markets

Luke Kawa & J. Edward Moreno5/6/26

Arm Holdings drops after blistering run as executives say they don’t yet have the supply to meet surging demand

Arm Holdings fell in premarket trading on Thursday after executives said they do not currently have the supply to meet soaring demand for its data center CPUs, which were launched in late March.

Shares initially jumped after the bell yesterday after Arm said it has line of sight to more than $2 billion of customer demand for its AGI CPUs booked across fiscal 2027 and fiscal 2028, “more than double what we stated at launch.” The company said it already has 50% market share for CPU compute among top hyperscalers.

“Soon the data center will be Arm’s largest business,” the company said.

But executives said the company hasn’t yet secured the supply to meet that $2 billion demand. It maintained its AGI CPU revenue outlook of $1 billion “while we pursue supply chain capacity,” Chief Financial Officer Jason Child told analysts. It also expects to report adjusted earnings of $0.40 per share, compared to $0.38 estimates.

The company’s shares had been on a blistering run going into earnings, gaining 65% in the last month; this morning’s dip leaves most of those gains intact.

The company posted an otherwise ho-hum set of quarterly results. For the fourth quarter of its 2026 financial year, Arm reported:

$1.49 billion in revenue, above the $1.47 billion analysts polled by FactSet were expecting. The beat was driven by growth in its licensing segment, while its royalties segment missed expectations.
Earnings per share of $0.60, above the $0.58 Wall Street was penciling in.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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