Staley Da Bear mascot sits in the endzone during the game between the Chicago Bears and the Green Bay Packers at Soldier Field on September 13, 2015 in Chicago, Illinois.

(Jonathan Daniel/Getty Images)

Stocks slide as investors await Nvidia earnings to assess the AI trade

The S&P 500 and Nasdaq 100 both fell as tech lagged.

The S&P 500 fell for the fourth consecutive session, its longest losing streak since August. The Nasdaq 100 also fell, while the Russell 2000 bucked the trend to post a gain. Losses were heavily concentrated in tech and consumer discretionary, which was the worst-performing sector ETF, dragged down by Amazon.

While many investors seem to have trepidation over tomorrow’s earnings report from Nvidia, which comes at a tenuous time for the company and the AI trade as a whole, JPMorgan is optimistic for an earnings beat and upward move, recommending a bull call spread.

Bitcoin bounced back a bit after sliding below $90,000 yesterday night for the first time since April, extending a monthlong rout that has now erased all of its 2025 gains.

Stocks that moved higher:

Air taxi maker Archer Aviation ticked higher after yesterday’s announcement of a deal to supply private defense contractor Anduril with its electric power train, marking the first time Archer will make that tech available to a third party.
Shares of HBO and CNN parent Warner Bros. Discovery climbed on a report that rival Paramount Skydance is prepping a $71 billion bid for the entertainment giant.

Stocks that moved lower:

Rothschild & Co Redburn analyst Alexander Haissl downgraded Microsoft and Amazon, saying generative-AI economics are “far weaker than assumed.”
LifeMD plunged after it reported earnings results on Monday that missed Wall Street estimates, which it attributed in part to “fierce competition from low-price compounded GLP-1 providers.”
Home Depot fell after it reported earnings that missed Wall Street expectations and slashed its full-year guidance.
Cloudflare, an IT behemoth that supplies tools to protect websites from cyberattacks and helps users connect and load content online, dipped as investors reacted to reports of outages affecting ChatGPT, X, and other websites.

Matt Phillips19m

Constellation rises on federal loan for Three Mile Island restart

Constellation Energy shares rose after the federal government said it will extend $1 billion in financing to the effort to restart the mothballed Three Mile Island nuclear plant.

Constellation Energy, which owns the largest fleet of nuclear power plants in the US, announced in September 2024 that it planned to restart a reactor at the site as part of a 20-year deal to supply power to Microsoft’s AI data center division.

The loan will go to help cover some $1.6 billion in costs associated with restarting a reactor that closed in 2019 after being deemed too costly to run.

In March 1979, Three Mile Island was the site of the nation’s worst-ever commercial nuclear accident when its Unit 2 reactor — separate from the unit Constellation plans to restart — suffered a partial core meltdown.

U.S. Backs $1 Billion Loan to Restart the Three Mile Island Nuclear Plant

The loan will go to help cover some $1.6 billion in costs associated with restarting a reactor that closed in 2019 after being deemed too costly to run.

Analyst: How to know when to sell AI stocks

It's not about falling capex.

Matt Phillips2h

Max Knoblauch4h

Warner Bros. shares jump as Paramount Skydance reportedly preps a $71 billion bid with Arab sovereign wealth funds

Shares of HBO and CNN parent Warner Bros. Discovery are climbing on Tuesday on a report that rival Paramount Skydance is prepping a $71 billion bid for the entertainment giant.

According to Variety, Paramount would front $50 billion for the deal, with $7 billion each coming from three Arab nations’ wealth funds (Saudi Arabia, Qatar, and the UAE).

Variety reports that each fund would receive a minority stake in Warner Bros. as well as “an IP, a movie premiere, a movie shoot.” Warner Bros. Discovery shares jumped 6% following Variety’s report, before paring its gains after Paramount called the news “categorically inaccurate.”

WBD is said to have already rejected three previous offers from Paramount. The company previously set a deadline of November 20 (this Thursday) to hear bids from interested parties — a group that reportedly also includes Comcast and Netflix.

The Saudi Arabian wealth fund, PIF, made headlines in September when it struck a $55 billion take-private deal for the gaming giant Electronic Arts — the largest leveraged buyout in corporate history.

David Ellison’s Paramount Skydance Said to Prep $71 Billion Warner Bros. Discovery Bid With Three Arab Sovereign Wealth Funds

Luke Kawa

Nvidia has a lot of questions to answer, and none of them are about demand for its AI chips

Everyone wants Nvidia chips. Now the chip designer just has to reassure investors it’ll still make piles of money meeting that demand even as supply chain and competitive pressures intensify.

Matt Phillips7h

Analyst: Sandisk a candidate for S&P 500 after surge

Despite having a rough day today as investors flee risky stocks, Sandisk has had a ridiculous run since it was spun off from its former parent, Western Digital, in February at a valuation of roughly $5 billion.

It’s now worth more than $30 billion, thanks to a more than 400% surge over the past three months alone.

The company makes a kind of chip known as NAND flash memory, which retains data when electrical power is turned off. That attribute made them a mainstay in battery-powered consumer products like phones and cameras.

But surging demand for data storage products related to the AI investment boom — which has supercharged shares of hard disk makers like Western Digital and Seagate Technology Holdings — has also pushed up prices for NAND flash chips, setting off the explosion in Sandisk shares.

In fact, TheStreet.com reports that analyst Melissa Roberts of brokerage firm Stephens is arguing in a note Tuesday that the price surge “makes Sandisk a natural candidate for promotion to the S&P 500 in the next round of index changes.” Inclusion in the index usually bumps a stock because index funds have to buy it.