Lyft slumps on surprise operating loss and disappointing Q1 outlook

Intuitive Machines shares are dropping in premarket trading after reporting first quarter sales that fell short of Wall Street expectations. Just ahead of this release, the company also announced that it’s reached an agreement to acquire UK satellite company Goonhilly Earth Station as well as its US subsidiary to enhance its ability to talk to spacecraft from Earth.

The key Q1 numbers:

• Adjusted EPS: $-0.25 (estimate: -$0.08)

• Revenue: $186.7 million (estimate: $208.1 million)

The company provided full-year 2026 revenue guidance of $900 million to $1 billion. The midpoint of $950 million exceeds the analyst consensus of $931.67 million. For the full year, management expects to be adjusted EBITDA positive.

Intuitive Machines' contracted backlog surged by $842 million from year-end 2025 to a record $1.1 billion, fueled by an a series of defense, civil, and commercial launch agreements. This includes the newly finalized US Space Force Andromeda IDIQ contract, which features a $6.2 billion program ceiling and marks the first revenue synergy after closing $800 million acquisition of Lanteris Space Systems back in January this year.

Civil operations are anchored by a $180.4 million NASA contract for its fifth official CLPS task order, which will allow Intuitive Machines to use NASA's brand-new, extra-large lunar lander to carry scientific equipment to the South Pole of the Moon.

“The next phase of the space economy will not be defined only by who reaches new destinations," said Intuitive Machines CEO Steve Altemus. "It will be defined by who can build the infrastructure, connect it reliably, and operate it at scale."

Shares of POET Technologies are soaring in premarket trading after the company announced a $50 million initial purchase order as part of a joint venture with Lumilens to develop new AI infrastructure.

Specifically, the two parties are aiming to deliver chip-level components that can speed the flow of information by translating electrical signals into photonics (and vice versa) — an Electrical-Optical Interposer.

The target audience is clear:

“Engineering samples from this joint development program are expected in late 2026, with production ramp aligned to hyperscaler customer deployments in 2027,” per the press release.

This initial order could scale to more than $500 million in cumulative purchases over five years, and also sees the privately-held photonics company Lumilens receive warrants that expire in nine years with an exercise price of $8.25 per share to purchase up to 22.9 million shares of POET, with roughly 2.3 million exercisable based on the initial order.

This pact helps reverse the damage to POET's order book from Marvell’s recent cancelation, in which the chip and networking company cited a breach of confidentiality in terminating its (inherited) agreement with POET.

Shortly before that notice, POET CFO Thomas Mika had told Stocktwits TV that the company was a supplier to Marvell.

The orders announced today are contingent on the successful development of these offerings and the ability to manufacture them at scale.

“Honestly, technology doesn’t mean anything unless you can manufacture it,” POET Executive Chairman and CEO Dr. Suresh Venkatesan told Sherwood News during an interview in Q4. “So our focus really this year has been to cross that last hurdle of ensuring that the technology that we’re developing is truly manufacturable at scale and at wafer scale.”

Marvell Technology is enjoying another bump in its stock in early trading on Thursday following a series of target hikes from Wall Street analysts and strong readacross from Cisco, which is surging after reporting an earnings beat and a boost to guidance.

Ahead of its Q1 2027 earnings, expected to be released on May 27, Bank of America’s Vivek Arya raised the chipmaker’s price target to $200, from $125, while maintaining a Buy rating on Wednesday. Calling the chipmaker a “top pick,” Arya highlighted the growing potential of AI data center’s total addressable market, or future market size, as well as the role of AI networking — the hardware that powers data transfers between chips, optical components, and servers, which MRVL specializes in, and has been bringing in deals from big clients like Nvidia — in that expansion.

Goldman Sachs analysts took a more cautious stance on a Wednesday note, sticking to its Neutral rating despite bumping its 12-month price target to $125, from $100 previously, as well as hiking its FY27/28 EPS estimates by 5%. The analysts, led by James Schneider, expect “upside to Marvell's Datacenter business driven by higher hyperscaler CapEx, upside in its optical networking business, and a potential new Google partnership,” whilst noting the potential risk in a slowdown in overall AI spending, or the loss market share in custom compute, as reasons for the overall neutral rating.

MRVL is rated as Buy by 86% of the 50 Wall Street analyst recommendations compiled by Bloomberg, with the remaining 7 analysts rating it as Hold. Late Tuesday. Advanced Micro Devices disclosed that it had increased its small stake in Marvell, worth ~$6.5 million at the end of March, in a quarterly filing.

Elsewhere, Cisco jumped on a solid earnings beat and better-than-expected guidance. Both Cisco and Marvell are exposed to the network fabric around AI compute and the data center buildout, but Marvell focuses more on custom chips, while Cisco is exposed to the buildout of switching and routing for AI/GPU cluster networks.

The breathless rally in memory stocks, driven by optimism about the magnitude and longevity of the data center buildout creating a continued supply crunch across the AI supply chain, has put Micron within spitting distance of the $1 trillion market cap mark and given Sandisk a shot at doing something remarkable — topping the S&P 500 two years in a row.

It’s also reshaped where liquidity is deepest on Wall Street, with MU having taken the place of Nvidia as the most-traded stock, while Sandisk, despite being a fraction of the size, isn't far behind.

Technically, Micron’s daily volumes first exceeded Nvidia’s in a single session back on March 19th, but one session isn’t really conclusive evidence to crown Micron king. However, over the last 9 trading days, Micron’s volumes have eclipsed Nvidia’s on 6 of them — and the rolling 5-day average of their turnover now shows clear daylight between the two, with $47 billion changing hands in Micron, compared to just $34 billion in Nvidia, per data from Bloomberg.

Sandisk — which, with a market cap of close to $200 billion, really has little business being in the conversation — is also picking up heat. The stock’s turnover even briefly surpassed that of Tesla, which swapped the crown back-and-forth with Nvidia for much of 2025.

Indeed, when compared to its peers of a similar size (members of the S&P 500 with a market cap less than $250 billion), Sandisk is quite the exception. The company is turning over more than 10% of its market cap on most trading days. The only stock that comes anywhere close to that level is Lumentum, another AI winner.