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2021 Times Square New Year's Eve Celebration
2021 glasses are seen during the 2021 New Year’s Eve celebration in Times Square on December 31, 2020, in New York City (Noam Galai/Getty Images)

“Retail-driven momentum and short squeeze dynamics remain a dominant force in the market today,” says Citadel Securities

Retail has flipped from aggressive put buying to call buying, per Citadel Securities.

Retail traders are pouring cash into the market like it’s (almost) 2021, according to Citadel Securities.

Citadel retail flows

“Retail-driven momentum and short squeeze dynamics remain a dominant force in the market today,” wrote Scott Rubner, head of equity and equity derivatives strategy, who brings commentary and charts reminiscent of the zenith of speculative activity five years ago. “The net buying on our platform last week alone was in the 98th percentile of weekly flows since 2019.”

The crowd has flipped from being positioned “defensively” in early April to “a clear shift toward performance chasing,” he added.

The massive market maker also noted that retail options activity this month is tracking the highest since the October 2025 record (something that regular readers might have already been able to guess, based on our coverage of overall call volumes!).

Rubner noted that retail traders have rotated back into thematic pockets of the market like quantum computing, rare earths, and nuclear energy in addition to megacap tech, where their Magnificent 7 buying was followed by hedge funds joining the trade.

Indeed, since the S&P 500’s bottom on March 30, Oklo has soared more than 50% (price-to-sales ratio unchanged), IonQ is up nearly 80%, and USA Rare Earth has popped 85%.

He suggested their participation in these pockets “is likely to become even more visible” if the rally broadens.

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NuScale Power falls on disappointing drop in Q1 sales

Nuscale shares are dropping in the early trading session after it released Q1 earnings yesterday after the bell that are failing to rejuvenate any excitement in the once high-flying, early-stage nuclear energy company.

The company announced Q1 revenue of just $560,000, well below the $10.5 million estimate, with sales down materially year over year thanks to old licensing and design deals that have since been completed.

The lack of financial progress has made NuScale Power more of a momentum-driven way to play the intersection of clean energy and AI infrastructure, particularly as hyperscalers and data center operators search for long-term power sources.

“The demand for reliable, carbon-free power has never been greater, and NuScale is the only SMR technology provider with a U.S. Nuclear Regulatory Commission approved design, an established supply chain and NPM components currently in production for commercial use to meet this essential need,” said John Hopkins, NuScale president and CEO. “We are building the infrastructure that this pivotal moment requires.”

Analysts at Goldman Sachs trimmed their price target to $9 from $10 in the wake of this report.

The company ended this quarter with cash, cash equivalents, and short- and long-term investments of $1.0 billion. The stock has dropped more than 25% year to date.

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Nintendo falls, will hike Switch 2 price amid memory crunch

Gaming giant Nintendo reported the results for its fourth quarter, which ended in March, on Friday morning. Its US-traded ADR fell nearly 4% in premarket trading.

Most notably, Nintendo announced it will raise the price of its Switch 2 console in the US by $50 to $499.99 in September. Investors have been waiting for Nintendo to join its rivals Sony and Microsoft in boosting the price of its flagship console, but the company had thus far been unwilling to do so this early in the Switch 2’s life cycle.

Nintendo shares have fallen about 45% over the past 12 months, as the company has been hit by tariffs and costs have increased due to AI’s memory demand and higher global shipping rates amid the war in Iran.

For its fiscal 2026, Nintendo reported:

  • 2.313 trillion yen ($14.8 billion) in total revenue, compared to estimates of 2.31 trillion yen ($14.78 billion) from Wall Street analysts polled by FactSet.

  • 19.86 million Switch 2 sales, compared to its 19 million forecast.

For the fiscal year ahead (which will end in March 2027), Nintendo forecast 16.5 million Switch 2 sales. The company is guiding for 2.050 trillion yen ($13.1 billion) in sales for the full year, compared to Wall Street estimates of 2.5 trillion yen ($16.1 billion).

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Fluence Energy keeps surging after hyperscaler supply agreements outweigh soft quarter

Fluence Energy is building on Thursday’s massive gains in the premarket on Friday amid optimism about data center demand for its energy storage solutions.

Though the company delivered underwhelming Q2 results after the close on Wednesday, management announced the signing of new master supply agreements with two major hyperscalers and expects to convert its first order soon. During the conference call, CEO Julian Nebreda indicated that the company has a 12-gigawatt pipeline tied to data center projects.

Analysts at JPMorgan, Canaccord, Jefferies, Goldman Sachs, and Roth Capital raised their price targets on Fluence in the wake of this news.

“The sentiment on FLNC was negative going into the quarter and the hyperscaler announcement came sooner than expected,” noted Citi analyst Vikram Bagri, per Bloomberg.

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Innodata soars after company boosts full-year sales guidance, delivers impressive Q1 results

Innodata is surging in premarket trading after announcing better-than-expected quarterly results and raising its full-year sales guidance.

The data engineering company is seemingly benefiting from demand for its expertise to help improve the capabilities of AI tools.

The key numbers for Q1:

  • Revenue of $90.1 million (compared to analyst estimates of $76.5 million).

  • Adjusted EBITDA of $25.0 million (estimate: $10.4 million).

Innodata raised its full-year revenue growth guidance to around 40% or more, up from the ~35% or more guidance it gave out 10 weeks ago.

CEO Jack Abuhoff described this outlook as “prudent,” adding that several potentially large programs have not yet been included in this forecast.

To that end, he noted a new set of engagements with a large technology company that, if solidified, would generate approximately $51 million of revenue in 2026. Management is currently in discussions with an additional 15 companies and two hyperscalers about its new platform for agentic systems, Abuhoff added.

Earlier this year, this company announced a pact to provide data and data engineering services to Palantir to help improve AI tools that analyzed rodeos.

The robust quarter and outlook are bringing shares of Innodata back into the green on the year after having been down 10% heading into this report.

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