Rocket Lab Q2 revenue beats, but loss was deeper than expected

Access Industries is rushing for the exits in Opendoor Technologies.

The investment firm run by Len Blavatnik, one of Opendoor’s earliest and biggest shareholders, sold 13.66 million shares of the online real estate company on Tuesday, per a filing, generating roughly $97 million.

With this divestment, it’s dumped nearly $300 million worth of Opendoor stock, or almost 36 million shares, this month through its AI LiquidRE arm. Access Industries had prior sales on Monday and September 12.

Pueo Keffer, one of the Opendoor directors who recently stepped down amid the company’s leadership changes, is a senior managing director at Access Industries.

Shares of Opendoor are down more than 30% over the past week, but are up in premarket trading on Wednesday.

Alibaba jumped over 9% in early trading on Wednesday after the company announced greater investment in AI and unveiled a new model.

At its annual flagship technology conference, CEO Eddie Wu said that the company plans to expand its AI investment beyond the $53 billion announced in February over the next three years, although a specific uplift wasn't revealed.

The firm also unveiled the latest version of its “largest and most capable” AI model series, the Qwen3-Max — as other Chinese tech giants like Baidu, Tencent and ByteDance are doubling down on home-grown solutions to compete with OpenAI and Anthropic amidst a wider Chinese push to reduce dependence on Western AI hardware and models.

According to Reuters, Alibaba said that its new model "outperformed rival products including Anthropic's Claude and DeepSeek-V3.1 in certain metrics," citing third-party benchmarks like Tau2-Bench.

Alibaba also announced plans to open its first data centers in Brazil, France, and the Netherlands, while adding new sites in Mexico, Japan, South Korea, Malaysia, and Dubai in 2026. Last month, the company struck a deal with Unicom — China's second-largest mobile service provider — to deploy its in-house AI accelerators.

With this morning’s rise, Alibaba's shares are at their highest level since 2021, up over 110% year-to-date.

Stocks fell on Tuesday as the market’s tech titans took a breather after a hot run. The S&P 500 fell 0.6%, the Nasdaq 100 lagged with a 0.7% decline, and the Russell 2000 outperformed, albeit with a 0.2% drop.

The Magnificent 7 had their worst day in over a month, down 1.5%, with every constituent falling.

Consumer discretionary and tech were the two worst-performing S&P sector ETFs, while energy fared the best.

Bright spots on the day were Halliburton and Paramount Skydance, which rose 7.5% and about 6%, respectively. Generac and Vistra were among the biggest decliners, falling more than 10% and 6%, respectively. Elsewhere…

Nvidia fell 2.8% even as Wedbush Securities analysts called its recent $100 billion deal with OpenAI a “watershed moment” for the AI revolution. Separately, Bank of America analysts said the chip designer is poised to generate hundreds of billions in free cash flow.

Shares of Opendoor sank more than 15% after its third-biggest shareholder, Access Industries, sold 11.36 million shares of the online real estate company through its AI LiquidRE arm.

Firefly Aerospace also dove more than 15% after the Texas-based space launch startup missed Wall Street’s estimates for the company’s first quarterly report since its August IPO.

Plug Power had a wild ride, up double digits in premarket trading before ending down 4.6%, snapping a nine-day winning streak that was close to becoming the longest on record for the hydrogen fuel cell company.

Boeing ticked up another 2% after announcing on Monday that Uzbekistan Airways will order up to 22 of its 787 Dreamliner jets.

Satellite stocks like AST SpaceMobile, Planet Labs, and Rocket Lab climbed on elevated activity, especially in the options market.

IonQ jumped more than 4% after the company announced “a significant technological advancement in its pursuit of scalable quantum networks.”

Shares of Sinclair Inc. rose more than 3% after the self-proclaimed “largest ABC affiliate group” said it will continue to keep “Jimmy Kimmel Live!” off its ABC stations.

Palantir rose 1.8% after Bank of America analysts hiked their price target on the stock to $215 — the highest among the published price targets tracked by FactSet.

Kenvue, the company behind Tylenol, gained 1.6% as doctors pushed back against President Trump’s claims about a link between the drug and autism, per Reuters.

Micron is moving higher in postmarket trading after reporting blowout fiscal Q4 2025 results.

For the three months ended August 28, the memory chip specialist reported:

• Revenues: $11.32 billion (estimate $11.15 billion)

• Adjusted diluted earnings per share: $3.03 (estimate $2.84)

• Adjusted gross margin: 45.7% (estimate 44.3%)

Guidance for its fiscal Q1 2026 is similarly stellar, as management expects:

• Revenues: $12.5 billion, plus or minus $300 million (estimate $11.9 billion)

• Adjusted diluted EPS: $3.75, plus or minus $0.15 (estimate $3.05)

• Adjusted gross margin: 51.5%, plus or minus 1 percentage point (estimate 45.7%)

The midpoint of Micron’s adjusted diluted EPS and margin outlooks are above the highest estimates among analysts polled by Bloomberg.

“As the only US-based memory manufacturer, Micron is uniquely positioned to capitalize on the AI opportunity ahead,” CEO Sanjay Mehrotra said.

Micron is the best-performing member of the VanEck Semiconductor ETF year to date, as the stock has nearly doubled in 2025 heading into this report. Shares have been on a tear in September, rising for a record 12 consecutive sessions before that winning streak ended on Friday.

Micron has fallen the session after releasing its last three quarterly reports.