^{_{Welcome to the TraderTV Live Morning Research Note. Here's what's making major moves in the market today.}}

0815 - ADP employment change for May: Expected 120k; Prior 109k
0900 - Fed’s Barr speaks
0945 - S&P composite PMI for May: Expected 51.7; Prior 51.7
0945 - S&P services PMI for May: Expected 51; Prior 50.9
1000 - ISM services PMI for May: Expected 53.8; Prior 53.6
1000 - Factory orders m/m for April: Expected 4.6%; Prior 1.5%
1100 - Fed’s Goolsbee speaks

Marvell Technology Inc (MRVL)

+13.13%

Poised to continue trading higher after gaining more than 32% on Tuesday. The rally began after Nvidia CEO Jensen Huang referred to Marvell as “the next trillion-dollar company” during a guest appearance at Marvell CEO Matt Murphy’s keynote speech at Computex Taipei; Nvidia previously announced a $2 billion investment in the company. As of Tuesday’s close, Marvell Technology has a market capitalization of approximately $254.38 billion.

GameStop Corp (GME)

+10.13%

Gapping up after its earnings report, alongside which the company announced a $2 billion share repurchase authorization. GameStop posted record quarterly net income of $389.6 million, with operating income of $143.3 million also representing a record high. Net sales grew by 14% year-over-year to $853.3 million amid strength in the collectibles business.

Palo Alto Networks Inc (PANW)

-3.43%

The company posted Q3 2026 revenue of $3 billion and adjusted earnings of $0.85 per share, beating estimates of $2.94 billion and $0.80, respectively. Revenue grew by 31% year-over-year, with Next-Gen Security annual recurring revenue (NGS ARR) growing by 60% to $8.1 billion. Remaining performance obligations reached $18.4 billion, representing 36% growth. Palo Alto provided better-than-expected revenue and EPS projections for Q4 and FY 2026.

IREN Ltd (IREN)

+7.33%

Gapping up after signing a transmission connection agreement for an 800MW data center campus in Bundey, South Australia, featuring four 330kV feeder exits that allow full capacity without additional network upgrades. The project marks IREN’s first announced Australian data center campus, with energization expected from 2028 and planned submarine fiber links connecting to major Asia-Pacific markets including Singapore, Indonesia, South Korea, and Japan.

Oil and Energy Stocks

+2.42%

Trading higher premarket as uncertainty surrounding the conflict in the Middle East continues. On Tuesday, US Central Command said it intercepted multiple Iranian ballistic missiles and drones and carried out defensive strikes in response to attempted attacks, including shooting down missiles aimed at Kuwait and Bahrain and destroying drones targeting civilian shipping. The clashes come amid an ongoing regional stalemate three months into a fragile ceasefire. In an interview published on Wednesday morning, US President Donald Trump indicated that Iran has “already agreed they’re not going to have a nuclear weapon”, though he noted “they can change their mind”.

USO, OXY, XOM, DVN, COP, RE, BATL, CVX, TPET, EONR

GitLab Inc (GTLB)

-3.68%

Trading sharply lower premarket following its Q1 2027 earnings report, with revenue of $264.2 million and adjusted earnings of $0.23 per share beating estimates of $254.25 million and $0.21, respectively. The company projected FY 2027 revenue between $1.112 billion and $1.118 billion, above estimates of $1.11 billion. GitLab projected adjusted EPS between $0.79 and and $0.82 for the same period, compared to estimates of $0.79.

CoreWeave (CRWV)

+1.58%

Bloomberg reported that a data center linked to the company raised $900 million through a five-year high-yield bond offering yielding 7.5%. Proceeds are set to fund a build-to-suit hyperscale facility near Chicago that is fully leased to CoreWeave for 15 years and expected to generate about $2.2 billion in revenue. The deal highlights continued strong investor demand for AI infrastructure financing, with AI data center developers raising more than $27 billion in junk-bond funding so far this year.

Private Equity Firms

-4.34%

Trading sharply lower as a group as concerns about private equity grow. Bloomberg reported that one of the private equity funds run by Swiss-based firm Partners Group has capped withdrawals.

KKR, BX, OWL, BLK

Tesla Inc (TSLA)

-0.98%

The company’s China-made EV deliveries grew by 39.4% year-over-year for May 2026, totaling 85,982 vehicles. Overall passenger EV sales in China grew by 12% year-over-year to 1.36 million for the month. Separately, Wedbush analysts assigned an 80% probability to a possible SpaceX-Tesla merger in 2027.

Applied Aerospace & Defense Inc (AADX)

0.00%

The company is set to make its NYSE debut on Wednesday via initial public offering. Applied Aerospace & Defense raised $650 million in its IPO after pricing 32.5 million shares at $20 each, within the expected range of $18–$21. The listing reflects a broader surge of defense-tech IPO activity as companies move to capitalize on heightened investor demand driven by geopolitical tensions, including the US-Israel–Iran conflict.

T1 Energy Inc (TE)

-2.41%

Trading lower after announcing an agreement to acquire KORE Power for approximately $32 million. The deal provides T1 with an entry into the battery storage market and AI data center infrastructure through KORE’s NRI division, which has deployed about 1,100 utility-scale battery energy storage projects worldwide. T1 Energy expects the acquisition to be EBITDA-positive in 2026 and generate roughly $15 million to $20 million in EBITDA by 2027.

Crypto Stocks

+0.44%

On watch as a group following a three-day red streak for Bitcoin. The cryptocurrency closed just above $66,000 on Tuesday and tested the $65,300 level early on Wednesday morning before bouncing back. Bitcoin is trading above $67,000 as of 6:55 AM ET on Wednesday.

COIN, MSTR, MARA, RIOT, IBIT, ETHE, HUT, CLSK, IREN, CAN, HIVE

Ulta Beauty Inc (ULTA)

+1.24%

The company posted Q1 2026 revenue of $3.16 billion and earnings of $7.74 per share, beating estimates of $3.11 billion and $6.87, respectively. Comparable sales grew by 5.3% year-over-year, with overall revenue growing by 11.1%. The company projected FY 2026 EPS between $28.36 and $28.80, compared to estimates of $28.58. Ulta expects net sales to grow by 6% to 7% for the year.

Palantir Technologies Inc (PLTR)

-1.73%

The company was criticized in a UK parliamentary report for highlighting Britain’s reliance on US tech firms, with lawmakers calling it an “unacceptable point of weakness” in public-sector infrastructure. The report pointed to Palantir’s $444 million NHS contract as an example of potential vendor lock-in and urged the government to consider exercising a break clause amid concerns about strategic dependence and alignment with UK values.

Macy’s Inc (M)

+1.99%

Trading higher after its Q1 2026 earnings report. Macy’s posted revenue of $4.68 billion, beating estimates of $4.61 billion, with adjusted earnings reported at $0.13 per share. The company projected FY 2026 net sales between $21.5 billion and $21.75 billion, compared to estimates of $21.59 billion, and raised its EPS guidance for the year to $2.00-$2.20. Comparable sales for the year are now expected to grow by 0.5% to 1% year-over-year, well above the company’s prior guide.

Microsoft Corp (MSFT)

-0.95%

Barclays weighed in on the stock following Tuesday’s Microsoft Build keynote, saying the event showcased the company’s ability to cover the entire agentic AI stack. Announcements made during the keynote spanned AI infrastructure (Cobalt 200 VMs), new MAI reasoning models, WebIQ for real-time data access, and Microsoft IQ as a unified enterprise data layer. The firm believes additions such as Project Solara, OpenClaw with MXC sandboxing, and a standalone GitHub Copilot app further strengthen Microsoft’s platform position across infrastructure, models, data, runtime, and developer tools.

Meta Platforms Inc (META)

+0.31%

The company lost its legal challenge against the EU’s designation of its Messenger app as a “gatekeeper” under the Digital Markets Act, meaning it must comply with stricter regulatory obligations due to its role as a key gateway for business-user communication. Separately, Meta is reportedly scaling back its employee data-collection program for AI training after internal backlash, adding pause controls, exemption options, and limits on tracking actions like mouse movements and keystrokes.

Semilux International Ltd (SELX)

+110.21%

Trading sharply higher premarket. The stock has a market capitalization of $12.31 million and a float of 16.64 million shares.