Markets rally as SCOTUS looks likely to weigh against tariffs and hope rises for end to US government shutdown

Markets bounced back from a rough Tuesday to finish higher on Wednesday.

11/5/25 4:02PM

US stocks regained momentum on Wednesday as the Supreme Court weighed Trump’s tariffs, sending a bevy of tariff-sensitive stocks higher. The president also signaled heightened urgency to end the US government shutdown, buoying the S&P 500 and Nasdaq 100 to solid gains, while the Russell 2000 outperformed.

Stocks that moved higher:

Google rose on the news that Apple will pay it $1 billion a year to use the search giant’s AI model for Siri.
Rivian had its best day since January following the EV maker hyping its next SUV during its earnings call.
Airlines took flight on hopes that the US government shutdown might soon be over, lifting Delta Air Lines, United Airlines, and American Airlines.
Qualcomm erased Tuesday’s losses and then some just a few hours before the company was slated to release quarterly results.
Nebius gained after launching a Token Factory platform to offer access to inference compute using open-source models, adding breadth to the AI boom.
AMD turned losses into gains Wednesday after reporting a Q3 top- and bottom-line beat and Q4 sales guidance ahead of estimates aftermarket on Tuesday.

Stocks that moved lower:

Axon dropped after it reported earnings after the bell on Tuesday that widely missed expectations. The company, which was once a top Trump trade, blamed tariffs for a large part of the earnings miss.
Pinterest sank after reporting weak revenue guidance and adjusted earnings per share that missed analyst estimates by 10%.
Super Micro Computer plunged as Wall Street hated its trade-off of profitability for sales after its fiscal Q1 earnings report. Management delivered a much better Q2 sales outlook than analysts had anticipated, but also weaker-than-expected guidance for earnings per share.
Live Nation continued to fall on Wednesday after reporting earnings that bombed with investors after-hours on Tuesday, widely missing EPS estimates.
Arista Networks dove following its earnings report after the bell on Tuesday, as while it beat on earnings, its forward guidance disappointed.

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In a Substack post Thursday, Burry called the increase from $16.1 billion to $95.2 billion in just 12 months “troubling,” noting that Nvidia has been forced to place noncancelable purchase orders well before knowing the final demand for its AI chips. The surge is partly tied to supplier TSMC requiring longer-term contracts, he added.

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Vistra beats Q4 earnings expectations for adjusted EBITDA, but dips on income decline

Power provider Vistra, a key player in the AI energy trade, reported better-than-expected adjusted earnings results early Thursday, but shares dipped in early trading as Q4 net income dropped.

The Texas-based company, which supplies nuclear- and natural gas-fueled power to wholesale and retail markets, reported:

Net income of $233 million, a decline of 52% from Q4 2024.
Adjusted EBITDA from ongoing operations of $1.74 billion vs. the $1.71 billion expected by Wall Street analysts.
Vistra maintained previously issued guidance for full-year EBITDA from ongoing operations and adjusted free cash flow from ongoing operations.

Vistra shares soared 258% in 2024 amid a flurry of excitement over the AI energy boom. Last year was more muted, with the stock rising 17%. So far in 2026, shares were up roughly 9% before the report.

Vistra beats fourth-quarter core profit estimates on AI-driven power demand

Net income of $233 million, a decline of 52% from Q4 2024.
Adjusted EBITDA from ongoing operations of $1.74 billion vs. the $1.71 billion expected by Wall Street analysts.
Vistra maintained previously issued guidance for full-year EBITDA from ongoing operations and adjusted free cash flow from ongoing operations.

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Sandisk rises on partnership with SK Hynix to standardize memory chip architecture tailored for AI data centers

Sandisk is up 3% in premarket trading on Thursday after it began its global standardization strategy of high-bandwidth flash (HBF) memory solutions with SK Hynix.

SK Hynix commented in a press release on Thursday that “by making HBF an industry standard, together with Sandisk, we will lay the foundation for the entire AI ecosystem to grow together,” adding that the companies will set up a dedicated workstream to work on the standardization under the Open Compute Project, the world’s largest organization dealing with data center technologies.

First debuted last February, Sandisk’s HBF technology lies in between ultrafast high-bandwidth memory (HBM) and high-capacity SSDs. That is, these have more storage capacity than HBMs, but are still fast enough to be utilized in AI inferencing (albeit not as quick as HBM).

Sandisk has previously argued that this hybrid architecture is central to AI services that need user applications but require a significant amount of fast interconnect between GPUs. The latest announcement also notes that HBF technology is expected to be more cost-efficient compared to alternatives of similar scale.

The launch, which was shared in an kickoff event on Thursday evening, starts SK Hynix and Sandisk’s workflow, which was announced when the two companies signed a memorandum of understanding “to standardize the specification, define technology requirements and explore the creation of a technology ecosystem” last August, per Sandisk’s press release at the time. Ultimately, by collaborating with SK Hynix, one of the three key HBM suppliers, to standardize and commercialize the technology, Sandisk is manufacturing somewhat of a first-mover advantage to offer the system-level “AI-optimized memory architecture” required for AI inference markets, rather than focusing on the performance of a single chip element.