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Matt Phillips3/26/26

Nasdaq Composite enters correction territory, joining small-cap Russell 2000

The Nasdaq Composite closed down 10.9% from its high of 24,019.99 — reached during intraday trading on October 29 — putting the tech-heavy benchmark conclusively into a “correction.”

A correction is Wall Street’s term of art for a sell-off that’s graver than a garden-variety slump, but not quite as dire as a bear market. (A bear market commences when prices are down 20% from a peak.)

While the proximate cause in the Nasdaq turndown seems to be t he war — the Composite is down more than 5% since the start of the conflict on February 28 — it’s worth noting that the index had been stalled out for three months prior to that.

At least Nasdaq investors aren’t alone: the small-cap Russell 2000 slipped into a correction last Friday. The S&P 500 has held up better, relatively speaking, though it, too, is down more than 7% from its intraday high of 7,002.28, which it touched on January 28.

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Constellation Energy rallies as results beat estimates, with Calpine acquisition boosting growth

Shares of Constellation Energy are modestly higher in early trading after the owner of the largest fleet of US nuclear plants reported better-than-expected Q1 results.

The key numbers:

Adjusted operating earnings of $2.74 per share (compared to analyst estimates of $2.53).
Operating revenue of $11.12 billion (estimate: $8.57 billion).

The company also reaffirmed its full-year adjusted operating earnings guidance of $11.00 to $12.00 per share, roughly aligned with the consensus call for $11.53.

Constellation Energy has been racing to meet the voracious power demands of hyperscalers’ data centers, which are central to the AI boom.

This quarter was defined by the finalization of its $16.4 billion Calpine acquisition on January 7, which cemented Constellation’s status as the nation’s largest electricity producer and drove a large year-on-year increase in its sales and operating earnings. To satisfy federal requirements following the merger, the company agreed in March to sell 4.4 gigawatts of natural gas capacity to LS Power for $5 billion.

And as the deal is finalized, Reuters reported that the company is pursuing 1 gigawatt in capacity uprates over the next decade, including a 135-megawatt increase at its Braidwood and Byron Clean Energy Centers in northern Illinois as it prioritizes long-term contracts with hyperscalers.

Investors remain watchful regarding the planned Three Mile Island restart. While central to Constellation’s long-term strategy, recent reports from April 6 suggest that transmission delays and grid bottlenecks could slow the timeline for bringing the plant back online.

Despite today’s earnings beat, the stock has faced some recent volatility, down about 15% year to date.

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Cerebras plans to raise IPO range amid surging AI demand

Cerebras Systems is reportedly considering raising both the size and price range of its IPO because of surging demand for its shares and AI hardware.

The Cerebras IPO has been oversubscribed by more than 20x, prompting the company to raise its proposed IPO range to $150 to $160 a share, up from $115 to $125 a share, while increasing the number of shares marketed to 30 million from 28 million, Reuters reports. At the high end of the revised range, Cerebras could raise around $4.8 billion, up from $3.5 billion.

This surge underscores a massive investor appetite for AI semiconductor plays that offer a credible alternative to Nvidia. Led by Morgan Stanley, Citigroup, Barclays, and UBS, the deal positions Cerebras to trade under the symbol CBRS on the Nasdaq.

Cerebras first filed for an IPO in 2024 but pulled that plan last year. Since then, Cerebras has secured clients including Amazon and OpenAI.

The company makes specialized wafer-scale AI chips, designed specifically for AI training and inference. Their flagship product is the Wafer-Scale Engine-3 (WSE-3), the world’s largest and fastest AI chip, holding 4 trillion transistors.

Exclusive: Cerebras to raise IPO price range to $150-$160 as demand surges, sources say

Exclusive: Cerebras to raise IPO price range to $150-$160 as demand surges, sources say

This surge underscores a massive investor appetite for AI semiconductor plays that offer a credible alternative to Nvidia. Led by Morgan Stanley, Citigroup, Barclays, and UBS, the deal positions Cerebras to trade under the symbol CBRS on the Nasdaq.

Cerebras first filed for an IPO in 2024 but pulled that plan last year. Since then, Cerebras has secured clients including Amazon and OpenAI.

The company makes specialized wafer-scale AI chips, designed specifically for AI training and inference. Their flagship product is the Wafer-Scale Engine-3 (WSE-3), the world’s largest and fastest AI chip, holding 4 trillion transistors.

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Alphabet is preparing a Japanese yen bond offering

Having already issued tens of billions of dollars in European, US, and Canadian debt this year, Alphabet is now preparing to tap the Japanese bond market.

While the filing states that the debt is meant to fund “general corporate purposes,” it’s likely that at least some of it will go toward its ballooning $190 billion in capital expenditure this year, as four major tech companies pour a combined $700 billion into capex to build out AI infrastructure.

Though there was no specified value in the filing, Reuters reports the issuance could total several hundred billion yen — 100 billion yen is equal to more than $600 million at current exchange rates.

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J. Edward Moreno4h

Lumentum jumps on Nasdaq 100 Index inclusion

Lumentum rose in early trading on Monday after Nasdaq announced on Friday that it would add the optics company to its benchmark index alongside some of the world’s biggest tech companies.

Lumentum makes optical components that use light, rather than traditional copper interconnects, to move data within and between servers in data centers. Its technology is increasingly seen as critical for scaling artificial intelligence capacity.

The stock rose 4.8% in premarket trading by 6 a.m. ET. Shares are up 134% since the start of the year through Friday’s close.

On May 18, it will join the Nasdaq 100 Index, which underpins millions of portfolios. It will replace CoStar Group, a real estate data company.

Lumentum Holdings Inc. to Join the Nasdaq-100 Index® Beginning May 18, 2026

Lumentum makes optical components that use light, rather than traditional copper interconnects, to move data within and between servers in data centers. Its technology is increasingly seen as critical for scaling artificial intelligence capacity.

The stock rose 4.8% in premarket trading by 6 a.m. ET. Shares are up 134% since the start of the year through Friday’s close.

On May 18, it will join the Nasdaq 100 Index, which underpins millions of portfolios. It will replace CoStar Group, a real estate data company.

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Investors really want Moderna to whip up a hantavirus vaccine

The company told Bloomberg it is in the early stages of researching vaccines to protect against hantaviruses.

J. Edward Moreno4h

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