Market
May 29, U.S. stocks opened modestly higher as the Dow Jones rose 0.09%, the S&P 500 added 0.21% and the Nasdaq Composite advanced 0.29%, with investors digesting upbeat tech earnings and looking ahead to key inflation data later in the week.
Dell Technologies Inc. surged 31.3% after blockbuster AI-server results, while ServiceNow leapt 9.3% on raised guidance. SUPER MICRO COMPUTER INC climbed 9.1% as demand for high-performance systems swelled, SoFi Technologies Inc. rallied 6.2% on record member growth, Intel gained 3.8% on unveiling new AI chips and Oracle rose 3.7% following strong cloud bookings. On the downside, AST SpaceMobile, Inc. tumbled 15.5% after a discounted stock offering and Tradr 2X Long ASTS Daily ETF slid 30.8% in sympathy.
Broader tech momentum lifted Micron Technology 3.4%, IBM 4.2% and Qualcomm 3.5%. Chinese ADRs were mixed: Quhuo Limited skyrocketed 71.6% and Sunlands Online Education Group jumped 91.2%, while Kingsoft Cloud Holdings Ltd fell 4.0% and NIO Inc. slipped 2.9%. Tesla Motors eased 0.95% amid fresh European price cuts.
News
Dell Technologies Inc. soars on record AI server demand. The company’s quarterly revenue and profit smashed expectations and guidance was lifted, underscoring rapid enterprise AI adoption.
ServiceNow lifts outlook on robust enterprise spending. Double-digit subscription growth prompted the software firm to raise its full-year forecast, cheering investors.
Micron Technology gains as memory pricing rebounds. Management flagged stronger demand from AI data centers, supporting margin improvement hopes.
Intel unveils next-gen AI processors. New "Lunar Lake" chips promise major power savings for laptops, sending shares higher despite stiff competition.
Super Micro Computer expands manufacturing capacity. Plans to double output to meet AI hardware demand fueled a sharp early-session rally.
SoFi Technologies pops on record member additions. Better-than-expected revenue and narrowing losses boosted confidence in the fintech’s growth trajectory.
AST SpaceMobile plunges after discounted equity sale. A $250 million stock offering raised capital but sparked investor concerns, knocking shares lower.
Rocket Lab USA slides on mission delay. A postponed satellite launch pushed revenue expectations back, pressuring the space company’s stock.
Quhuo Limited rockets on new EV ride-hailing pact. The services platform announced a partnership with a major automaker, triggering a speculative surge.
Tesla Motors trims prices in Europe. Fresh discounts on Model Y stoked margin concerns, nudging the EV leader’s shares down in early trading.