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

0830 - Initial jobless claims: Expected 230k; Prior 241k
0830 - Unit labor costs (prelim) for Q1: Expected 5.1%; Prior 2.2%
0830 - Productivity (prelim) for Q1: Expected -0.8%; Prior 1.5%
1000 - Wholesale inventories m/m for March: Expected 0.5%; Prior 0.5%
1000 - President Trump makes a trade announcement

Semiconductors

+1.33%

Trading higher as a group after Bloomberg reported that the Trump administration plans to roll back the Biden-era "AI diffusion rule," which imposed strict licensing requirements on AI chip exports to certain countries. The proposed change aims to simplify regulations while still targeting nations accused of diverting chips to China and comes ahead of President Trump’s trip to the Middle East next week. The report was first circulated late on Wednesday afternoon, leading to a market-wide rally to end the session.

NVDA, AMD, SMCI, MRVL, MU, AVGO

Crypto Stocks

+4.59%

Trading higher as a group in tandem with a market-wide upside push. This strength comes as traders await a trade announcement from US President Donald Trump at 10:00 AM ET; on his Truth Social account, Trump indicated that the announcement involves a trade agreement with the UK. Bitcoin is the nearest it’s been to the $100,000 level since since early February 2025. Additionally, Hut 8 is scheduled to report before the bell on Thursday, while Coinbase and Mara are slated to reported after the close.

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

Shopify Inc (SHOP)

-8.99%

Gapping down after Q1 2025 earnings. The company reported an unexpected loss of $0.53 per share and sales of $2.36 billion, the latter of which exceeded estimates of $2.33 billion. Shopify guided Q2 sales between $2.536 billion and $2.577 billion, above estimates of $2.5 billion.

Arm Holdings PLC (ARM)

-9.33%

Gapping down after its Q4 2025 earnings report. The company posted adjusted earnings of $0.55 per share and sales of $1.24 billion, beating estimates of $0.52 and $1.23 billion, respectively. Arm guided adjusted earnings between $1.56 and $1.64 per share for fiscal 2026, well below expectations of $2.03, with its sales guide of $3.94-$4.04 billion for the same period similarly missing estimates of $4.91 billion. Earnings guidance for Q1 2026 missed estimates, and revenue guidance for the quarter was in-line with expectations.

Intel Corp (INTC)

+2.71%

Trading higher premarket after Chosun Biz reported that interest in the company’s 18A process is accelerating, with Microsoft reportedly signing a major foundry deal and Google also in talks. Intel is ramping up global and U.S.-based operations—including multibillion-dollar fabs in Arizona and Ohio—while developing next-gen nodes like 18A-P and 14A to attract leading tech clients and navigate tariff-related risks.

Apple Inc (AAPL)

+0.91%

The company warned that a recent contempt ruling in favor of Epic Games could result in “substantial” annual financial losses, as reported by CNBC. These losses could potentially range from hundreds of millions to billions of dollars as the company challenges the order's impact on its App Store commission practices. The ruling, which found Apple in violation of anti-steering injunctions, may force the company to loosen its grip on in-app purchases.

Carvana Co (CVNA)

+5.31%

Trading sharply higher premarket after its earnings report for Q1 2025, with earnings of $1.51 per share and sales of $4.23 billion exceeding estimates of $0.60 and $3.98 billion, respectively. Revenue grew by 38% on a year-over-year basis, while vehicle sales increased by 46%. The company guided a quarterly increase in adjusted EBITDA and retail units sold, and maintained that both metrics are on track for “significant growth” for the fiscal year.

AppLovin Corp (APP)

+14.62%

Gapping up after its Q1 2025 earnings report. Earnings of $1.67 per share beat estimates of $1.45, and sales of $1.48 billion exceeded expectations of $1.38 billion. Revenue grew by 40% on a year-over-year basis, aided by a 71% increase in advertising revenue. The company announced also that it has an agreement to sell its mobile gaming business for $400 million and a 20% stake in Tripledot Studio, the company to which it is selling that aspect of its business.

Quantum Stocks

+11.04%

Trading sharply higher as a group after IonQ and D-Wave Quantum released their earnings reports. IonQ reported a smaller-than-expected loss per share and higher-than-expected sales for Q1 2025, with the midpoint of its FY25 and Q2 sales guides meeting analyst estimates. D-Wave similarly reported narrower losses per share than were expected, and Q1 sales of $15 million handily beat estimates of $10.6 million.

IONQ, QBTS, RGTI, ARQQ, QUBT

Fortinet Inc (FTNT)

-8.41%

Gapping down following its Q1 2025 earnings report. The company posted adjusted earnings of $0.58 per share, beating estimates of $0.53, while quarterly sales of $1.54 billion were in-line with analyst estimates. For Q2, Fortinet guided adjusted earnings between $0.58 and $0.60 per share and sales between $1.59 billion and $1.65 billion, both of which were within the range of analyst estimates. The company raised its FY25 EPS guide and maintained its sales guide for the same period.

Peloton Interactive Inc (PTON)

-3.44%

Trading lower premarket following its Q3 2025 earnings report. Losses of $0.12 per share were larger than the expected loss of $0.07, while sales of $624 million beat estimates of $621.32 million. The company narrowed its FY25 sales guide from $2.43-$2.48 billion to $2.46-$2.47 billion, meeting analyst estimates of $2.46 billion.

Krispy Kreme Inc (DNUT)

-22.56%

Gapping down following its Q1 2025 earnings report. Losses of $0.05 per share were in-line with analyst estimates, but sales of $375.18 million missed expectations of $384.38 million. The company guided Q2 sales between $370 million and $385 million, below estimates of $393.85 million, and withdrew its guidance for FY25 amid macroeconomic concerns.

Asset Entities Inc (ASST)

+56.05%

Gapping up after closing more than 450% higher on Wednesday. The rally was driven by the company’s announcement of a merger deal with Strive Asset Management to create the first “publicly traded asset management Bitcoin treasury company”. Asset has a float of 12.54 million shares.