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Claire Yubin Oh3/12/25

INTC stock is rising after TSMC pitched an Intel foundry joint venture to Nvidia, AMD, and Broadcom

Taiwanese chipmaking giant TSMC is in discussions with Nvidia, AMD, Broadcom, and Qualcomm about taking a stake in a joint venture to operate Intel’s foundry division, its loss-making business that manufactures chips for other companies.

Under the proposal, TSMC would oversee the day-to-day operations of Intel’s custom chipmaking facilities while owning no more than a 50% stake in the business, Reuters reported on Wednesday.

The news has sent Intel up 8% in premarket trading, with the stock currently topping the S&P 500 for the day.

The initiative comes after President Donald Trump’s administration requested TSMC to help turn around Intel as part of a broader effort to restore advanced manufacturing in the US, but did not want Intel or its foundry division to be entirely foreign-owned. The American industrial icon has been struggling in recent years, reporting its first annual loss since 1986 last year and seeing its shares decline by ~70% in the past five years as the company fell behind competitors.

Exclusive: TSMC pitched Intel foundry JV to Nvidia, AMD and Broadcom, sources say

Exclusive: TSMC pitched Intel foundry JV to Nvidia, AMD and Broadcom, sources say

Under the proposal, TSMC would oversee the day-to-day operations of Intel’s custom chipmaking facilities while owning no more than a 50% stake in the business, Reuters reported on Wednesday.

The news has sent Intel up 8% in premarket trading, with the stock currently topping the S&P 500 for the day.

The initiative comes after President Donald Trump’s administration requested TSMC to help turn around Intel as part of a broader effort to restore advanced manufacturing in the US, but did not want Intel or its foundry division to be entirely foreign-owned. The American industrial icon has been struggling in recent years, reporting its first annual loss since 1986 last year and seeing its shares decline by ~70% in the past five years as the company fell behind competitors.

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J. Edward Moreno44m

Match Group invests $100 million in Grindr rival Sniffies, with future option to acquire the startup

Tinder owner Match Group has invested $100 million in Sniffies — a gay hookup site that’s earned a reputation as a raunchier rival to Grindr — in a deal that gives it an option to acquire the startup in the future.

It would not be Match’s first investment-turned-acquisition, having pulled the same strategy with Hinge, its fastest-growing app currently. Match will be sunsetting its existing gay dating app, Archer, and focusing its attention on Sniffies, the company told Bloomberg. The announcement sent Grindr slipping in after-hours trading.

Unlike Grindr, which must abide by Apple’s App Store rules, the privately-held Sniffies is a website and isn’t bound by the same restrictions. Users can make their profile photos explicit images and enjoy wider anonymity. This has, however, subjected the platform to increasingly common government restrictions on porn sites.

Sniffies has 3 million monthly active users globally, according to Match Group, compared to the 15.2 million on Grindr in the last quarter of 2025. Still, it has grown massively in popularity, clocking 60 million page visits in March, up 60% from last year, per Similarweb figures.

Sniffies founder and CEO Blake Gallagher said the investment “unlocks our ability to move faster on the things that matter most: stronger trust & safety, better product, and a more dynamic network.”

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Matt Phillips & Claire Yubin Oh45m

Corning sinks after posting underwhelming Q2 guidance, despite Q1 beat

Corning reported Q1 results that beat Wall Street's expectations before the bell on Tuesday, but shares still fell from the company’s softer second-quarter guidance.

For the first quarter, Corning reported:

Non-GAAP core earnings per share of $0.70, just beating consensus expectations of $0.69 from analysts, according to FactSet.
Core sales of $4.34 billion vs. a $4.30 billion consensus estimate from analysts.

The fly in the Corning ointment was the outlook for Q2 2026. The maker of fiber-optic networking equipment now expects core sales to grow to approximately $4.6 billion, slightly lower than $4.65 billion expected by analysts. Core EPS to reach a range of $0.73 to $0.77, largely in-line with the $0.75 Wall Street consensus.

Management highlighted the company’s “powerful momentum across our Market-Access Platforms,” or five fast-growing industries ranging from optics to mobile consumer electronics, but also noted that an additional $30 million of expense is expected in the second quarter compared to the first, as it upgrades and repairs its solar wafer facility to a “permanent power system.”

After such a hot run, the stock is up 85% so far this year, it's no wonder that it's taking a breather on results that don't give analysts enough excuses to meaningfully bump their forecasts.

Indeed, Corning is one of a number of fiber optic networking stocks — including Lumentum, Coherent and Ciena Corp. — that have soared this year. They all handle slightly different aspects of the same undertaking: using light and electrical signals to almost instantly transfer the data that AI technology both consumes and produces.

Demand for their products has jumped as AI’s requirements for bandwidth, speed, and power have moved beyond the capacity of long-standing networking technologies, such as the copper cables that usually carry signals using electricity.

markets

Max Knoblauch1h

JetBlue reports deeper-than-expected Q1 loss on elevated fuel costs

JetBlue reported its first-quarter earnings before markets opened on Tuesday. The carrier’s shares have ticked down about 2% in premarket trading.

For Q1, JetBlue reported:

An adjusted loss of $0.87 per share, compared to Wall Street estimates of a loss of $0.73 per share from analysts polled by FactSet.
Total revenue of $2.24 billion, in line with estimates.

JetBlue said it expects to pay between $4.13 to $4.28 per gallon for fuel in the second quarter, up from the $2.40 per gallon average in the same period last year. The carrier also said it expects to recapture between 30% to 40% of fuel costs in Q2, and 100% by early next year. The airline forecast a boost in capacity by between 1.5% and 4.5% in the second quarter, compared to the Wall Street consensus of 3.2% growth.

Like its major US rivals, JetBlue has been pummeled by higher fuel costs amid the war in Iran despite reporting strong demand. Late last month, JetBlue became the first major US carrier to hike its bag fees in an effort to offset fuel costs. The rest of the industry soon followed.

In the coming days, JetBlue could see significant impact from the outcome of reports that the Trump administration is considering extending a lifeline to low-budget rival Spirit in the form of a loan of up to $500 million.

Like its larger rival United Airlines, JetBlue has reportedly been mulling merger partners of its own. A common industry theory is that United’s efforts to merge with American could have been a means to actually attempt a smaller (but still huge) merger with JetBlue.

markets

Spotify Q2 operating profit outlook disappoints, overshadowing a solid first quarter

The biggest music streaming business in the world just reported its first batch of earnings for the 2026 fiscal year and shares have slumped nearly 12% in early trading, as investors react to a more disappointing operating profit outlook for Q2.

In an otherwise solid Q1, Spotify reported:

Total revenue of €4.53 billion ($5.3 billion), which was broadly in line with the company’s guidance and analyst estimates compiled by Bloomberg.
Operating income of €715 million ($836 million), beating the €686 million ($802 million) consensus from analysts.
761 million monthly active users, 2 million ahead of analyst forecasts at the headline level, although the number of premium subscribers came in exactly where analysts were expecting, at 293 million.

The streamer, which raised US prices for the third time in three years at the start of 2026, has instead suffered this morning on its second-quarter guidance. For Q2, Spotify is now expecting operating income of €630 million — some way off the €674 million that analysts were forecasting before today's print.

markets

Max Knoblauch2h

GM soars after Q1 earnings impress, with automaker boosting full-year guidance

Detroit automaker GM reported its first-quarter earnings before markets opened on Tuesday. Its shares climbed more than 5% in premarket trading.

For Q1, General Motors reported:

Adjusted earnings of $3.70 per share, compared to Wall Street estimates of $2.60 per share by analysts polled by FactSet.
Revenue of $43.62 billion, compared to the $43.51 billion estimates.

Looking ahead, GM raised its full-year earnings guidance to between $11.50 and $13.50. It previously forecast between $11 and $13. In its earnings deck, the automaker said the change was due in part to “lower gross tariff costs from the $0.5B IEEPA tariff adjustment.”

Earlier this month, GM reported that its Q1 sales were down 9.7% from last year, though it called year-over-year comparisons “significantly skewed” due to last year’s tariff-induced panic buying.

GM has been steadily retreating from its once-lofty EV ambitions in recent months, recording $7.6 billion in EV-related writedowns last year (the figure was far lower than Ford’s $19.5 billion).

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