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

1555 - Fed’s Cook speaks
2225 - Fed’s Goolsbee speaks

Micron Technology Inc (MU)

+5.82%

Gapping up after closing nearly 20% higher on Tuesday. The session saw Micron’s market capitalization exceed $1 trillion for the first time in the company’s history. This strength has been attributed in part to a bullish note from UBS on Tuesday morning; the analyst hiked its price target on the stock from $535 to a Street-high $1625.

Zscaler Inc (ZS)

-22.89%

Gapping down after its Q3 2026 earnings report. Revenue grew by 25% year-over-year to $850.5 million, beating estimates of $835.55 million, with adjusted earnings of $1.08 per share beating estimates of $1.01. Annual recurring revenue grew by 25% annually to reach $3.525 billion. The company projected year-over-year growth in revenue, adjusted EPS, and non-GAAP operating income for Q4 2026. For the fiscal year, Zscaler hiked its ARR, revenue, and income projections, while lowering its FCF margin outlook from 25.6%-27% to 22.8%-23.3%.

NVIDIA Corp (NVDA)

+0.61%

CEO Jensen Huang said the company plans to increase its annual spending in Taiwan to roughly $150 billion, calling the region the “epicenter” of the AI revolution and a long-term global technology manufacturing hub. Huang made the comments during a Taipei event celebrating Nvidia’s planned Taiwan headquarters, which is expected to break ground this year and become operational by 2030. The CEO also said that he expects Nvidia’s market cap to be “very much higher” in three to five years than it is currently.

PDD Holdings Inc (PDD)

-5.95%

Gapping down after its Q1 2026 earnings report. Revenue of $15.4 billion missed estimates of $15.95 billion, with earnings of $1.38 per share similarly missing estimates of $2.23. Operating profit reached 19.6 billion Chinese yuan, up from 16.1 billion yuan in the prior-year quarter, while transaction services revenue grew by 20% year-over-year to 56.3 billion yuan.

IREN Ltd (IREN)

+4.18%

The company has signed a $1.6 billion agreement with Dell Technologies to purchase air-cooled Blackwell AI systems for its data centers in Childress, Texas, supporting a previously announced five-year, $3.4 billion managed AI cloud services contract. The company expects the deployment, targeted for early 2027, to increase annualized run-rate revenue potential from $3.7 billion to $4.4 billion; not all of that projected revenue is currently under contract.

Taiwan Semiconductor Manufacturing Co Ltd (TSM)

+4.15%

Bloomberg reported that Taiwan Semi CEO C.C. Wei said Taiwan-based employees will see profit-sharing payouts rise more than 30% year over year, following employee concerns about quarterly bonuses. The pledge comes alongside strong financial performance, with March-quarter earnings of about $18.2B, gross margins near 66%, and total employee profit-sharing allocations rising significantly. The company has benefitted heavily from robust semiconductor demand.

Tesla Inc (TSLA)

+2.36%

On watch amid growing speculation surrounding a potential merger between the company and SpaceX, another Elon Musk-led venture which is set to go public via IPO next month. On Tuesday afternoon, CNBC reported that the possibility of a Tesla-SpaceX merger has been openly discussed internally within Tesla; one source reportedly said that the companies regularly work together due to shared power and compute concerns.

GlobalFoundries Inc (GFS)

-7.46%

Mubadala Investment Company, Abu Dhabi’s sovereign wealth fund, raised about $1.9 billion through a block sale of 22 million shares of GFS. The shares were marketed at $86.30 to $86.80 each, representing up to a 4.1% discount to the previous close. Mubadala still retains a controlling stake of roughly 77% in GlobalFoundries after the sale. Bloomberg first reported the transaction on Tuesday evening.

Rocket Lab and Intuitive Machines

+8.08%

Both of these space-related stocks are trading sharply higher premarket. Rocket Lab announced its successful completion of the System Requirements Review for the Space Development Agency’s Tracking Layer Tranche 3 missile defense constellation under a contract worth about $816 million. This brings the company’s total Space Development Agency contract awards to more than $1.3 billion. Intuitive Machines, meanwhile, is recovering from a sharp intraday drop on Tuesday after NASA selected Blue Origin for a lunar terrain vehicle contract.

RKLB, LUNR

Bath & Body Works Inc (BBWI)

+10.04%

Gapping up after its Q1 2026 earnings report. The company posted adjusted earnings of $0.32 per share and revenue of $1.378 billion, beating estimates of $0.29 and $1.362 billion, respectively. Quarterly revenue represented a 3% year-over-year decline. Bath & Body Works reaffirmed its previously-stated FY 2026 outlook, including a 2.5%-4.5% decline in sales, and announced the departure of CFO Eva Boratto.

Lululemon Athletica Inc (LULU)

+3.61%

Trading higher premarket with light volume after announcing a cooperation agreement between the company and founder Chip Wilson. As part of the agreement with Wilson, who owns roughly 8.7% of Lululemon’s outstanding stock, Laura Gentile and Marc Maurer are set to join the company’s board; an additional director will be appointed by October 1 of this year. Gentile is the former CMO of ESPN, and Maurer formerly served as the co-CEO of On.

Sandisk Corp (SNDK)

+2.83%

Trading marginally higher following an upgrade from Barclays. The analyst raised its rating to Overweight from Equal Weight while hiking its price target to $2,300 from $1,200, citing confidence in Sandisk’s long-term contracting strategy. Barclays said Sandisk’s innovative supply agreements — including contracts extending to 2031 with fixed and variable pricing, minimum revenue commitments of about $42 billion, and more than $11 billion in financial guarantees — provide stronger demand visibility, downside protection, and pricing upside compared with traditional memory industry models.

Apple and Alphabet

-0.23%

The companies are urging the Canadian government to revise proposed online safety legislation that could allow authorities to secretly require tech companies to weaken encryption or create backdoors in their products and services. Apple and Alphabet are seeking added judicial oversight for Bill C-22, arguing the current framework risks secret government orders. Canadian officials say the measure is necessary to help law enforcement investigate security threats more effectively.

AAPL, GOOGL

Norwegian Cruise Line Holdings (NCLH)

+2.05%

Trading higher after SEC filings revealed that CEO John Chidsey purchased $2.5 million in company stock. Chidsey purchased 153,000 shares in the open market at an average price of $16.37 per share. The purchase follows board member Jonathan Z. Cohen’s purchase of $474,900 worth of Norwegian Cruise Line Holdings’ stock last week.

Soligenix Inc (SNGX)

+94.93%

Gapping up. On Tuesday morning, the company noted that the recent Bundibugyo virus outbreak in Congo may require new vaccine formulation efforts and highlighted its ongoing collaboration on thermostable filovirus vaccine platforms. Soligenix has a market capitalization of $7.6 million and a float of 14.8 million shares, approximately 6.9% of which are sold short.