Chips Crater, Primoris Implodes, and Trump Signs Quantum Orders

Tuesday was another rough session for anything that ran up on AI hype, with the semiconductor index posting one of its sharpest single-day slides of the year and the carnage spreading from chip stocks to cruise lines.

Away from the selloff, Trump signed two executive orders to “supercharge” quantum computing and fast-track post-quantum cryptography across federal agencies.

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The PHLX Semiconductor Index got body-slammed 8% on Tuesday, with Micron down 13%, AMD falling around 7%, and Marvell and Qualcomm each losing between 6% and 10%. Carnival Cruise Lines piled on with a quarterly revenue miss and a lowered EBITDA outlook, blaming the Iran War for weak Mediterranean bookings and higher fuel costs.

SpaceX finalized its $25 billion bond sale despite its stock now sitting nearly 25% off its record close, with options traders stacking puts as a hedge against further drops.

Primoris Services Corp, which had already cratered 50% in May on renewables overruns, handed investors a second gut punch Monday evening by slashing full-year EPS guidance from $4.05-$4.25 down to $1.30-$1.85 and announcing its COO was out immediately.

Strategy, Michael Saylor’s bitcoin firm, was also on pace for its lowest close in more than two years.

Bath & Body Works (NYSE: BBWI) is bringing its fragrances, hand soaps, candles, body creams, and air fresheners into more than 600 Ulta Beauty stores starting July 12. The partnership gives Bath & Body Works a larger physical retail channel while giving Ulta a stronger push into home fragrance and body care.

Bath & Body Works has already moved onto Amazon for convenience. Ulta adds something different, a beauty-focused shopping floor where customers can smell, test, browse, and discover products in person.

Fragrance Moves Closer to Beauty

Candles, soaps, mists, and body creams fit naturally beside cosmetics, skincare, and haircare. Ulta gets a broader basket opportunity, while Bath & Body Works gets a retail partner built around browsing and repeat purchases.

The partnership also gives your view of Bath & Body Works a fresher frame. The company is trying to make fragrance part of a wider beauty routine, not just a mall-store habit.

Sales Growth Needs More Doors

Retailers are fighting for traffic, and brand partnerships are becoming a faster way to reach new customers. Bath & Body Works now has another channel to drive sales without relying solely on promotions in its own stores.

If the rollout gains traction, you have Bath & Body Works turning Ulta into a growth bridge, one that connects home fragrance, body care, and beauty shoppers inside a bigger retail ecosystem.

Gorilla Technology Group (NASDAQ: GRRR) has secured a five-year AI compute infrastructure contract valued at approximately $2.5 billion with a global technology customer. The project will run through the NeutraDC Batam data center in Indonesia, with the first phase expected to include about 1,000 B300 GPU servers.

Gorilla is moving from capacity planning into a contract-backed deployment schedule. The first phase alone is expected to generate about $1.3 billion over five years, with initial deployment targeted for September 2026 and additional rollout planned through the first half of 2027.

Contracted Revenue Changes the Story

Gorilla has been building an AI infrastructure platform across Asia, but this agreement gives the company a clearer commercial anchor. A signed customer, a data center site, a phased delivery plan, and financing discussions make the business story more concrete.

Look past the AI label, and you find the real shift: Gorilla is trying to turn infrastructure access into long-term contracted revenue. That is a different company position than simply announcing capacity or future demand.

Financing Can Unlock the Next Step

Gorilla says debt financing offers cover about 70% of expected project costs. That gives the company a path to fund a large deployment without relying only on its own balance sheet.

A deal of this size can reshape how Gorilla is viewed by customers, lenders, and data center partners. If the rollout stays on schedule, you have a company poised to move into a much larger role in Asia’s AI infrastructure market, with a contract that could define its next phase.

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Constellation Energy (NASDAQ: CEG) has signed a long-term agreement to supply nuclear power to Walmart’s high-tech perishable distribution center in Belvidere, Illinois. The deal will provide about 176 megawatts of electricity from Constellation’s Dresden Clean Energy Center under two 15-year contracts beginning in 2029 and 2030.

Nuclear Moves Into Corporate Supply Chains

Constellation is not only selling electricity into the grid. It is tying nuclear output directly to a major retailer’s critical infrastructure, giving the company a stronger role in how big businesses power operations.

Look at the facility Walmart is building, and you understand why this matters for Constellation: clean power is becoming part of the logistics backbone. Nuclear energy is being positioned as a business tool for companies that need reliability, not just a climate talking point.

Dresden Gets a Bigger Job

The deal supports planned efficiency upgrades at the Dresden plant, allowing Constellation to increase output without building a new power station. That gives the company a way to extract more value from an existing nuclear asset while locking in long-term demand.

Retail Power Demand Gets Serious

Walmart’s agreement shows how large retailers are moving closer to direct energy sourcing. Distribution centers are becoming more advanced, more power-hungry, and more dependent on a steady supply of electricity.

For Constellation, the implication is clear. If more companies want firm clean power for logistics, data, manufacturing, and retail operations, you have a company sitting in one of the strongest positions in U.S. nuclear energy.

Backblaze [BLZE] $11.66 (+43.60%)

Backblaze struck a five-year, $335 million storage deal with CoreWeave, agreeing to supply multi-exabyte cloud object storage capacity for CoreWeave’s AI infrastructure.

CoreWeave counts nine of the ten largest AI model providers among its clients. On a day when everything AI-adjacent was getting sold, Backblaze reminded the market that there is more than one way to be in the AI trade.

Arqit Quantum [ARQQ] $29.04 (+35.57%)

Trump signed two quantum computing executive orders on Monday, including one directing federal agencies to adopt post-quantum cryptography by 2030. Arqit builds quantum-safe encryption for exactly that use case.

A presidential mandate with a hard deadline is the kind of regulatory catalyst that moves small-cap cybersecurity names fast.

Monopar Therapeutics [MNPR] $81.77 (+19.09%)

Monopar is on the verge of filing its NDA for ALXN1840, a rare-disease drug for Wilson disease, with Phase 3 data showing it outperforms the standard of care on neurologic outcomes.

The NDA submission is due mid-2026, placing it squarely in the window. A 100% buy-rated analyst consensus and $137 million in cash give the story real backing.

Primoris Services [PRIM] $84.95 (-21.53%)

Primoris cut its full-year EPS guidance from $4.05-$4.25 to $1.30-$1.85 and announced its COO was gone effective immediately, all in a single Monday evening update.

The culprit: additional cost overruns on solar projects that apparently got worse during a third-party review. For a stock that had already dropped 50% in May, the second hit lands like a sequel nobody wanted.

Hyliion Holdings [HYLN] $6.10 (-17.23%)

Hyliion had been running hard on its KARNO power module for AI data centers and had 750 letters of intent from prospective customers.

But LOIs are not purchase orders, and on a day when AI spending assumptions are getting questioned across the whole market, the spread between Hyliion’s momentum and its actual $10 million revenue guidance is getting a lot of scrutiny.

AXT Inc. [AXTI] $77.91 (-15.72%)

AXT makes the semiconductor substrates that feed into optical transceivers and data center lasers. When the broader chip complex cracks, AXT catches the downstream pressure too. No company-specific news. This is contagion from the semiconductor index’s worst day in months.

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That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback!

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

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— Adam G.
Elite Trade Club

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