A core semiconductor name just backed up the AI spending story with stronger guidance, a second winner keeps stacking custom-chip demand, and a retail platform may have picked up a real growth tailwind from Washington. We’ll show you which move still looks buyable and where patience matters more.
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Futures at a Glance📈
Futures are catching their breath after another strong run, with the S&P 500 now flirting with its old high again. Traders are still leaning into deal optimism around Iran, but this morning’s real mood check comes from a heavy batch of bank earnings and ASML before the bell.
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What to Watch
Earnings (Premarket):
• ASML Holding N.V. [ASML]
• Bank of America Corporation [BAC]
• Morgan Stanley [MS]
• Progressive Corporation [PGR]
• PNC Financial Services Group, Inc. [PNC]
Earnings (Aftermarket):
• J.B. Hunt Transport Services, Inc. [JBHT]
• Home BancShares, Inc. [HOMB]
• Kinder Morgan, Inc. [KMI]
Economic Reports:
• Import price index (March): 8:30 am
• Import price index minus fuel (March): 8:30 am
• Empire State manufacturing survey (April): 8:30 am
• Home builder confidence index (April): 10:00 am
• Fed Beige Book: 2:00 pm
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Semiconductors
ASML Holding Raises the Bar Again as AI Chip Demand Stays Hot
ASML Holding (NASDAQ: ASML) just gave the market another reminder that the AI buildout is still pushing real money through the semiconductor chain. The company beat first-quarter expectations with €8.8 billion in net sales and €2.8 billion in profit, then raised its 2026 revenue outlook to €36 billion to €40 billion, up from the prior €34 billion to €39 billion range.
That matters because ASML sits close to the center of advanced chip production. If customers are expanding capacity, ASML feels it early. The mix also tells a useful story: 51% of new-tool sales in the quarter came from memory customers, up from 30% in the prior quarter, which lines up with the ongoing scramble for AI-related memory and data center hardware.
The stock closed at $1,518.30, up more than 122% over the past year, so this is not a cheap surprise story. It already trades at about 52x earnings, and the market had been hoping for even more on 2027 machine volumes.
China is another real overhang, with system sales there dropping to 19% of total sales from 36% in the prior quarter as export restrictions bite harder.
My Take For You: The AI demand story is still real, and ASML remains one of the clearest ways to track it through actual manufacturing demand. This is a quality name, but better bought on weakness than chased near highs.
My Verdict: You can dip in here and buy some. The risk is that China restrictions and lofty expectations limit upside even when results stay strong.
Semiconductors
Broadcom Lands Another Big AI Win as Meta Scales Custom Chips
Broadcom Inc. (NASDAQ: AVGO) just picked up another sign that hyperscalers want more control over their AI hardware stack. Meta committed to an initial deployment of 1 gigawatt of custom AI chips built with Broadcom technology, with the deal running through 2029 and scaling to multiple gigawatts in 2027 and beyond.
This matters because Broadcom keeps proving it is not just riding the AI enthusiasm. It is helping build the custom silicon programs that the biggest tech companies are using to reduce dependence on more expensive, supply-constrained GPUs.
Meta’s chips will be the first AI silicon on a 2-nanometer process, which gives the deal even more weight. Two weeks ago, Broadcom also announced a long-term agreement tied to Google’s TPU roadmap. That is a serious streak.
The stock closed at $380.78 and was up another 3.2% premarket, after gaining more than 112% over the past year. The market clearly sees the story. The harder question now is valuation. AVGO trades at roughly 74x earnings, and that leaves less room for execution slips. Hock Tan leaving Meta’s board is not the main issue here. Sustaining this pace of AI design wins is.
My Take For You: Broadcom keeps looking like one of the most durable picks-and-systems names in AI. The business has real customer depth, and the chip pipeline is getting harder to ignore.
My Verdict: It’s a quality name, but better to wait for a pullback. The risk is that the stock’s rich valuation turns any slowdown in AI spending into a sharp reset.
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Financials
Robinhood Markets Gets a Tailwind as Day-Trading Rules Open Up
Robinhood Markets Inc. (NASDAQ: HOOD) just got a regulatory break that could matter more than a normal product update. The SEC approved changes that remove the long-standing $25,000 pattern day-trader requirement, replacing the old trade-count rule with intraday margin standards based on actual position risk. That opens the door for smaller margin-account traders who were previously boxed out.
For Robinhood, that is directly on brand. More access tends to mean more activity, and more activity tends to mean more revenue opportunities across equities, options, crypto, and adjacent products.
HOOD closed at $79.09 and jumped another 6.3% premarket, while Bernstein kept an Outperform rating and a $130 price target, arguing that crypto trading and prediction-markets revenue still offer strong upside.
The stock is already up about 79% over the past year, so the easy money is not sitting on the table. And this rule change does not guarantee a straight line higher. It still has to translate into higher funded accounts, stronger trading volumes, and better monetization without drawing fresh criticism around risk-taking by smaller traders.
My Take For You: This is a real positive for Robinhood because it lowers friction for the exact kind of user the platform wants to attract and keep. It strengthens the growth story, but you still want to respect how fast sentiment can swing in this name.
My Verdict: The stock is well off its high and momentum is coming back, worth picking up, especially if you’ve been watching it. The risk is that activity spikes briefly without turning into durable revenue growth.
Trivia: What was the Dow Jones Industrial Average's worst single-day percentage drop in history?
Movers and Shakers
Cardinal Infrastructure Group [CDNL]: Premarket Move: +10%
Cardinal is moving because this is the company’s first real data center win, and the market likes the direction. The contract is worth $24 million, work starts in Q2 2026, and it gives Cardinal direct exposure to one of the hottest infrastructure buildouts in the market.
The stock is already up about 112% over the past year and trades at roughly 84x earnings, so this is not cheap. But this contract gives the run a real business reason behind it.
My Take: This move makes sense. The stock is extended, but the catalyst is legitimate. It’s a little excited, so buy on a pullback.
Snap [SNAP]: Premarket Move: +5%
Snap is higher because Wall Street likes cost cuts, and management just announced layoffs of up to 16% of the workforce. The message is simple: stop trying to do everything, protect profitability, and focus spending where it counts.
That can work for a while, but layoffs do not fix a weak growth story by themselves. The stock is still down about 29% over the past year, which tells you investors want proof, not just a slimmer org chart.
My Take: This is a trade on efficiency, not a turnaround you can trust yet. Fine for a bounce, but not a reason to get comfortable.
First Solar [FSLR]: Premarket Move: +5%
First Solar is catching a bid because reports say China has discussed limiting some solar technology exports to the U.S. That matters because any friction there strengthens the case for domestic players, and First Solar is the cleanest large-cap way to play that theme.
This is not just noise. First Solar already has scale, the stock trades at about 14x earnings, and the market is quick to reward anything that improves its competitive position. The only catch is that no final rule has been announced yet.
My Take: This pop is justified. First Solar is the strongest name in the group, and weakness still looks buyable unless this policy story falls apart fast. Buy it while you can.
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Everything Else
🪙 Rising Iran tensions and fresh pressure on oil routes are driving new interest in Gold IRAs, as more Americans look to physical gold for retirement protection.
🛢️ The U.S. is now talking about a Strait of Hormuz blockade, keeping energy markets focused on how quickly trade flows could tighten.
🥇 Central banks bought gold at record levels, but some are now selling, suggesting reserve strategy is getting more nuanced.
💻 Nvidia’s recent run is extending into another AI-fueled streak, reinforcing how concentrated market leadership still is.
🔐 OpenAI has unveiled GPT-5.4-Cyber, a version of its latest flagship model tailored for defensive cybersecurity work and initially limited to vetted users.
🤖 Korean startup DEEPX is working with Hyundai on generative AI-powered robots, pointing to another practical AI use case beyond data centers.
That’s all for today. Thank you for reading. If you have any feedback, please reply to this email.
Best Regards,
— Adam Garcia
Elite Trade Club
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