Broadcom Drags Chips Down, Dow Surges, and Quantinuum Hits Nasdaq

Thursday delivered the Dow’s best session in months and Broadcom’s worst earnings reaction in recent memory, both happening in the same session.

Banks and healthcare carried the blue-chip index to a 900-point gain while Broadcom lost hundreds of billions in market cap for not upgrading its AI chip forecast. Quantinuum went public. Today’s edition breaks it all down.

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The Dow surged 900 points Thursday in what analysts simply called a "non-chip rally," with UnitedHealth, Goldman Sachs, JPMorgan, and Robinhood all climbing in financials' best day since April 2025. Broadcom more than doubled AI chip revenue to $10.8 billion, reaffirmed its existing forecast instead of raising it, and shed roughly $300 billion in market cap for the crime of not surprising anyone.

Quantinuum raised $1.68 billion in an upsized IPO at $60 a share and opened 10% higher on Nasdaq, becoming the first major quantum computing company to trade publicly. Oil slipped below $94 as the market debated whether the latest Iran strikes were an escalation or just the new normal.

Moderna (NASDAQ: MRNA) is entering a major, company-defining phase as attention shifts from its COVID past to a broader pipeline focused on flu, cancer, and future vaccines. The company’s next story is no longer about a single pandemic-era product but about whether its mRNA platform can create multiple long-term businesses.

That shift matters because Moderna needs to prove its technology can work across different diseases. Flu and cancer are not side projects; they are the areas that could determine whether Moderna becomes a durable pharma player or remains tied to a single historic success.

Flu Gives Moderna a Mainstream Door

Moderna’s flu vaccine candidate is moving through regulatory review in major markets, giving the company a chance to enter a large and familiar healthcare category. Seasonal flu shots are already part of routine medicine, so success here would place Moderna inside a repeat-demand market.

Cancer Makes the Story Much Bigger

Moderna’s personalized cancer vaccine program with Merck gives the company a very different kind of opportunity. Instead of only preventing disease, Moderna is pushing into treatment, where mRNA could help fight serious cancers.

That changes your understanding of the company’s ambition. Moderna is not just trying to sell more vaccines; it is trying to prove that its platform can become a serious tool across major medical categories.

Moderna still has to deliver clinical wins, secure regulatory approvals, and execute commercially. If these programs keep moving forward, you get Moderna rebuilding itself around a much wider healthcare future, not just the product that made it famous.

Pinterest (NYSE: PINS) just deepened its partnership with Amazon Web Services through a $4 billion cloud services deal running through 2031.

For Pinterest, this is a major company move because the platform is not trying to win by copying TikTok, Instagram, or Facebook. It is leaning harder into what makes Pinterest different, helping people find ideas, products, styles, recipes, home projects, and shopping inspiration before they even know exactly what they want.

Discovery Needs a Stronger Engine

Pinterest depends on showing the right idea at the right moment. Better infrastructure helps the company improve recommendations, search results, and ad targeting across the platform.

That matters because you can use Pinterest very differently from a normal social app. People often arrive with intent, which makes the platform valuable for brands seeking to reach shoppers before the final purchase decision.

From a business angle, your read should be that Pinterest is investing in the plumbing behind its next growth phase. The company needs stronger tools to compete for ad dollars in a market dominated by much larger rivals.

Shopping Is the Real Prize

Pinterest has always lived close to commerce because users search for things they want to make, buy, plan, or try. Stronger AI and cloud capacity can make that experience more useful, more personal, and more attractive to advertisers.

The company is moving toward a more serious role in digital shopping. If the strategy works, you get Pinterest becoming less of a mood-board app and more of a discovery platform that connects inspiration directly to spending.

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Planet Labs (NYSE: PL) just landed two U.S. government contracts in rapid succession. One extends its maritime surveillance work for America's intelligence community. The other delivers near-daily satellite imagery for national defense priorities.

Both use Planet's constellation of satellites that photograph the entire planet every single day. A company that started by putting tiny cameras in orbit is now embedded inside the national security apparatus.

Daily Coverage Changes the Game

Most satellite companies photograph specific locations on request. Planet photographs everything, everywhere, nearly every day. That persistent coverage means changes get spotted within hours, not weeks.

For defense agencies tracking fast-moving threats, that speed is irreplaceable. Once your satellite network becomes the default surveillance tool for national security, replacing it becomes nearly impossible.

Small Company, Strategic Position

Planet Labs is not a defense giant. But every new government contract deepens its role inside a system that values reliability above everything else. Defense agencies do not switch providers casually. They renew, extend, and expand.

You find a small company quietly becoming essential to how America monitors the world from space, and the trajectory from here gets very interesting.

Absci [ABSI] $7.34 (+23.73%)

Absci uses generative AI to design drug molecules and is presenting at the Goldman Sachs Healthcare Conference today, with BTIG having just raised its price target on the ABS-201 endometriosis program’s potential.

Still pre-revenue. The healthcare sector rally and a fresh analyst spotlight in the same session is a combination that moves names like this fast.

Hyliion Holdings [HYLN] $7.62 (+17.20%)

Hyliion makes hybrid powertrain systems for commercial vehicles and is running today on Russell Index inclusion anticipation ahead of the June 27 annual reconstitution.

Up 470% in the past year. Index inclusion forces passive funds to buy, which is why traders are front-running the announcement rather than waiting for it.

Butterfly Network [BFLY] $5.19 (+18.22%)

Butterfly Network makes a handheld point-of-care ultrasound device that clips into a phone and is catching the healthcare sector rally that sent UnitedHealth, Medtronic, and the entire sector higher Thursday.

Q1 revenue grew 15% with strong military and international adoption, and the company guided to full-year profitability. When the whole healthcare sector gets a tailwind, the names with the most short interest tend to move the hardest.

Xos Inc. [XOS] $5.28 (-29.22%)

Yesterday, XOS surged over 200% on its Power Hub AI data center power launch. Today, it is giving half of that back.

This is exactly what momentum stocks in micro-cap names do after a gap-and-go — the traders who bought the open yesterday are selling into today’s weakness, and the stock finds its real clearing price somewhere between the hype and the fundamentals. The Power Hub is still real.

PVH Corp. [PVH] $78.16 (-19.86%)

PVH, the owner of Calvin Klein and Tommy Hilfiger, beat Q1 estimates but cut its full-year revenue outlook on an “abrupt EMEA slowdown” that UBS said puts 2026 at risk.

UBS called it “a low-quality update” with risk of further negative revisions in the second half. Trading at 24x earnings with a guidance cut and geopolitical headwinds across Europe, there was nothing here to defend the multiple.

Netskope [NTSK] $10.03 (-19.11%)

Netskope beat Q1 EPS and raised full-year guidance, then the CFO announced retirement on the same earnings call. Q2 guidance landed at the bottom of the consensus range.

The CFO's departure removed a key architect of the company’s profitability turnaround. A quarter you won on the numbers but lost on the narrative.

The U.S. government pumped more than $1 billion into Intel.

The stock popped 128%. It pumped $400 million into MP Materials.

The stock popped 200%. It bought 10% of Trilogy Metals.

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Thanks for reading. I'll see you at the next open! 

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— Adam G.
Elite Trade Club

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