markets

Matt Phillips5/21/25

L3Harris gains after senator touts ties to “Golden Dome” project

Electronic weaponry and satellite company L3Harris Technologies is bucking the overall downdraft in the stock market on Wednesday after Indiana Senator Jim Banks said the company would work on the $175 billion “Golden Dome” missile defense system formally announced by President Trump on Tuesday. The system would be operational before his term ends in 2029, Trump said.

Palantir, as well as Tesla CEO Elon Musk’s SpaceX, have also been touted as potential winners from a government effort to build out this system.

Analyst Louie DiPalma of brokerage William Blair said back in April that Palantir’s Warp Corp platform is already being used by government agencies like Norad to monitor and mitigate US aerospace threats.

Trump selects concept for $175 billion 'Golden Dome' missile defense system

Trump selects concept for $175 billion 'Golden Dome' missile defense system

Palantir, as well as Tesla CEO Elon Musk’s SpaceX, have also been touted as potential winners from a government effort to build out this system.

Analyst Louie DiPalma of brokerage William Blair said back in April that Palantir’s Warp Corp platform is already being used by government agencies like Norad to monitor and mitigate US aerospace threats.

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Nvidia and Meta enhance partnership with social media giant to deploy “millions” of its GPUs

Winners: Nvidia, ARM. Losers: AMD, Broadcom, Intel, Arista.

Nvidia CEO Jensen Huang interviews Meta CEO Mark Zuckerberg at the 2024 SIGGRAPH conference in Denver, CO on July 29, 2024.

markets

Sandisk drops after Western Digital confirms plan to unload $3 billion in stock

Western Digital is cashing in more of its Sandisk position.

The hard drive seller is exchanging more than $3 billion in Sandisk shares as part of a debt-for-equity swap.

The two companies were once one, but Western Digital spun off a little more than 80% of its flash drive business in February 2025, and already exchanged the lion’s share of what remained in a separate debt-for-equity swap in June.

This move was very, very well telegraphed by Western Digital, which recently confirmed plans to monetize its Sandisk position before the one-year anniversary of that split (February 21). And Sandisk’s press release makes clear that the company is not the one selling more stock or making any money off of this.

That being said, being a high-flying stock that has a Bloomberg headline with “secondary offering” in it could, in theory, spark some turbulence.

Shares of Sandisk have indeed extended the day’s losses to more than 8% in the after-hours session before paring some of that decline.

Western Digital announces additional $4 billion in share buybacks, with management poised to unload its remaining stake in Sandisk

The two companies were once one, but Western Digital spun off a little more than 80% of its flash drive business in February 2025, and already exchanged the lion’s share of what remained in a separate debt-for-equity swap in June.

This move was very, very well telegraphed by Western Digital, which recently confirmed plans to monetize its Sandisk position before the one-year anniversary of that split (February 21). And Sandisk’s press release makes clear that the company is not the one selling more stock or making any money off of this.

That being said, being a high-flying stock that has a Bloomberg headline with “secondary offering” in it could, in theory, spark some turbulence.

Shares of Sandisk have indeed extended the day’s losses to more than 8% in the after-hours session before paring some of that decline.

markets

Cadence Design Systems jumps after Q4 earnings, 2026 profit outlook, and sales backlog exceed estimates

Cadence Design Systems jumped in after-hours trading on Tuesday, briefly erasing the day’s big losses, after posting better-than-expected Q4 earnings, a big pipeline of future business, and a solid profit outlook for 2026.

For Q4, the electronic design automation company reported:

Sales of $1.44 billion (estimate: $1.42 billion).
Adjusted earnings per share of $1.99 (estimate: $1.91).
Remaining performance obligations (RPO) of $7.8 billion (estimate: $7.25 billion).

Management said that 2026 adjusted earnings per share would range between $8.05 and $8.15, above the consensus call for $8.03.

In recent weeks, investors have worried that Cadence’s software business, which is used by chip designers, could suffer competitive pressure from AI tools. At the very least, that RPO figure says there’s billions of dollars standing between Cadence and any more disrupted future.

Infleqtion CEO Matt Kinsella on how the newly public quantum computing company is “following in the footsteps of Nvidia”

Infleqtion shares gained double digits in their opening session, while peers sold off.

US-AI-SCIENCE-NVIDIA

Tasha Matsumoto

Stocks erase morning losses in volatile trading session

The S&P 500 posted a small gain, the Nasdaq 100 posted a small loss, and the Russell 2000 finished flat.

Josh Giddey #3 of the Chicago Bulls grabs a rebound during the second half against the Detroit Pistons on October 22, 2025 at the United Center in Chicago, Illinois.

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