Coinbase is on watch after the firm posted weak first-quarter results. Due to soft market conditions, the cryptocurrency platform posted a net loss of $1.49 per share. Adjusted EBITDA fell by two-thirds, from $929.9 million last year to $303.3 million.
Coinbase CFO Alesia Hass said that although the market environment in the quarter was softer, the underlying business fundamentals are strong.
Watch for COIN stock to fall by around 4% today.
CoreWeave will sink by nearly 10% in morning trading. The firm posted Q1 GAAP EPS of -$1.40. Revenue jumped by 127% Y/Y to $2.08 billion. CEO Michael Intrator said the company has the capital structure to scale with the opportunity ahead.
The AI natives and their customers are catalysts.
NVIDIA (NVDA) is struggling to hold its all-time high. Still, the companies it invests in are soaring. Corning (GLW) said on Thursday that Nvidia will buy up to 15 million Corning shares at an exercise price of $180. The two firms will build manufacturing plants that create over 3,000 U.S. jobs. That expands Corning’s fiber production capacity by over 50%.
Chip stocks are on watch for aggressive profit-taking. Micron (MU), Intel (INTC), and AMD (AMD) might pull back if investors get nervous about the share price. Broadcom (AVGO) fell by 3% on reports that it and OpenAI failed to get funding for the chip production. The project is for 10 gigawatts of custom AI accelerators.
