Chicago Bears fans react during the second half of a game against the Arizona Cardinals at State Farm Stadium on November 03, 2024 in Glendale, Arizona.

(Christian Petersen/Getty Images)

Stocks continue to slide amid tech sell-off

Investors were once again in risk-off mode as tech and crypto continued to fall.

The S&P 500, Nasdaq 100, and Russell 2000 all traded lower as tech continued to be the worst-performing sector, while materials and energy fared the best.

Cryptocurrencies continued to fall, with ethereum hitting a nine-month low. Bitcoin and bitcoin-sensitive equities also dropped.

Stocks that moved higher:

Eli Lilly soared after crushing Q4 earnings estimates and giving cheery 2026 guidance.
Super Micro Computer soared as blockbuster Q2 results restored investors’ faith in the AI server company.
Match Group climbed as its CEO touted a plan to turn Tinder around.
Enphase Energy soared after Q1 sales guidance beat estimates as consumer demand rose ahead of the expiration of tax credits.
Silicon Laboratories surged after Texas Instruments agreed to purchase the company for $231 per share, a 69% premium to yesterday’s closing price.
MGM Resorts stock surged after strong results from BetMGM. Other sports gambling stocks like FanDuel parent company Flutter Entertainment, DraftKings, and Penn Entertainment rose in tandem.
Chipotle ticked higher after beating Q4 estimates, but gave underwhelming full-year guidance.
Lumentum rose after the optical and photonics company reported better-than-expected quarterly earnings and guidance.

Stocks that moved lower:

Though Advanced Micro Devices reported Q4 sales and earnings beats and a Q1 sales outlook ahead of Wall Street’s expectations, shares slumped on the lack of new big customer wins.
Palantir plunged without a lot of ironclad news to blame for the sell-off, though the company has gotten a couple of price target cuts in recent days — Mizuho, UBS, and D.A. Davidson among them — on grounds of its sky-high valuation.
Novo Nordisk’s slide continued after its CEO warned of “unprecedented pricing pressure” as its disappointing guidance overshadowed its Q4 earnings beat.
Tesla fell after senators voiced skepticism about Full Self-Driving and lack of lidar during a Senate committee hearing.
AppLovin tumbled after a report of a competitive threat from CloudX in AI-enhanced mobile ad monetization.
Uber dropped after its Q1 profit guidance underwhelmed.
Roblox dipped as Egypt joined a growing list of countries that have banned the platform.
AbbVie shares slipped despite a Q4 earnings beat.
Shares of “Grand Theft Auto” and “NBA 2K” maker Take-Two Interactive slipped despite its raised net bookings outlook.
The New York Times sank as higher-than-expected operating costs weighed on profitability.
BitMine Immersion Technologies, Strategy, and SharpLink Gaming fell as their digital asset treasuries are now underwater.

Luke Kawa1h

Broadcom soars on Google’s plans for up to $185 billion in capex this year

Google’s capex guidance is Broadcom’s earnings guidance.

The hyperscaler and search giant said its 2026 capex budget would be between $175 billion and $185 billion, 55% higher than Wall Street had anticipated.

Accordingly, shares of the custom chip specialist are soaring in after-hours trading.

Broadcom has enjoyed a halo effect from Google’s capex plans and the success of its Gemini 3 model (trained on TPUs the two companies codesigned) over the past year.

But the custom chip designer had tumbled after its most recent earnings report, with some analysts attributing the decline to the dearth of new customer announcements. But who needs new customers when your current ones are opening their wallets this much?!?

Alphabet beat earnings and revenue expectations

Accordingly, shares of the custom chip specialist are soaring in after-hours trading.

Broadcom has enjoyed a halo effect from Google’s capex plans and the success of its Gemini 3 model (trained on TPUs the two companies codesigned) over the past year.

Luke Kawa

Qualcomm tumbles after releasing gloomy Q2 guidance thanks to memory chip supply crunch

Q1 results beat expectations, but the memory chip crunch looks to be weighing on the forward outlook.

A crowd of visitors at the Qualcomm ( Qualcomm is an...

Novo and Lilly agree prices are falling — and disagree on what comes next

Novo Nordisk and Eli Lilly are cutting prices to reach more patients — with sharply different expectations about what that means for sales.

J. Edward Moreno3h

Ozempic is no longer the most searched for GLP-1 in the US

Ozempic, the popular diabetes drug made by Novo Nordisk, used to be shorthand for an entire class of diabetes and weight-loss medications. Not anymore.

According to Google Trends data, as of January, more people in the US are searching for Eli Lilly’s weight-loss shot, Zepbound, than Ozempic. At the same time, interest in the word “Ozempic” now sits roughly on par with searches for “peptides,” a catchall term for a booming, loosely regulated category of experimental supplements.

The numbers hint at a cultural shift: Ozempic is no longer the only word people reach for when they think about weight-loss drugs. The market — and the vocabulary around it — is fragmenting.

This shift also reflected in sales numbers. For several quarters now, Lilly’s diabetes and weight-loss drugs have outsold Novo’s, and that gap is expected to widen this year.

Matt Phillips3h

Crypto crumble smokes bitcoin-sensitive stocks and speculative tech

It’s a rough day out there, with the pain in the crypto markets being felt among select subgroups of US equities. Shortly before 2 p.m. ET on Wednesday, here’s a snapshot of where some of the worst pinches are.

There is some overlap between some of these baskets: for instance, bitcoin treasury company Strategy figures both in the “bitcoin sensitive” and “meme” basket. But in general it’s just a pretty ugly day for some of the more speculative corners of the stock market.