U.S. stock indices traded higher on Friday, positioning markets to end the week with solid gains after investors reacted to signs of progress in the Middle East conflict and a wave of earnings optimism that supported buying across multiple sectors.
Below are the notable market moves and themes that defined the week.
Quantum computing names rally after reported federal support
Companies in the quantum computing space posted large gains this week following reports that the Trump administration would allocate $2 billion in grants to nine companies operating in the sector. Among the largest movers, Rigetti Computing and D-Wave Quantum rose 42.2% and 39.8%, respectively. Other related names also saw notable advances, with IBM up 17.2%, GlobalFoundries climbing 20.85% and Infleqtion gaining 27.4%.
The sector has experienced pronounced volatility, but the reported government backing appears to have revived investor interest and prompted traders to rotate into quantum-related equities.
Arm Holdings jumps after Nvidia-related upside emerges
Arm Holdings was among the week's most prominent performers, surging by more than 42% as bullish commentary from Nvidia and other market participants strengthened the investment case for Arm's CPU architecture.
On an earnings call, Nvidia said it has visibility for $20 billion in revenues this year from standalone Arm-based Vera CPUs, a figure the company presented as opening a larger $200 billion total addressable market. Jefferies analyst Janardan Menon reiterated a Buy rating with a $290 price target and wrote that Nvidia's numbers point to a stronger royalty outlook for Arm and suggest broader interest in Arm-based processors across data centers. Menon also commented that Arm's guidance for AGI CPU revenue - rising from $1 billion in fiscal 2028 to $15 billion in fiscal 2031 - is "likely to prove conservative."
Dell climbs on anticipation of earnings and AI server demand
Dell Technologies rose more than 22% over the week, including a 16.4% advance through trading on Friday, as investors positioned ahead of the company's quarterly earnings report due next week.
Evercore ISI analyst Amit Daryanani added Dell to the firm's Tactical Outperform list this week, reaffirming an Outperform rating and a $270 price target. Daryanani pointed to "continued AI infrastructure momentum and improving enterprise AI demand signals," and suggested Dell could lift its full-year guidance of $140 billion in sales and $12.90 in earnings per share if AI server demand remains stronger than expected.
Intuit falls sharply after earnings miss, job cuts announced
Intuit was a significant decliner, tumbling more than 17% during the week after reporting disappointing results and unveiling plans to reduce its workforce.
Jefferies analyst Brent Thill criticized the depth of the sell-off as excessive given the company's updated guidance, arguing the market reaction was "harsh on 1 pt lower FY26 guide for tax." Thill noted that the TurboTax shortfall represents roughly one quarter of Intuit's overall business and highlighted that the firm's other segments - including small and medium business and Credit Karma - beat expectations. He also pointed out that Intuit's tax segment had outperformed estimates in four of the previous seven fiscal years.
Spotify posts strong reaction after investor day
Spotify rose more than 19% over the past week following an investor day that outlined a plan to reach mid-teens top-line growth and operating margins above 20% over time. Raymond James analyst Andrew Marok raised his price target to $615 from $555 and kept an Outperform rating, emphasizing Spotify's new AI remix partnership with Universal Music Group as a meaningful strategic development.
Deutsche Bank's Benjamin Black described Spotify as "the structural winner in audio," saying the Universal Music Group deal "effectively removes a key bear narrative" related to the company's rights framework for AI-driven music.
The week's price action reflected concentrated interest in technology themes - including quantum computing and AI infrastructure - alongside divergent earnings outcomes that created both winners and losers among software and hardware names. Market participants will head into next week's corporate calendar with attention on company-level guidance and broader demand signals, particularly for AI-related server products.