Strong quarterly results powered a rally in cloud communications, while improving pump shipments and narrowing losses lifted diabetes device makers.
On the downside, a high-profile cancer screening trial miss overshadowed solid revenue growth and sent biotech shares sharply lower.
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Markets
U.S. stocks ended the week on a positive note after the Supreme Court struck down President Trump’s sweeping 2025 tariffs, easing trade-policy uncertainty and boosting investor sentiment.
Although hotter PCE inflation and weaker GDP data initially pressured markets, equities rebounded sharply as traders focused on the potential tariff relief.
DJIA [+0.47%]
S&P 500 [+0.69%]
Nasdaq [+0.90%]
Russell 2k [-0.15%]
Market-Moving News
Retail
The Throne Walmart Held for Decades Just Changed Hands
Walmart Inc (NYSE: WMT) just reported $713.2 billion in annual revenue. That is an enormous number by any measure.
But Amazon posted $716.9 billion in revenue, making this the first time in history that Walmart is no longer the largest company by revenue.
The gap is small. The symbolism is not. Walmart held this title for decades, and losing it changes the narrative even if the business is thriving.
Walmart Is Not Shrinking
Revenue has more than doubled over the past 20 years. The company crossed $1 trillion in market value this month and moved its listing to the Nasdaq.
You look at those numbers, and nothing about this feels like a decline. Walmart is growing fast. Amazon just grew faster by being a very different kind of company.
The Playbook Keeps Evolving
Walmart is chasing the same revenue streams that powered Amazon's rise. Third-party marketplaces, digital advertising, and AI-powered shopping tools are all expanding.
But Walmart is choosing partnerships over building its own tech stack. It works with OpenAI and Google rather than competing with them.
Your read on whether that is smart or risky depends on how much you think owning the AI layer will matter long term.
You can call this a loss for Walmart on paper. But what the company is building underneath that headline suggests it has no intention of staying in second place for long.
Automotive
Tesla Built the Boldest Truck on Earth and Now Has to Discount It
Tesla Inc (NASDAQ: TSLA) just launched a cheaper Cybertruck variant at $59,990 and slashed the top-end Cyberbeast by $15,000.
These are not subtle adjustments. This is a company responding to a truck that isn't selling as well as it should.
The Cybertruck was meant to redefine pickup trucks. Instead, it has been defined by recalls, quality issues, and slowing demand.
The Price Tells the Story
When a company drops prices and creates new lower-tier models, the signal is clear. The original pricing did not match the market.
Tesla even added a 10-day limited-time offer on the new variant, a tactic that feels very different from the waitlist hype of two years ago.
You can read this as either a smart adjustment or an admission that the Cybertruck overestimated how many people would pay premium prices for an unconventional design.
Bigger Problems Behind the Truck
The Cybertruck is not struggling in isolation. Tesla sales have sagged broadly as the company introduces fewer new models.
The federal EV tax credit ended in September, and the broader market has cooled since.
Meanwhile, leadership on the Cybertruck program has already departed.
Your attention should be on whether price cuts alone can fix a demand problem that seems to go deeper than the sticker.
You start to wonder whether the Cybertruck is being rescued or quietly deprioritized while the company moves on to its next identity.
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Data Centers
The Company That Cannot Get a Loan for Its Own Data Center
CoreWeave (NASDAQ: CRWV) just hit a wall that has nothing to do with chips or customers.
A $4 billion data center project in Pennsylvania ran into financing trouble after lenders showed limited interest in backing the deal.
The facility is being co-developed by Blue Owl Capital, which says the project is fully funded and on schedule, but lenders' reluctance still raises a bigger question.
When the company occupying the building cannot attract traditional financing, it changes how the market views the entire business buildout.
Lenders Are Getting Nervous
CoreWeave holds a below-investment-grade credit rating. When lenders were approached about the Lancaster facility, several passed.
You hear constantly about billions pouring into AI infrastructure.
This is a reminder that demand for compute and confidence in who can pay for it are two very different conversations.
Growth Needs a Foundation
CoreWeave has grown fast by renting GPU capacity to AI companies that need massive compute power. But data centers at this scale require financing that matches the ambition.
When lenders hesitate, the gap between growth plans and financial reality becomes hard to ignore.
If your assumption has been that every AI infrastructure company can raise whatever it needs, this story complicates that view.
You are watching the moment where the AI gold rush meets old-fashioned credit risk. The technology may be futuristic, but the money behind it still follows very familiar rules.
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Top Winners and Losers
RingCentral Inc [RNG] $39.49 (+34.37%)
RingCentral rose after beating earnings and revenue estimates, with expanding operating margins and steady subscription growth reinforcing confidence in its AI-powered communications platform.
Tandem Diabetes Care [TNDM] $24.57 (+32.67%)
Tandem climbed after delivering better-than-expected revenue growth and narrowing quarterly losses, supported by solid pump shipments and expanding gross margins.
JAKKS Pacific, Inc [JAKK] $22.47 (+23.73%)
Jakks rose after posting a significantly smaller-than-expected quarterly loss and beating revenue estimates, easing concerns about near-term profitability.
Grail Inc [GRAL] $50.21 (-50.55%)
GRAIL fell after its NHS cancer screening trial failed to meet its primary endpoint, overshadowing strong revenue growth and rising Galleri test volumes.
20/20 Biolabs Inc [AIDX] $14.78 (-38.04%)
20/20 BioLabs declined following its Nasdaq debut, as listing-related volatility and early-stage commercialization risks pressured shares despite fresh financing commitments.
Cogent Communications Holdings, Inc [CCOI] $18.59 (-29.36%)
Cogent tumbled after reporting declining service revenue and accelerating cash burn, raising concerns about underlying demand and financial sustainability.
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Everything Else
The Supreme Court just nuked Trump's global tariffs, handing trade policy its biggest plot twist in months and leaving importers scrambling to recalculate everything.
Paramount says the antitrust clock ran out on its Warner Bros bid, which means the deal just cleared one more hurdle in what's turning into a marathon approval process.
Tax season is about to be a make-or-break moment for US auto sales, as refund checks either rescue showrooms or confirm nobody's buying cars right now.
KKR is shopping its BMC Helix unit for $1.5B, because even private equity giants occasionally decide it's time to sell the software and move on.
Google's eyeing a bigger slice of the AI chip market by teaming up with data centers, proving the search giant wants its silicon everywhere, not just in its own racks.
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!
Best Regards,
— Adam G.
Elite Trade Club
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