Markets
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Luke Kawa

Plug Power sinks after revenue miss and near $1 billion impairment charge

Plug Power shares are plunging nearly 9% after reporting lower-than-expected fourth-quarter revenues and taking a massive impairment charge totaling nearly $1 billion.

Management’s write-down of the value of its asset was tied to:

  • Failure to meet sales or margin projections;

  • Decreased future cash flows following the liquidation of a joint venture with Renault in Europe; and

  • Pausing the development of hydrogen production plants because of softening global demand.

The green hydrogen company that you might associate with helping to cut emissions is focusing more squarely on cuts of a different nature. Management announced “Project Quantum Leap” to cut annual expenses by about $150 million to $200 million, which will include making job cuts, curbing capex, and reducing inventory levels.

During a recent interview with Sherwood News, CEO Andy Marsh said he wanted to achieve a positive gross margin in 2025 and positive earnings before interest, taxes, depreciation, and amortization in 2026. Those goals look a long way off.

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Luke Kawa

Micron soars as UBS more than triples price target to $1,625, predicting a near $2 trillion memory juggernaut

It’s different this time.

That’s the call from UBS analyst Timothy Arcuri, who more than tripled his price target on memory specialist Micron to $1,625 from $535. If his view were realized, the company would be worth north of $1.8 trillion.

Shares are surging 8% in early trading, and are up more than 780% over the past year. The AI boom’s brainpower needs to “remember” (that is, access) the information it’s processing, driving a spike in memory chip prices.

Despite Micron going up and to the right for months on end, Arcuri argues that a) its future profitability is still underappreciated, and b) investors should be willing to pay more for these earnings, because a large chunk of demand is already locked down.

Micron’s forward price-to-earnings ratio is about 8.25x versus 20.9x for the S&P 500 as a whole, which is effectively investors’ way of showing they expect the company’s pricing power and runaway profit growth will sour.

“We believe the market will start to put a more ‘normal’ multiple on the stock and Micron will continue to re-rate higher as more details emerge about the structural changes AI has driven to the entire memory complex,” he wrote.

Long-term purchasing agreements are providing strong visibility to the ample runway for high profits through 2029, per Arcuri, which will help the company avoid its typical boom-bust cycle.

These supply pacts “allow Micron to trade some near-term revenue for demand visibility and a smoother earnings profile,” he concluded.

The sunny sentiment on Micron is also lifting peers, with Sandisk, Western Digital, and Seagate Technology Holdings all up between 2.8% and 3.9% as of 8:50 a.m. ET.

Tasha Matsumoto
5/22/26
S&P 500 posts weekly gain for its 8th consecutive week

The benchmark index is on its longest weekly winning streak since 2023.

A handsome, brown Pineywoods bull with a black head and large horns stands near a forest
markets
Paige Oamek

Hardware stocks jump thanks to server demand and record Lenovo revenue

Server stocks are rallying as Dell, Super Micro Computer, and Hewlett Packard Enterprise ride the momentum of Hong Kong-based Lenovo. The PC maker’s stock rose 19% on Friday, hitting an all-time high, on record Q4 earnings.

Powering the positive earnings report was the company’s AI-related revenue, which grew 84% in the fourth quarter and now makes up over a third of total revenue. Investors seem to think the increased demand for servers could have trickle-down effects for other companies.

“The company’s results and commentary reinforced the outlook for strong AI-infrastructure demand while indicating resilient broader traditional server and storage spending,” wrote Woo Jin Ho, a senior technology analyst at Bloomberg Intelligence. “Lenovo’s $21 billion AI-server pipeline and remarks that demand is outpacing supply support Dell’s AI-demand momentum and point to robust orders.”

AI’s insatiable computing demand is reshaping the hardware industry and driving up server demand.

Dell will report first-quarter earnings on Thursday, May 28.

Policeman with Piercing Eyes

Take-Two’s “GTA 6” forecast feels absurdly conservative

Take-Two issued a 2027 net bookings forecast about $1 billion below Wall Street’s estimates. The stock is falling on Friday.

Max Knoblauch5/22/26
The D-Wave 2X quantum system, is operated at the NASA Advanced Supercomputing facility's Quantum Artificial Intelligence Laboratory at NASA's Ames Research Center in Mountain View, Calif., as seen on Tuesday December 8, 2015.

Quantum computing CEOs hope “validating” government backing proves their technology is no longer speculative

The government funding is a push to boost the foundational elements of quantum computing to get the industry ready for prime time. The CEOs of Infleqtion and D-Wave give us their thoughts.

Luke Kawa5/22/26

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