Thursday's session delivered a wide range of outcomes across the market-cap spectrum, with positive momentum concentrated among chip, quantum and related technology equities, while select retail and large-cap consumer names lagged.
Mega-cap highlights
- Arm (ARM) climbed 9.15%.
- IBM (IBM) rose 7.09% - IBM to establish quantum chip foundry with $1B CHIPS funding.
- Micron Tech (MU) gained 3.04%.
- Qualcomm Inc (QCOM) moved up 2.22%.
- SanDisk Corp-Exch (SNDK) increased 5.0%.
- Alibaba-exch (BABA) fell 3.78%.
- Costco Whsl Corp New (COST) declined 2.57%.
- Wal-mart Stores (WMT) dropped 7.02%.
Large-cap movers
- Applied Blockchain (APLD) jumped 20.02% - Applied Digital secures $7.5B hyperscaler lease for 300MW facility.
- Yandex (NBIS) added 17.25% - Nebius partners with Bloom Energy for 328 MW fuel cell project.
- dMY Technology Group III (IONQ) rose 10.31%.
- Globalfoundries (GFS) climbed 10.4% - GlobalFoundries launches quantum manufacturing business.
- Polo Ralph Laur (RL) jumped 10.43%.
- Bloom Energy Corp (BE) increased 10.74%.
- Lumentum Holdings Inc (LITE) rose 8.78%.
- Applied Opt (AAOI) added 6.33%.
- Intuit (INTU) slipped 19.23%.
Mid-cap action
- Churchill Capital (INFQ) surged 31.4% - Infleqtion signs letter of intent for $100M CHIPS funding.
- Rigetti Computing Inc (RGTI) climbed 23.5% - Rigetti Computing signs letter of intent for $100m CHIPS Act funding.
- DPCM Capital (QBTS) rose 22.64% - D-Wave signs letter of intent for $100M CHIPS Act funding.
- Birkenstock Holding ltd (BIRK) gained 16.8%.
- Advance Auto Parts (AAP) added 17.36%.
- Quantum Computing OTC (QUBT) increased 13.91%.
- Relay Therapeutics Inc (RLAY) was up 11.6% - Relay Therapeutics prices $275M stock offering at $12/share.
- Cree Inc. (WOLF) climbed 10.28%.
- SNXX (SNXX) moved 11.68% higher.
Small-cap and extended movers
The day's small-cap and other listings reflected a mix of large percentage moves, both up and down. Highlights include multiple appearances for several names as they registered intraday swings in different data feeds:
- WMT -6.89%, QCOM +1.65%, SNDK +5.86%, COST -2.22%, INTU -19.55%.
- RL +10.13%, IBM +7.75%, MU +2.34%, WOLF +14.93%.
- OFIX -11.93%, AAP +17.95%, AAOI +6.41%, BABA -3.97%, LITE +9.27%.
- BE +12.54%, BORR -14.97%, RLAY +10.98%, QUBT +17.52%, IONQ +12.67%.
- QBTS +25.7%, GFS +9.82%, RGTI +24.91%, APLD +19.32%, LAES +13.67%.
- ARM +9.17%, BIRK +18.32%, ALMU +10.84%, IONX +25.16%, SNXX +11.97%.
- LITX +18.43%, AAOX +13.15%, IONX (IONX) +20.28%, LITX (LITX) +18.14%.
- Omnilit Acquisition (OPTX) +14.41%, Aeluma (ALMU) +13.84%, AAOX (AAOX) +12.28%, Sealsq (LAES) +9.65%.
- Orthofix Internat (OFIX) -11.73%, Borr Drilling Ltd (BORR) -16.26%, Guggenheim China SMLCap (HAO) -16.88%.
What drove the moves
Market participants reacted to a combination of company-specific announcements and letters of intent tied to CHIPS Act funding or partnerships. Several technology and quantum-focused companies recorded strong gains following statements about CHIPS-related funding, facility leases and manufacturing initiatives. By contrast, some large retail and consumer names, including Wal-mart Stores (WMT) and Costco (COST), posted declines.
Session takeaway
Thursday's trading highlighted the continued sensitivity of semiconductor, quantum and infrastructure-led names to funding and partnership news. The intraday performance also underscored divergent performance across sectors: technology and specialty industrials led advances, while certain consumer and retail names underperformed.