Markets
Nia Warfield

Stocks end mixed as investors digest weak 30-year bond auction and new tariffs

Stocks were mixed Thursday, under some pressure after a weak 30-year Treasury auction and fresh trade noise as President Trump announced plans for new chip tariffs, which included exemptions for companies building in the US.

The S&P 500 slipped 0.08%, but closed well off session lows. Meanwhile, the Nasdaq 100 reversed off lows of the day to finish 0.32% up. The Russell 2000 fell 0.30%.

Utilities and consumer staples led S&P 500 sector ETFs, while financials and healthcare lagged — dragged down by names like Eli Lilly, which reported disappointing trial results for its next-gen weight-loss pill despite crushing earnings expectations.

Gains on the day were led by AppLovin, which jumped 12% after the ad tech firm initially failed to impress traders with earnings after the bell yesterday. Declines were led in part by Airbnb, which fell 8% after the home-share giant topped Q2 estimates on Wednesday but warned of a slower back half of the year. 

Elsewhere…

Joby Aviation shares fell another 9% after the air taxi company reported a worse-than-expected loss for the second quarter on Wednesday.

Duolingo shares rallied 13% after the language-learning company soundly beat Q2 estimates and raised both its full-year and third-quarter sales guidance.

Sunrun skyrocketed 32% after the energy storage and solar panel provider reported a surprise second-quarter profit and record customer demand for its energy storage systems.

Celsius shares popped 17% after the energy drink maker reported Q2 revenue of $739 million, blowing past analysts’ expectations of $652 million as its market share picks up.

Peloton jumped as much as 22% premarket before closing flat after the connected fitness company topped Q4 estimates and announced a cost restructuring plan to save at least $100 million in run-rate savings.

Apple shares jumped 3% after President Trump said “companies like Apple,” including other firms that build in the US, will avoid 100% chip tariffs.

NRG shares rose 3% after the power producer and energy trader’s adjusted earnings fell short of Wall Street estimates, while GAAP results swung to a surprise loss.

Hertz soared 7.7% after the car rental company reported a better-than-expected adjusted loss for the second quarter and its first positive adjusted corporate EBITDA in seven quarters.

Sony shares traded 4.5% higher after the company raised its full-year operating profit forecast, thanks to a smaller-than-expected tariff hit and strong performance in its gaming division.

DoorDash shares rose 5% after the food delivery giant topped Q2 estimates and posted its fourth consecutive profitable quarter.

Crocs shares sank 29% after the funky foam clog maker beat second-quarter estimates but offered a murky outlook as demand cools in North America, its key market.

Bumble shares fell 15% after the dating company reported a surprise loss in the second quarter after the bell Wednesday and has struggled to spark sales growth in recent years.

D-Wave Quantum dropped 2.3% after the Palo Alto-based quantum computing firm reported mixed second-quarter results, driven by a $142 million rise in the fair value of its warrant liabilities.

Intel fell 3% after President Trump posted on his social media platform, Truth Social, that CEO Lip-Bu Tan “is highly CONFLICTED and must resign, immediately.”

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markets
J. Edward Moreno

Moderna soars after STAT reports “a buyout or a large partnership” are on the table

Moderna rose nearly 15% on Thursday after STAT reported that the company has flirted with the idea of tying up with a larger drugmaker.

The Covid vaccine-maker has talked to at least one large drugmaker on a deal "of significant scope" that could either be "a buyout or a large partnership," a source told STAT.

Read more

How Moderna, the company that helped save the world, unraveled

How Moderna, the company that helped save the world, unraveled
markets
Luke Kawa

OpenAI appears to be definitively answering its doubters’ biggest question

The AI boom is power constrained. It’s chip constrained.

But it will not be capital constrained.

That’s the top takeaway from media reports from The Wall Street Journal and Reuters that OpenAI is plotting an IPO.

That message is also corroborated by anecdotal reports that the order book for Meta’s $25 billion bond offering is roughly $125 billion (!), per a source familiar with the situation.

My colleague David Crowther recently wrote that OpenAI would likely need to raise $50 billion to $75 billion to fund its spending ambitions, which are poised to drive $115 billion in cash burn through 2029.

The most common question raised by OpenAI skeptics has been, “Where is OpenAI going to get all this money?”

A mulled IPO might suggest that OpenAI’s ability to raise money from private markets is reaching its limits. But it also tells us the answer to that question is “from literally anyone who wants to.”

And in a world where SPACs are back and speculation is rampant, something we should have known all along is that people want to. The technology and the unit economics of AI will have to prove their failures, or reach a much higher level of saturation, before capital will shy away from an opportunity billed as this transformative.

Per Reuters, OpenAI is looking to raise about $60 billion at a $1 trillion valuation from the offering — significantly reducing any funding needs through 2029 in one fell swoop.

OpenAI has started work on an IPO that could value the company at $1 trillion

OpenAI has started work on an IPO that could value the company at $1 trillion

That message is also corroborated by anecdotal reports that the order book for Meta’s $25 billion bond offering is roughly $125 billion (!), per a source familiar with the situation.

My colleague David Crowther recently wrote that OpenAI would likely need to raise $50 billion to $75 billion to fund its spending ambitions, which are poised to drive $115 billion in cash burn through 2029.

The most common question raised by OpenAI skeptics has been, “Where is OpenAI going to get all this money?”

A mulled IPO might suggest that OpenAI’s ability to raise money from private markets is reaching its limits. But it also tells us the answer to that question is “from literally anyone who wants to.”

And in a world where SPACs are back and speculation is rampant, something we should have known all along is that people want to. The technology and the unit economics of AI will have to prove their failures, or reach a much higher level of saturation, before capital will shy away from an opportunity billed as this transformative.

Per Reuters, OpenAI is looking to raise about $60 billion at a $1 trillion valuation from the offering — significantly reducing any funding needs through 2029 in one fell swoop.

markets
Max Knoblauch

Bearish options flow sends Lucid lower

Shares of luxury EV maker Lucid are being dragged down by bearish options trading on Thursday morning, with a put/call ratio of 5.8 as of 11:10 a.m. ET, versus the 1.05 it’s averaged over the prior 20 days.

If sustained, this would be the most bearishly tilted options activity for a single session for Lucid since June 21, 2024.

More than 32,000 put options have changed hands as of 11:10 a.m. ET, already above Lucid’s 30,794 20-day average for a full session. Lucid shares were down about 3% on Thursday morning.

On Wednesday, Lucid and Uber announced that their planned 20,000-robotaxi fleet would begin operations in the autonomously crowded streets of San Francisco starting next year. Earlier this week, Lucid also said it’s partnering with Nvidia to build autonomous vehicles for personal use.

markets
Luke Kawa

Boeing slumps as Trump-Xi meeting produces no purchase announcements, Deutsche Bank downgrades to “hold” from “buy”

Blackwell chips weren’t the only thing that US President Donald Trump and Chinese President Xi Jinping didn’t talk about that was supposed to be on the agenda.

Andrew Bishop, global head of policy research at Signum Global Advisors, flagged that “multiple previously-mentioned items were seemingly left out of the deal,” including purchases of Boeing aircraft by China.

Shares of Boeing are selling off amid the lack of a purchase agreement for the American company’s planes in the one-year deal and a downgrade by Deutsche Bank. Analyst Scott Deuschle lowered the stock to “hold” from “buy,” cutting his free cash flow estimates and writing that the company remains “constrained by the burdens of the past.” He also reduced his price target to $240 from $255.

The plane maker recently reported quarterly results, in which it booked its first quarter of positive free cash flow since its door plug blowout in January 2024.

markets
Luke Kawa

Core Scientific shareholders vote against acquisition by CoreWeave

CoreWeave’s latest attempt to purchase Core Scientific has failed.

Core Scientific announced that at its special meeting held earlier today, “the Company did not receive the requisite number of votes to approve the previously announced merger agreement with CoreWeave.”

This outcome was expected by markets, given that Core Scientific’s share price was trading well in excess of the deal price heading into this meeting, and major shareholders and proxy advisory firms had voiced their opposition to the tie-up.

Shares of Core Scientific initially popped on this news before quickly erasing all of that advance (and then some), while CoreWeave retreated deeper into the red.

CoreWeave’s acquisition would have represented meaningful vertical integration for the neocloud, providing it with ownership over existing data centers and a pipeline of more to come.

CoreWeave and Core Scientific still have an ongoing business relationship, however: the latter is the former’s landlord, and CoreWeave remains on the hook for $10 billion in overhead over the next 12 years that would have been eliminated by this deal.

"We respect the views of Core Scientific stockholders and look forward to continuing our commercial partnership,” said CoreWeave co-founder, Chairman, and CEO Michael Intrator in a press release. “CoreWeave’s strategy remains unchanged. We will continue to execute with discipline against our roadmap to create long-term shareholder value, including through opportunistic and strategic M&A.”

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