward Moreno

Lilly says its next-gen GLP-1 shot drove 28.3% weight loss, reduced comorbidities

Eli Lilly has risen around 4% in premarket trading after reporting impressive trial results for its next-generation weight-loss drug over the weekend.

According to the results unveiled on Saturday, Lilly’s experimental weight-loss shot, retatrutide, helped patients lose 28.3% of their body weight at 80 weeks. That’s more than tirzepatide, Lilly’s weight-loss shot currently considered the most effective in the market, which helped people lose 26% of their weight over 88 weeks.

Retatrutide is a triple agonist, meaning it mimics three different hormones that promote weight loss, compared to one by Novo Nordisk’s semaglutide and two by tirzepatide. Lilly says it helps preserve more muscle mass than other weight-loss shots and also helped improve knee osteoarthritis pain and obstructive sleep apnea.

Lilly has said it would submit the drug for approval this year with the goal of getting it out to market in 2027. The jab could be the next big moneymaker for Lilly, which currently sells the most lucrative drug in the world but has had an underwhelming rollout of its oral weight-loss pill, which came to market earlier this year.

Retatrutide is already quite popular among those who experiment with peptides, or unapproved injectable drugs often sold online “for research purposes only.” For gym bros trying to attain a certain physique, a drug that has shown it can melt fat while preserving muscle is enticing.

But in a market full of knockoff drugs, will retatrutide enthusiasts pay full price for the drug when it officially goes to market?

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