DoorDash reported earnings results that missed Wall Street expectations and provided underwhelming earnings guidance Wednesday after the bell.

For the final three months of 2025, DoorDash reported:

• Earnings per share of $0.48, compared to the $0.59 analysts polled by FactSet were expecting.

• Revenue at $3.9 billion, compared to the $3.9 billion analysts were penciling in.

• Gross order value (the total amount spent on the platform) hit $29.7 billion, compared to the $29.2 billion analysts were expecting.

For the current quarter, the company expects:

• GOV between $31.0 billion and $31.8 billion, compared to the $30.7 billion analysts are expecting.

• Adjusted EBITDA between $675 million and $775 million, compared to $801.9 million analysts are expecting.

Figma reported Q4 results that exceeded Wall Street’s expectations and robust sales guidance for the current quarter and full year.

Shares are spiking in after-hours trading.

For the final three months of 2025, the digital design and development platform company reported:

• Revenue of $303.8 million, compared to the $293.1 million analysts were penciling in.

• Adjusted earnings per share of $0.08, compared to the $0.07 analysts polled by Bloomberg expected.

For sales, management expects:

• Q1 between $315 million to $317 million (estimate: $293.6 million)

• Full-year between $1.366 billion and $1.374 billion (estimate: $1.29 billion)

The lower end of these ranges are above the highest analyst’s sales estimates for both Q1 and 2026 as a whole.

This marks the company's second earnings report since going public over the summer. Its share price has taken a hit this year alongside many of its software peers, and management will be looking to show that AI can be an accelerant, rather than a threat, to its business. On Tuesday, Figma announced a partnership with Anthropic to integrate AI coding tools.

“Our healthy balance sheet and positive free cash flow gives us the flexibility to continue investing in AI and the platform while maintaining financial discipline for sustainable, long-term growth,” said CFO Praveer Melwani in a press release.

As of the close on Wednesday, the stock was down 35% for the year and roughly 80% below to its closing level at the time of its July IPO.

Ethereum is trading below $2,000, a nearly 40% drawdown in the last 30 days and a 60% decline from its all-time high of $4,946 set in August 2025. Despite the pullback, institutions are still expanding their presence in the ethereum ecosystem. 

• BlackRock took a step toward listing its staked ethereum ETF, a Tuesday amendment filing with the US Securities and Exchange Commission shows. The financial titan purchased $100,000 worth of seed shares where the proceeds will be used to purchase ethereum. 

• Ethereum’s largest treasury firm, BitMine Immersion Technologies, announced on Tuesday that it acquired 45,759 tokens worth $90.1 million at current prices and increased its staking operations to 3 million tokens, bringing annualized staking revenue to $176 million, a press release stated.

• Meanwhile, Harvard University’s endowment gained exposure to the second-largest cryptocurrency for the first time by purchasing 3.9 million million shares of BlackRock’s iShares Ethereum Trust ETF, worth around $86.8 million, per an SEC filing. Simultaneously, the Harvard Management Company sold about 1.5 million shares of the iShares Bitcoin Trust, decreasing its stake by 21%. 

The changes in institutional exposure to ethereum comes as investor sentiment is at “rock bottom,” according to BitMine Chairman Tom Lee, reminiscent of the forlornness during the 2018 crypto winter and 2022 November lows amid the collapse of the now bankrupt exchange FTX. 

“Crypto has remained weak since the ‘price shock’ and massive deleveraging seen on October 10th. For us at Bitmine, we cannot control the price of Ethereum, and the company is acquiring ETH regardless of price trend, as the long-term outlook for Ethereum remains outstanding,” Lee said in a statement.

Figure Technology Solutions is rising in early trading after upsizing its secondary offering of “blockchain native” shares.

The offering is priced at $32, roughly a 13% discount to Tuesday’s closing price and below any closing price for Figure since the week of its IPO in September.

This is not a dilutive offering: selling shareholders are able to exit common stock at $32, and in exchange the buyers will receive “blockchain native” shares at a discount to the current share price, presumably to help more activity migrate to Figure’s Provenance Blockchain. Holders could then lend these securities for yield, borrow against them, or have the option of converting these blockchain-native shares into common stock.

This secondary offering was originally announced on February 13 along with the release of Figure’s preliminary Q4 results.

Three stocks took a dip in after-hours trading on Tuesday after Nvidia’s 13F filing showed the chip designer sold its stake over the final three months of 2025 in:

• Applied Digital, a data center operator in which Nvidia was the seventh-largest holder as of the end of Q3.

  • That being said, Nvidia still has some quasi-direct Applied Digital exposure through its still substantial CoreWeave position. The neocloud acquired warrants in APLD last June.

• WeRide, the Chinese self-driving firm.

• Recursion Pharmaceuticals, which engages in AI-driven drug development.

Nvidia also sold its stake in Arm Holdings, but that was offset by some good news: part of Nvidia’s expanded pact with Meta will see Arm-based CPUs assume a more prominent role in data center environments, which may help boost its volumes and selling prices.

Nvidia added positions in Nokia, Intel, and Synopsys in Q4, all of which had been previously announced via press releases. Its CoreWeave and Nebius positions were unchanged relative to Q3.

Cadence Design Systems jumped in after-hours trading on Tuesday and built on that advance on Wednesday morning after posting better-than-expected Q4 earnings, a big pipeline of future business, and a solid profit outlook for 2026.

For Q4, the electronic design automation company reported:

• Sales of $1.44 billion (estimate: $1.42 billion).

• Adjusted earnings per share of $1.99 (estimate: $1.91).

• Remaining performance obligations (RPO) of $7.8 billion (estimate: $7.25 billion).

Management said that 2026 adjusted earnings per share would range between $8.05 and $8.15, above the consensus call for $8.03.

“Historically, Cadence tends to start the year with conservative guidance and subsequently raises forecasts as the year progresses,” writes JPMorgan analyst Harlan Sur.

In recent weeks, investors have worried that Cadence’s software business, which is used by chip designers, could suffer competitive pressure from AI tools. At the very least, that RPO figure says there’s billions of dollars standing between Cadence and any more disrupted future.

“Highlight of the quarter, in our view, is the expansion of collaboration with multiple hyperscalers and one hyperscaler taping out the first chip under COT [customer owned tooling], which we believe is the next big story for EDA as AI infrastructure buildout continues,” writes Needham analyst Charles Shi.

If recent history is any guide, Walmart’s Q4 earnings release Thursday before the bell will be appointment viewing.

This time last year, it wasn’t the DeepSeek freak-out or tariff chatter that caused the S&P 500 to definitively begin its downturn from all-time highs. It was Walmart’s underwhelming full-year guidance that catalyzed a momentum stock meltdown.

Since then, the retail behemoth has become a more important — and richly valued — part of the S&P 500, joining the trillion-dollar market cap club in the process. Investors have clamored for safety within the US stock market in 2026, and that’s meant bidding up the income streams associated with moving loads of volume at everyday low prices.

Jeff Jacobson, head of derivatives strategy at 22V Research, offers some perspective on just how well things have been going for the Bentonville-based giant:

• Walmart versus the SPDR S&P 500 ETF is at its highest level since the aftermath of the global financial crisis;

• The implied volatility of calls that offer exposure to additional upside in Walmart is very elevated relative to history (that is, they’re expensive);

• This is the only time in the past five years where Walmart has traded above Wall Street’s 12-month price target.

That makes the bar to clear, regardless of how the actual numbers and guidance end up, fairly high.

In Jacobson’s view, it would be prudent for Walmart holders to try to take advantage of this elevated implied volatility by selling upside, or attempting to lock in gains after this hot run.

His recommendations:

• Covered calls: sell April $145 calls at $3 or better.

• Collar the position: sell WMT May $155 calls, buy May $125 put, sell May $110 put.