Chicago Bulls Dennis Rodman (91) and Michael Jordan (23) in action, rebounding vs Charlotte Hornets

A rebound for the Bulls (David E. Klutho/Getty Images)

Tech rebound propels stocks to best day since May

The S&P 500, Nasdaq 100, and Russell 2000 all climbed higher as the AI trade was back on.

Every sector moved higher except for consumer discretionary and communications, which were dragged down by Amazon and Alphabet, respectively. Tech was by far the best performer, climbing 4%.

Crypto rebounded from its recent sell-off as bitcoin, ethereum, dogecoin, and solana climbed, with XRP bouncing back faster than its peers.

Also, an arbitrary collection of 30 stocks closed above 50,000 for the first time ever.

Stocks that moved higher:

Amazon’s larger-than-expected capex was good news for AI upstream stocks, such as chip specialists Nvidia, Advanced Micro Devices, and Broadcom; data center/neocloud companies Applied Digital, Cipher Mining, CoreWeave, and Nebius; racks Super Micro Computer and Dell; and power plays Plug Power, Oklo, and Nuscale.
Despite missing on Q4 earnings, Strategy soared as bitcoin bounced back.
The crypto comeback also sent bitcoin miners CleanSpark and IREN higher in spite of yesterday’s earnings misses.
Roblox surged as its guidance for full-year bookings was stronger than expected. The company also said that it was “innovating aggressively in AI.”
Novo Nordisk and Eli Lilly rose as the FDA issued an “illegal copycat drugs” warning. Though FDA Commissioner Marty Makary didn’t single out specific companies, shares of Hims & Hers, which recently rolled out a copycat version of Novo Nordisk’s Wegovy pill, traded lower.
Galaxy Digital soared on a $200 million stock buyback plan.
Alaska Airlines, Delta Air Lines, Allegiant, JetBlue, American Airlines, United Airlines, and Frontier Airlines rose as US-Iran talks may foreshadow some oil supply relief.
Bloom Energy rose after reporting better-than-expected Q4 earnings and sales after the bell yesterday as the stock received positive chatter from analysts.

Stocks that moved lower:

Amazon slid after a reporting a Q4 earnings miss after the bell yesterday. The tech giant also forecast it would spend $200 billion on capex in 2026, which rattled investors, but not analysts.
Molina Healthcare tanked after reporting earnings results that missed Wall Street expectations while also giving disappointing full-year guidance.
Stellantis cratered after announcing a €22 billion (~$26 billion) charge related to its EV pullback.
Homebuilders DR Horton, Lennar, and NVR ticked lower on news that the Trump administration is considering an antitrust probe into the industry.
Doximity plummeted after providing a disappointing Q4 outlook.
Reddit dropped despite a solid Q4 earnings beat, with strong Q1 guidance to match.

J. Edward Moreno36m

FDA says it will take “decisive steps” against GLP-1 compounders, HHS refers Hims to DOJ for investigation

The Food and Drug Administration said it would take "decisive steps" to restrict GLP-1 compounding, a day after Hims & Hers announced that it would sell copies ofNovo Nordisk’sWegovy pill.

The FDA specifically called out Hims in the announcement. Additionally Department of Health and Human Services' General Counsel Mike Stuart said in a post on X on Friday he has referred Hims to the Department of Justice "for investigation for potential violations by Hims of the Federal Food, Drug, and Cosmetic Act and applicable Title 18 provisions."

Based on a review of the applicable facts, earlier today @HHSOGC referred Hims & Hers Health, Inc. (“Hims”) to the Department of Justice for investigation for potential violations by Hims of the Federal Food, Drug, and Cosmetic Act and applicable Title 18 provisions.
— HHS General Counsel Mike Stuart (@HHSGCMikeStuart) February 6, 2026

This marks a significant shift in tone from the FDA, which has done little to prevent companies like Hims from marketing copies of Novo's lucrative weight loss drugs.

Shares of Hims fell 14% after hours. The stock had already taken a hit after FDA Commissioner Marty Makary said in an X post on Thursday that the agency would “take swift action against companies mass-marketing illegal copycat drugs.”

Hims, long flying under regulators’ radar, finally strikes a nerve with its Wegovy pill copy

Based on a review of the applicable facts, earlier today @HHSOGC referred Hims & Hers Health, Inc. (“Hims”) to the Department of Justice for investigation for potential violations by Hims of the Federal Food, Drug, and Cosmetic Act and applicable Title 18 provisions.
— HHS General Counsel Mike Stuart (@HHSGCMikeStuart) February 6, 2026

This marks a significant shift in tone from the FDA, which has done little to prevent companies like Hims from marketing copies of Novo's lucrative weight loss drugs.

Max Knoblauch5h

Airlines rise, continuing their volatile 2026, as US-Iran talks may foreshadow some oil supply relief

Airline stocks are surging on Friday, as the market appears to be pricing in some medium-term oil pricing relief following talks between the US and Iran. Iranian officials referred to the meeting as “a good beginning.”

Shares of budget carriers, which have tighter margins and are more sensitive to fluctuations in fuel costs, are leading the surge. Frontier Airlines and Allegiant up more than 13%, while major airlines like United Airlines, American Airlines, and Delta Air Lines are also up at least 6%. JetBlue and Alaska Air are similarly up about 6%.

The market more broadly is rebounding on Friday, with the S&P 500 up 1.6% and bitcoin recovering some of this week’s losses.

Airlines have been volatile to start 2026 amid geopolitical tensions, varying annual forecasts, and the impact of winter storms.

Luke Kawa6h

The AI supply chain is soaring thanks to Amazon’s capex budget

If tech companies are going to spend way more than expected on capex, well, that means other companies are poised to benefit from that massive spending spree.

Amazon’s plan for $200 billion in business investment this year was the exclamation point to end a reporting period that saw every Magnificent 7 hyperscaler that provides guidance offer a 2026 capex budget well above what Wall Street had anticipated.

Here’s a look at the different parts of the supply chain that are soaring on the persistent demand for, and seeming scarcity of, AI compute:

Data center/neocloud companies: Applied Digital, CoreWeave, Cipher Mining, and Nebius, with some of these seemingly getting an extra lift from their legacy role as crypto miners.
Chips: the usual suspects — Nvidia, Broadcom, and Advanced Micro Devices.
Racks: Super Micro Computer, which is continuing its strong run following earnings, and Dell.
Power: Oklo, Nuscale, and Plug Power.

Big Tech capital expenditure soared in 2025. It’s going up another 50% in 2026.

Here’s a look at the different parts of the supply chain that are soaring on the persistent demand for, and seeming scarcity of, AI compute:

Data center/neocloud companies: Applied Digital, CoreWeave, Cipher Mining, and Nebius, with some of these seemingly getting an extra lift from their legacy role as crypto miners.
Chips: the usual suspects — Nvidia, Broadcom, and Advanced Micro Devices.
Racks: Super Micro Computer, which is continuing its strong run following earnings, and Dell.
Power: Oklo, Nuscale, and Plug Power.

Matt Phillips7h

For memory chips, the “parabolic price hike” is continuing to ramp higher

The remarkable run-up in prices for memory chips continued into early February, analysts at Bernstein Research say, driven largely by data center demand from hyperscalers and cloud service providers (CSP).

Prices for NAND flash memory wafers — a type of memory used in devices, as it retains data even when powered down — soared 35% between the end of 2025 and February 2.

Spot prices for DRAM — ubiquitous short-term data storage chips — jumped about 28% in that period. But that massively understates the remarkable shift in pricing for what were long seen as commodity tech hardware inputs. DRAM prices are more than 2,000% over the last year, while NAND prices are up more than 600% in that period.

The ongoing momentum provides still more support for memory chip plays like Micron and Sandisk, which have been big market winners in recent months.

In a note published earlier this week, Bernstein Research analysts wrote:

“The parabolic price hike continued in Jan. Indicated price increase for 1QCY26 is much stronger than we expected and we hence see upside to our near term memory pricing projection. Unrelenting CSP demand remained the main driver. PC and Mobile demand hasn’t been destroyed yet because of lean inventory & pull-forward purchase. Going forward price hike is expected to continue but likely at a slower rate, as PC and Mobile demand should contract meaningfully this year. Price however may stay elevated throughout this year, supported by CSP demand.”

Chip Unveils Rap Star Wax Figures At Madame Tussauds

Why there’s a “huge vibe divergence” between tech and finance on AI

Tech evangelists are hailing a Claude-fueled seismic shift in computer-based work. Investors are, by and large, selling AI stocks.

Luke Kawa8h