Bitcoin and retail-sensitive stocks are rallying again, so Robinhood Markets is too.

Shares of the brokerage, which counts crypto trading as a key revenue stream, jumped as much as 10% on Tuesday as bitcoin breached $76,000 for the first time since early February. Strong gains for the crypto asset, which doesn’t really have fundamentals, the outfit that’s been synonymous with retail activity, and the stocks retail traders like the most are key signals that risk appetite is returning after the geopolitically induced drawdown.

Separately, Bernstein also sounded a bullish tone on prediction markets, another Robinhood business line, calling for volumes to hit as high as $1 trillion by 2030. Analysts reaffirmed their “outperform” rating and $130 price target on the shares, saying they offer “asymmetric upside potential.”

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions.)

The brokerage has been trading like three cryptos in a trench coat over the past three months, with the 63-session correlation between the stock and the iShares Bitcoin Trust lingering near its all-time high reached last month.

Robinhood and bitcoin’s all-time highs came in October, with both since suffering large sell-offs along with a host of other speculative assets.

Ethereum has rallied 8% in the last 24 hours to trade just under the $2,390 level, liquidating over $151.7 million worth of ethereum short positions in the period. 

The last time ethereum was at its current level was the last day of January, data from CoinGecko shows.

According to Jim Hwang, COO of investment company Firinne Capital, ETH has been acting as a risk asset: declining in times of heightened uncertainties such as the conflict in Iran, inflation expectations, and diminished rate cut hopes.

“Only in the last 24+ hours when these uncertainties have diminished are we seeing prices lift again. We can feel a bit of optimism but to the extent that this cease fire remains tentative, we should probably view the current ETH price gains with caution,” Hwang told Sherwood News. 

A GlassNode senior analyst, who maintains the pseudonymous X account CryptoVizArt, said on X that ethereum has “reclaimed the one-to-three month holder cost basis at around $2,300. So far, this structure is consistent with a bear market relief rally, comparable to the bounces observed in Q3-Q4 2022, rather than a structural trend reversal.” 

Tom Lee, chairman of ethereum treasury firm BitMine Immersion Technologies, said ethereum’s performance since the start of the Iran conflict demonstrates how the cryptocurrency is a “wartime store of value,” per the firm’s press release on Monday, in which it announced acquired 71,524 additional tokens worth $170.5 million. That brings its total stockpile to nearly 4.9 million tokens, or 4% of the total supply of ethereum. 

That said, the founder of venture capital firm Kenetic, Jehan Chu, told Sherwood, “It’s clear that regaining ATH [all-time high] will take real-world revenue-generation, and not just a Tom Lee narrative.” 

Vertiv Holdings added to its nearly 90% 2026 gain early Tuesday after BNP Paribas analysts initiated coverage on the stock with an “outperform” rating — essentially a “buy” — and a $345 price target, about a 15% premium to the market. (Wall Street’s consensus price target for Vertiv is $304, according to FactSet.)

BNP analysts wrote:

“With ~80% of sales tied to data centers, VRT is a leader in cooling solutions, notably for high-density AI computing. We believe VRT’s growth is sustainable given its content is structurally rising as higher density AI clusters drive a step-change in cooling requirements. With a ~$15bn backlog (up >100% y-o-y) and book-to-bill of ~3x, VRT’s visibility provides confidence in sustained growth through 2030.”

Vertiv is shaking off a bit of a slump in the broader AI data center trade Tuesday, as high-flying AI plays like networking stocks Lumentum, Ciena Corp., and Corning slide, and memory play Sandisk declines.

Ahead of SpaceX’s highly anticipated IPO in June, new reporting from The Information reveals just how dependent the rocket and AI company is on its internet business.

According to the report, in 2025, Starlink generated $11.4 billion in revenue and $7.2 billion in adjusted EBITDA — a striking 63% margin — making it SpaceX’s only meaningful source of profit.

By contrast, the company’s core rocket launch business and its recently acquired AI unit, xAI, lagged far behind financially. The space launch business generated $4.1 billion in revenue and about $700 million in adjusted EBITDA, while the AI segment brought in $3.2 billion in revenue but lost roughly $1.2 billion on an EBITDA basis.

In other words, Starlink accounted for most of SpaceX’s revenue — and more than all of its adjusted profit.

Starlink’s profitability is already attracting rivals. Amazon on Tuesday agreed to acquire satellite company Globalstar in an effort to more directly compete with Starlink.

Evercore ISI analysts see further upside for Sandisk shares, even after their nearly 2,900% gain over the past 12 months.

In a note initiating coverage on the top-performing S&P 500 constituent — giving it an “outperform” rating and an above consensus price target of $1,200 — Evercore analysts wrote:

“We believe SNDK is levered to one of the most attractive areas of the AI infrastructure stack — data storage, where demand is accelerating and supply remains constrained at minimum through CY28 if not beyond. While concerns around peak NAND pricing and cyclicality persist, we think the current cycle is structurally tighter and more durable, underpinned by AI-driven demand and sustained supply discipline that is creating ‘SCA’s’, providing memory providers with pricing floors and upfront cash payments (Strategic Contractual Agreements between cloud companies and NAND/DRAM providers).”

Even with the positive news, Sandisk shares sold off 4% in recent trading, taking a little wind out of an epic run-up that still stands at 16% over the past five days and 30% over the past month.

Sandisk has been the subject of a fair bit of positive commentary in recent days, with both Citi and Bernstein analysts boosting their price targets for the shares ahead of its earnings report due on April 30.

The broader memory/data storage trade has recovered from its recent big wobble following Google’s release of details about a new, potentially less memory-heavy AI algorithm technology called TurboQuant.

Hard disk drive maker Western Digital has more than doubled since the start of the year, Seagate Technology Holdings is up about 90%, and DRAM maker Micron — DRAM is the basis for the AI-focused memory product called high-bandwidth memory, or HBM — is up more than 50% in the first 3.5 months of 2026.

Shares of luxury EV maker Lucid climbed more than 12% in premarket trading on Tuesday following two announcements, before news of a public stock offering erased most of the gains.

First, the company announced it has found a permanent CEO in Silvio Napoli. Napoli was formerly CEO of the Schindler Group, one of the world’s biggest manufacturers of elevators and escalators.

Lucid has been led by interim CEO Marc Winterhoff for more than a year, who will now step into the role of chief operating officer.

Lucid also announced an expansion of its robotaxi partnership with Uber from 20,000 planned vehicles to 35,000. Uber will increase its investment in Lucid by $200 million, bringing the total to $500 million. The PIF, Saudi Arabia’s sovereign wealth fund, also committed a new investment of $550 million into the company.

The company is still planning a commercial launch of its robotaxi service with Uber later this year in the Bay Area.

Following those updates, Lucid said it would raise an additional $300 million through a public stock offering. Its premarket gain decreased to about 5%.

Used car retailer CarMax reported its fourth-quarter earnings before the bell on Tuesday. Its shares fell about 7% in premarket trading.

The company reported:

• Adjusted earnings of $0.34 per share, compared to Wall Street estimates of $0.23 per share, as compiled by FactSet.

• Sales of $5.9 billion, above expectations of $5.7 billion.

• Retail gross profit per unit of $2,115, slightly below estimates and down $207 from the year prior.

• 181,188 used vehicles sold to retail customers, down about 1% from the year prior.

For fiscal 2027, CarMax said it expects to open four new stores. The company expects retail GPU (gross profit per unit) to “decline at a rate broadly in line with our Q4 FY 2026 year-over-year trend.”

CarMax has seen elevated interest in EVs and hybrids in recent weeks, as gas prices continue to climb amid the war in Iran. Last month, the company told Sherwood News that page views for EVs and hybrids had risen more than 9% compared to the month prior.

Activist investor Starboard recently took a $350 million stake in CarMax, urging the company to cut costs and adopt more dynamic pricing. Last week, it was announced that CarMax would add two board members after talks with Starboard.

Credo Technology Group is soaring in premarket trading after announcing an agreement to acquire DustPhotonics, a developer of silicon photonic integrated circuits for optical transceivers (that is, chips that help use light to move information around data centers).

The price is $750 million in cash plus 920,000 shares of Credo, and has the potential to escalate from there based on the achievement of certain financial milestones.

The acquisition marks a concerted effort by Credo to play both ends of connectivity: advanced photonics in addition to active electrical cables (its bread and butter).

Per the press release, “The acquisition will position Credo with a vertically integrated connectivity stack... for scale out and scale up networks — addressing both electrical and optical interconnects across the full AI infrastructure.”

Following this transaction, the company expects optical revenues of more than $500 million in fiscal 2027, well above the pre-acquisition consensus estimate of $161 million.

Management projects this deal will be accretive to adjusted earnings per share in fiscal 2027.

Shares of Credo boomed after Broadcom reported earnings last month, as the custom chip specialist said that its clients were sticking with direct attach copper cables through 2028. But going forward, connectivity demand appears to be a story of both copper-centric and light-centric solutions to transmit information within and between racks.

Globalstar is up 11% in premarket trading on Tuesday after Amazon announced it has agreed to acquire the satellite company for about $11.6 billion, as it moves to keep up with Elon Musk’s Starlink.

The deal would effectively bring Globalstar’s existing satellite operations, infrastructure, and assets, including MSS spectrum licenses with global authorizations, under Amazon “to deliver continuous connectivity for consumer, enterprise, and government customers around the world,” the internet giant said in a statement.

The acquisition would be Amazon’s second-biggest ever, according to S&P Capital IQ, behind its purchase of Whole Foods in 2017 for $13.7 billion.

Under the terms of the deal, GSAT stockholders can elect to receive either $90 in cash or 0.321 Amazon shares for every Globalstar share.

Per the press release, Amazon’s Leo satellite network will “add direct-to-device (D2D) services to its low Earth orbit satellite network and extend cellular coverage to customers beyond the reach of terrestrial networks.” Amazon Leo’s D2D satellite system, set to begin in 2028, is designed to offer faster and more efficient performance than legacy direct-to-cell systems.

Amazon is aiming to increase the number of satellites it has in Earth’s low orbit to 3,200 by 2029. While the two dozen satellites it would take on from the Globalstar deal would push it slightly further toward this goal, Amazon is faced with a regulatory requirement to meet half of the 3,200 figure by July of this year. According to Reuters reporting, the company currently operates a network of “more than 200” satellites.

Amazon announced that it had signed an additional agreement with Apple for Amazon Leo to power satellite service features for some current and future iPhone and Apple Watch models.

Bloom Energy spiked 15% in postmarket trading on Monday after expanding its pact to supply power to Oracle.

The hyperscaler has contracted an initial 1.2 gigawatts of fuel cell capacity from Bloom, with plans to procure up to 2.8 gigawatts in order to support the power needs of its data centers.

Shares of Bloom boomed last July after the initial announcement that it would be delivering “onsite power for an entire data center within 90 days,” the first time the fuel cell company booked a direct deal with a hyperscaler. Bloom came through with the delivery in 55 days.

Oracle execs are obviously pleased with the execution and the results — and have another reason to be happy about getting more power from Bloom...

In concert with this announcement, a filing showed that Oracle received warrants to buy 3.53 million shares of Bloom Energy for $113.28 apiece on April 9, as part of an agreement reached between the two sides in October. That would be about 1.25% of Bloom’s current shares outstanding.

“It was a great strategic partnership where both enterprises had a lot to gain,” Bloom founder, chairman, and CEO KR Sridhar said of the warrant deal during the Q4 earnings call in February. “And remember, these were not penny warrants. These were done at market pricing on the day we agreed to, like what we do. So it is not in lieu of something other than both parties enhancing enterprise value.”

So, Bloom’s business gets a massive boost from a hyperscaler moving from a proof of concept to a seal of approval, and Oracle gets power for about $320 million less than the sticker price (based on the gap between Bloom’s postmarket price on Monday, roughly $204, and the exercise price of the warrants).