Nvidia isn’t the only chip problem today, ASML’s sales were soft

ASML, the Dutch company that produces the insanely complicated, one-of-a-kind machinery used to create computer chips, posted weaker Q1 sales than expected and softer order numbers, as its CEO warned that “tariff announcements have increased uncertainty in the macro environment and the situation will remain dynamic for a while.”

The update added to the semiconductor gloom, with Nvidia the biggest drag on the S&P 500 today and the iShares Semiconductor ETF down sharply.

Critical chip firm ASML misses order expectations amid tariff uncertainty

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Paige Oamek32m

Five Below sinks despite Q1 earnings beat and optimistic Q2 outlook

Discount retailer Five Below delivered impressive Q1 earnings, beating out analyst estimates on Wednesday after the bell. But instead of getting a pat on the back, investors responded by send the stock down as much as 9% in after-hours trading.

Here are the numbers:

Q1 sales of $1.28 billion (compared to analyst estimates of $1.23 billion per Factset).
Q1 adjusted earnings per share of $2.22 (estimate: $1.77).

The discount store company raised its guidance for the full fiscal year and now projects full-year net sales between $5.40 billion to $5.48 billion (up from $5.20 billion to $5.30 billion estimated last quarter), beating out analyst's full-year estimates of $5.36 billion.

Similarly, the company expects Q2 revenue to fall between $1.18 billion to $1.20 billion, above Wall Street expectations of $1.14 billion.

The stock has risen over 80% in the past 12 months as consumers across income brackets search for affordable goods. The retailer has maintained their aggressive expansion campaign, opening 150 net new stores in fiscal year 2025. On Wednesday, Five Below said it still planned to open 150 further locations in fiscal year 2026.

Recently, the company has not only courted customers looking for cheaper everyday items, but also dopamine hits like its "squishy dumplings," a Wall Street winner according to analyst Spencer Hanus at Wolfe Research.

"Our continued focus on compelling newness at amazing value and great store execution are at the heart of our operating flywheel," said Winnie Park, CEO of Five Below. "We successfully amplified social media trends and drove outsized traffic through coordinated merchandising and marketing efforts.”

Jon Keegan42m

CrowdStrike sinks despite beating revenue and earnings for Q1, boosting guidance

CrowdStrike edged past analysts’ estimates for revenue and earnings in its fiscal first quarter.

For FY 2027 Q1, the cybersecurity platform posted:

Revenues of $1.39 billion (estimate: $1.36 billion).
Adjusted earnings per share of $1.10 (estimate: $1.07).
Annual recurring revenue was $5.51 billion, beating analyst estimates of $5.50 billion.
Subscription revenue was $1.32 billion, up 26% year on year.

The company also boosted its annual guidance for revenue and adjusted EPS, and it announced a four-for-one stock split.

Still, shares, which had surged some 60% over the past month, fell 8.2% after hours.

Since Anthropic’s announcement of its forthcoming Mythos model, the cybersecurity industry is bracing for an explosion in vulnerabilities that may be discovered using such advanced AI models.

In a press release, CrowdStrike CEO George Kurtz said:

“In Q1, the worlds of cybersecurity and frontier AI collided: this was the Mythos moment. CrowdStrike is AI security infrastructure, critical to successful AI adoption.”

Tasha Matsumoto

60m

Stocks break winning streak as oil rises amid strikes in the Middle East

The S&P 500, Nasdaq 100, and Russell 2000 all dropped as traders assessed attacks in the Gulf.

Max Knoblauch2h

Rivian is on pace for its longest winning streak ever ahead of R2 deliveries next week

EV maker Rivian is climbing for the 10th consecutive day on Wednesday, putting the company on pace for its longest winning streak ever.

The stock has climbed more than 40% in the two-week stretch, as the company prepares to start customer deliveries of its highly anticipated R2 SUV on June 9. The EV will launch at nearly $60,000, with a lower-priced variant in the $45,000 range due to release late next year. Rivian has implied it expects to deliver up to 25,000 R2s this calendar year.

Despite the hot streak, Rivian shares are down about 7% year to date and nearly 90% from their all-time high in late 2021.

J. Edward Moreno6h

Intel rebounds as executives tout AI progress, new deals

Intel rose Wednesday morning, recovering some of its losses from earlier this week after Nvidia announced that it would enter the laptop market with its new PC “superchip.”

Speaking at the Computex expo in Taipei on ‌Tuesday, Intel executives gave bullish updates on the company’s business, including:

Intel’s 18A process is now “at full scale” with “hundreds of design wins” and has been ramped to “high volume with multiple products,” according to Alex Katouzian, head of the company’s physical AI group.
It also noted new deals for custom silicon, including a deployed Google Infrastructure Processing Unit and infrastructure silicon for Ericsson.
Intel is making “tremendous progress” building its foundry business, according to CEO Lip-Bu Tan.
A new partnership with Foxconn will “develop rack scale products built upon Intel Xeon processors.”

Intel has risen about 3.4% as of 11 a.m. ET Monday, leaving it only slightly red for the week. The stock has nearly tripled in value since the start of the year.

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