Markets
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David Crowther & Luke Kawa

Nvidia sheds gains after FT reports that China may limit access to H200 chips despite Trump’s announcement yesterday

There’s no easy fix to Nvidia’s China problem.

The world’s most valuable publicly traded company had extended Monday’s gains during after-hours trading yesterday on the heels of US President Donald Trump’s Truth Social post indicating that the chip designer could begin to sell its H200 chips to China, with 25% of the proceeds going to the US government.

However, the company is reversing those gains this morning, with Nvidia dipping into the red relative to yesterday’s close at its lows, after the Financial Times reported that “regulators in Beijing have been discussing ways to permit limited access to the H200,” according to two people familiar with the matter.

Per the FT, buyers would likely need to go through a lengthy approvals process to get their hands on the H200s — Nvidia’s most advanced chip in its Hopper line, which has since been replaced by the Blackwell generation — and would need to provide an explanation as to why domestic Chinese chips couldn’t perform the tasks at hand.

This feels like déjà vu all over again for Nvidia.

Export restrictions put in place in mid-April during the height of US-China trade tensions prevented the chip designer from sending its H20 chip, a nerfed version of its premium Hopper offering, to China. After that export ban was lifted months later, demand from China “never materialized,” Nvidia CFO Colette Kress said following the company’s Q3 earnings report. Reports suggested that China banned its leading technology giants from purchasing these semiconductors, instead pushing them toward domestic alternatives.

The difference between the H20 and the H200 is one zero (and a lot of computing power). Zero is also the amount of interest that Chinese policymakers would prefer their leading tech companies to have in Nvidia’s chips.

China’s seemingly measured response to its renewed ability to access these chips suggests that the heady thoughts of a $10 billion to $15 billion boost to Nvidia revenues, which Bloomberg Intelligence analysts had anticipated following Monday’s announcement, may need to be tempered.

A bipartisan group of senators doesn’t want China to have access to advanced US chips. Chinese leadership seemingly doesn’t want their tech champions to rely on them. President Donald Trump and Nvidia CEO Jensen Huang, on the other hand, don’t mind if they do.

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Max Knoblauch

Alaska Airlines dips following weaker-than-expected 2026 earnings guidance

Alaska Airlines, America’s fifth-largest airline, reported its fourth-quarter and full-year results for 2025 after the market closed Thursday. Its shares fell 2% in after hours trading.

The airline reported adjusted fourth-quarter earnings of $0.43 per share, beating the $0.11 expected by Wall Street analysts polled by FactSet. Its Q4 passenger revenue climbed 2% to $3.25 billion.

For the current quarter, Alaska guided for a 1% to 2% increase in capacity and an adjusted loss of $1.50 to $0.50 per share, compared to the $0.77 loss per share expected by analysts. The airline forecast full-year earnings of between $3.50 and $6.50 per share for 2026. The $5 per share midpoint falls short of analyst estimates of $5.52.

“To hit the higher end of our guidance range we would require sustained macroeconomic recovery in 2026, at or improving on trends seen in the first three weeks of the year, and for fuel prices to stabilize,” the company said in its report.

Earlier this month, the carrier placed its largest ever plane order, securing 110 Boeing jets to support its international growth ambitions. It plans to add flights to Rome, London, and Iceland this summer, and has said it will boost its premium seat offerings this year — in-line with a wider trend of travel trends reflecting a “K-shaped economy.”

Intel Logo In front of Building

Intel slumps after Q1 guidance disappoints

The bad outlook offset strong Q4 results.

Matt Phillips5h
markets
Luke Kawa

Plug Power jumps amid surge in call activity as CEO Andy Marsh hosts AMA

Plug Power surged on Thursday, jumping nearly 17% amid elevated call activity as outgoing CEO Andy Marsh hosted an “ask me anything” on the r/PlugPowerStock subreddit.

As many as 192,581 call options changed hands, more than 4x the 20-day average — call options with a strike price of $4 that expire in mid-June were the most active contract.

Marsh’s appearance was aimed at building support for the board’s recommendations that its investors vote in favor of three proposals at a special meeting of shareholders slated for next week. These proposals include: allowing votes to be decided by a majority of voters rather than a majority of shareholders, enabling an increase in the company’s share count, and a third measure to delay this special meeting in the event that there aren’t enough votes for either of those two proposals to pass.

During the session, Marsh made the following points:

  • Management really doesn’t want to have to do a reverse stock split, but would feel forced to do so if the second proposal fails to pass. Per a recent filing from Plug, “Without additional authorized shares, the Company will not be able to: meet its contractual obligations to increase authorized shares of common stock by February 28, 2026; raise capital necessary for operations and growth; and execute on its business plans and strategy.”

  • Plug plans to lean even more into opportunities to offer power to AI data center customers, with Marsh writing that incoming CEO Jose Luis Crespo will offer more details on this in a follow-up AMA scheduled for March.

Tasha Matsumoto
5h
Stocks continue to recover from Greenland threats

Megacap tech helped drive gains.

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

Meta shares rally as Jefferies says it’s a bargain relative to Mag 7 peers

Shares of Meta rallied over 5% on Thursday, as Jefferies analyst Brent Thill doubled down on his “buy” rating for the company, calling the stock a relative bargain compared to its Magnificent 7 peers. The analyst set a price target of $910, well above the $645 where the stock is trading today.

News out of the World Economic Forum this week that Meta’s first models from its revamped AI teams are “very good” aligns with Thill’s argument that the company is well positioned to get back in the AI race with the “all-star model,” which is expected to be released in the first half of the year.

Recent cuts to Meta’s Reality Labs also signal that the company is focusing its spending where it matters. The Jefferies note added that the recent monetization of Threads via ads will help boost revenue.

Next week, Meta reports its fourth-quarter earnings, and Thill expects that even if the company raises its 2026 capital expenditure outlook, investors won’t be spooked, as the company has been clear that spending may continue to be high.

Recent cuts to Meta’s Reality Labs also signal that the company is focusing its spending where it matters. The Jefferies note added that the recent monetization of Threads via ads will help boost revenue.

Next week, Meta reports its fourth-quarter earnings, and Thill expects that even if the company raises its 2026 capital expenditure outlook, investors won’t be spooked, as the company has been clear that spending may continue to be high.

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