TLDR
- GameStop shares rose ~9–12% after reporting record Q1 net income, revenue growth of 14%, and a $2B share buyback plan
- Marvell Technology surged over 16%, extending Tuesday’s 33% rally after Jensen Huang suggested it could reach a $1 trillion valuation
- Intel gained 6% as executives flagged strong data center CPU demand and fast-ramping 18A chip production
- GitLab fell 6% after announcing layoffs affecting 14% of its workforce and plans to exit 22 countries
- S&P 500 futures slipped slightly as missile strikes in the Middle East renewed geopolitical concerns and pushed oil prices higher
GameStop had one of its best days in recent memory after posting its strongest Q1 results in company history. Revenue grew 14%, earnings per share beat Wall Street estimates, and the company ended the quarter with $9.7 billion in cash and related assets.
The board also approved a $2 billion share repurchase program running through July 2029. Shares climbed between 9% and 12% in pre-market and early trading.
CEO Ryan Cohen kept investor attention with his ongoing push to acquire eBay in a proposed $56 billion deal. eBay’s board has rejected the offer, but Cohen has indicated he may pursue a proxy fight and plans to use GameStop’s retail footprint to support eBay’s marketplace.
Marvell Extends Its AI-Driven Rally
Marvell Technology extended a massive two-day run, adding over 16% on Wednesday after a 33% surge on Tuesday. The gains follow comments from Nvidia CEO Jensen Huang, who suggested Marvell could be the next company to reach a $1 trillion market valuation.
Investor interest has centered on Marvell’s Teralynx T100 networking chip, designed for AI data center applications. The company is seen as a key supplier for AI infrastructure, including custom silicon solutions.
Intel also moved higher, up around 6%, after its CFO David Zinsner outlined strong demand for data center CPUs. He described the company’s 18A chip as its fastest-ramping product launch in at least five years and said CPU demand could see explosive growth as AI workloads expand.
Zinsner pointed to restructuring efforts under CEO Lip-Bu Tan, including cutting management layers from 12 to 6 and reducing the workforce to below 80,000 employees.
GitLab and Palo Alto Slide Despite Mixed News
GitLab dropped around 6% after announcing a restructuring that will cut roughly 14% of its global workforce. The company also said it will exit 22 countries, shrinking its geographic presence by about 37%.
GitLab expects to record $30 million to $35 million in pre-tax charges related to the plan, with most of that hitting in the second fiscal quarter of 2027.
Palo Alto Networks fell about 4% even after a strong earnings report. The cybersecurity firm beat estimates with adjusted earnings per share of $0.85 and reported revenue of $3 billion, up 31% year over year.
Next-Generation Security ARR climbed 60% to $8.1 billion. The stock dropped despite the company raising its full-year guidance across all key metrics.
Broader markets were under mild pressure. S&P 500 futures fell 0.08% as renewed missile strikes in the Middle East raised concerns about a stalled U.S.-Iran peace deal, pushing crude oil prices higher.
Bitcoin was up slightly, trading near $67,250. Gold futures dipped 0.65%, and the 10-year Treasury yield rose to 4.483%.
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