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Hyunsoo Rim

Intel trades higher on TSMC investment talks and report on new Trump administration plans to boost US chip production

Intel has approached TSMC about potential investments or manufacturing partnerships, The Wall Street Journal reports, a day after Bloomberg reported that Apple was also in talks with the struggling chipmaker.

The outreach comes as Intel ramps up efforts to secure outside backers, following a $5 billion investment from Nvidia, a $2 billion injection from SoftBank, and an $8.9 billion (~10%) stake taken by the US government — which, so far, has paid off handsomely for Uncle Sam.

Separately, the WSJ also reports that the Trump administration is mulling plans to force companies to equalize their usage of chips produced domestically with those that are imported, or they could face tariffs. The potential measures could be beneficial for companies that have a large US foundry footprint or are in the process of boosting production stateside. As such, this report may also be buoying shares of Intel this morning, as well as fueling a rally in GlobalFoundries.

Intel CEO Lip-Bu Tan has been seeking partners to turn the chipmaker around, as the company trails rivals in AI chips and struggles to set up its supply chain. Earlier this year, Tan met with Apple CEO Tim Cook and TSMC chief C.C. Wei about “a partnership or joint venture,” per the WSJ.

Intel’s shares closed Thursday up 8.9%, reaching their highest level in more than a year, and were extending their gains in premarket trading Friday, up 5%. TSMC is down ~2% premarket.

Related reading: Intel rises as the company seeks Apple as next big backer amid turnaround push, per Bloomberg report

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Matt Phillips

GE Vernova, top AI energy play, rises after Q1 report

GE Vernova, a maker of power plant equipment that’s seen orders tied to data centers surge, rose early Wednesday after posting strong Q1 results and lifting full-year sales guidance. The GE spinoff reported:

  • Adjusted EBITDA of $896 million vs. the $772 million estimate from analysts polled by FactSet.

  • Total revenue of $9.34 billion vs. the $9.25 billion consensus expectation from analysts polled by FactSet.

  • Full-year 2026 sales guidance that was lifted to between $44.5 billion and $45.5 billion vs. prior guidance of between $44 billion and $45 billion, and consensus of $44.64 billion.

“In the quarter, our electrification segment booked $2.4 billion in equipment orders to support data centers, more than all of last year” said CEO Scott Strazik.

GE Vernova is up some 600% over the last two years through Tuesday’s close, but the majority of those gains were booked by August 2025. After being largely range-bound for months, the stock busted out following the company’s last earnings report, lifting the shares up nearly 50% in 2026.

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Matt Phillips

Vertiv drops after offering uninspiring Q2 guidance, overshadowing solid Q1 beat

Shares of Vertiv Holdings dropped as much as ~6% in early trading on Wednesday after the data center equipment’s better-than-expected Q1 numbers were overshadowed by uninspiring guidance.

For the quarter ended, March 31, 2026, Vertiv reported:  

  • Q1 adjusted earnings per share of $1.17 vs. the $1.00 consensus expectation from analysts surveyed by FactSet.

  • Sales of $2.65 billion vs. the $2.64 billion expectation (compiled by FactSet).

  • For Q2, Vertiv expects adjusted earnings of between $1.37 and $1.43, coming in below the $1.43 consensus estimate at its midpoint.

  • Q2 guidance for Vertiv net sales of $3.25 billion to $3.45 billion also vs. Wall Street’s call for $3.40 billion.

Vertiv, which listed in February 2020 as a result of GS Acquisition Holdings Corp., a so-called blank-check company, merging with private equity-owned Vertiv Holdings, has soared over 300% over the last year through Tuesday’s close, as investors have rushed to snap up shares of companies poised to collect some of the hundreds of billions of dollars in spending that the hyperscalers are pouring into the data center build-out. 

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Claire Yubin Oh

Adobe rises on $25 billion stock buyback

Adobe was up as much as 3.5% in early trading on Wednesday after the company announced a share repurchase plan worth up to $25 billion, signaling to investors that company management sees retiring shares as a prudent use of capital at these levels. The stock has been down more than 60% since Feb 2024, largely on concerns that AI tools will disrupt the company’s business.

The new authorization, which Adobe detailed will extend through April 30, 2030, “is a direct expression of confidence in our robust cash flow and the long-term value we are delivering to investors,” said CFO Dan Durn in a press release.

Indeed, fears that new agentic models could affect demand compounded when Anthropic unveiled Claude Design last week, sending the company’s shares down on the announcement. Adobe released a series of AI-enabled customer service functions shortly after. Rival Figma, which Adobe was set to acquire before the deal was blocked by regulators, has also been under pressure.

Adobe is also not the only spooked software company proposing new buyback plans to bring investors back, joining Salesforce, which actually issued debt to buy back shares in a programme of the same size ($25 billion).

markets
Max Knoblauch

United beats Q1 earnings and revenue estimates, lowers full-year profit guidance amid surging jet fuel prices

United Airlines reported its first-quarter earnings results after the bell on Tuesday. The carrier’s shares ticked down in after-hours trading.

For Q1, United reported:

  • Adjusted earnings of $1.19 per share, compared to the Wall Street estimate of $1.08 per share compiled by FactSet.

  • $14.6 billion in revenue, compared to the $14.39 billion consensus estimate.

In the first quarter, United’s fuel expense grew 12.6% from the same period last year to $3.04 billion.

For the second quarter, United expects adjusted earnings per share of between $1 and $2, shy of Wall Street expectations of $2.08. For the full year ahead, United said it expects earnings between $7 and $11 per share, compared to its prior guidance of between $12 and $14 per share.

“Guidance assumes United’s revenue recovers 40% to 50% of the fuel price increases in the second quarter, 70% to 80% of the fuel price increases in the third quarter and 85% to 100% of the fuel price increases in the fourth quarter 2026,” read the company’s investor update.

Earlier this month, United was among the first major US airlines to hike its bag fees amid higher fuel costs. Its shares have fallen more than 15% from a February high days before the war in Iran began.

United has also made waves this month following reports that CEO Scott Kirby had floated the idea of a merger with American Airlines to President Trump. A merger between two of the big four airlines would create a true US behemoth, controlling more than a third of the American market. American Air last week said it wasn’t interested in merging with United and hadn’t held talks on the idea. On Tuesday, Trump told CNBC that he doesn’t like the idea either.

Tasha Matsumoto
16h
Stocks slip as peace prospects dim

Stocks swung from positive to negative as Vice President Vance’s trip to Pakistan for Iran peace talks was canceled.

Grizzly bear growling USA.

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