Marvell Technology's shares surged 25% after Nvidia CEO Jensen Huang suggested it could become a trillion-dollar company, highlighting investor optimism in the tech sector. Hewlett Packard Enterprise also saw a 25% increase in its stock price after it reported earnings and revenue guidance that exceeded analysts' expectations, along with an upward revision of its full-year earnings forecast.
Victoria's Secret shares rallied over 35% after the company raised its full-year sales guidance following a strong fiscal first quarter, attributed to lower tariff costs. In contrast, Credo Technology's shares fell 3% despite beating earnings and revenue estimates for the fourth quarter, as its current-quarter revenue guidance, although above consensus, did not meet investor expectations.
Microchip Technology's stock rose 12% after reporting significant revenue growth in its data center solutions business, projecting a 65% increase in revenue for the current calendar year. Alphabet's shares dipped 2.8% following its announcement of an $80 billion stock sale, which includes a $10 billion investment from Berkshire Hathaway.
Lastly, STMicroelectronics' stock jumped over 10% after it raised its revenue target for data centers significantly, indicating strong growth prospects in that segment