TLDR
- Nvidia beat Q1 earnings and revenue estimates, forecasting $91 billion in revenue for the current quarter
- Applied Digital surged ~10% after announcing a 15-year, $7.5 billion AI data center lease deal with a major hyperscaler
- Intuit dropped ~14% after announcing it will cut 17% of its full-time workforce, despite raising its full-year guidance
- e.l.f. Beauty jumped ~9% after reporting stronger-than-expected quarterly results with net sales up 35%
- NIO rose 2.5% after its Q1 loss narrowed and revenue more than doubled year over year
Nvidia reported better-than-expected earnings and revenue for its fiscal first quarter. The AI chipmaker now forecasts $91 billion in revenue for the current quarter, well above what Wall Street had expected.
Shares ticked up about 0.3% in premarket trading. Nvidia is the largest company in the world by market capitalization.
The results come as demand for AI infrastructure continues to drive sales of Nvidia’s chips across data centers globally.
Applied Digital shares surged nearly 10% after the company announced a 15-year take-or-pay lease agreement with a U.S.-based investment-grade hyperscaler. The deal is tied to its Polaris Forge 3 AI campus.
The base contracted revenue from the deal is valued at approximately $7.5 billion, with total potential value reaching up to $18.2 billion including options. Applied Digital says this brings its total contracted lease revenue pipeline to around $31 billion across four campuses.
Intuit Drops on Workforce Cut Despite Raising Outlook
Intuit fell around 14% in premarket trading after confirming plans to cut 17% of its full-time workforce. The company said the cuts are part of a restructuring aimed at streamlining operations.
Restructuring charges are estimated between $300 million and $340 million. Chief Executive Sasan Goodarzi told Barron’s that AI had “no bearing” on the decision.
Despite the layoffs, Intuit reported better-than-expected fiscal third-quarter results and raised its full-year earnings and revenue guidance above Wall Street expectations. The company also approved a new $8 billion share repurchase program.
e.l.f. Beauty climbed around 9% after reporting stronger-than-expected fiscal fourth-quarter earnings. Net sales rose 35%, driven by growth from its Rhode and Naturium brands.
Adjusted earnings per share of $0.32 beat estimates. The company issued fiscal 2027 guidance slightly below Wall Street expectations, citing higher fuel costs.
Other Movers: NIO, Deere, Walmart, and More
NIO’s U.S.-listed shares rose 2.5% after the Chinese electric vehicle maker reported its first-quarter loss narrowed from a year earlier. Revenue more than doubled compared to the same period last year.
Deere slipped 1.9% after reporting fiscal second-quarter sales and revenue rose 5% to $13.37 billion. Earnings per share of $6.55 came in below last year but topped analyst estimates of $5.70.
Walmart edged down slightly ahead of its fiscal first-quarter earnings report. Investors are watching closely for signs of how consumers are managing as gas prices have risen.
Nebius shares advanced about 8% after announcing a fuel cell capacity agreement with Bloom Energy worth up to $2.6 billion in total monthly service fees. The deal will deliver roughly 250 megawatts of guaranteed power capacity for Nebius’ AI infrastructure operations.
AEVEX gained around 6% after securing $15.6 million in U.S. Air Force contracts. The company also reported first-quarter revenue surging more than 300% year over year to $216.7 million.
Markets overall were cautious Thursday. Stock futures edged lower after President Trump said the U.S. was prepared to strike Iran if no peace deal was reached.
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