U.S. equity indices looked set to open May on an upbeat note, with both the S&P 500 and the Nasdaq advancing even as investors remained mindful of the fragile nature of the U.S.-Iran ceasefire. Against that backdrop and following a packed slate of quarterly reports, select corporate stories drove the most pronounced stock price action.
Intel
Intel again topped the list of notable movers after another week of strong gains. The stock advanced roughly 20% over the prior week and briefly traded above $100 per share on Friday. As of 13:48 ET the share price was about $99.
Investor enthusiasm followed quarterly results that exceeded consensus estimates, with the company reporting rapid expansion in its data center and artificial intelligence businesses. Those segments were cited as key contributors to Intel’s latest upside versus expectations.
In a social media post on Truth Social, former U.S. President Donald Trump commented on the rally, writing: "Intel Stock continues to rise. I'm very proud of that company in that I am responsible for making the United States of America over 30 Billion Dollars in the last 90 days on that stock alone.
"There are others that, likewise, I have been very successful with by taking pieces of the Equity for support. Congratulations to Intel on doing such a great job and, more importantly, congratulations to the People of the United States for making such a good investment!"
Google (Alphabet)
Alphabet shares rallied strongly, rising more than 13% over the week after a 10% jump on Thursday that helped push the stock to a new all-time high. The move followed quarterly results in which Google reported first-quarter earnings per share of $5.11, which was $2.49 above the analyst estimate of $2.62. Revenue for the quarter was $109.9 billion versus a consensus estimate of $106.81 billion.
JPMorgan analyst Doug Anmuth highlighted AI-driven strength across the company's businesses, noting: "Google’s full-stack AI benefits were on display in 1Q, with growth accelerating across Search (+19%), Cloud (+63%), and total revenue +22% (+19% FXHN) to $109.9B." He added that Cloud backlog had nearly doubled sequentially and reiterated an Overweight rating on the stock.
Atlassian
Atlassian Corporation posted third-quarter results that materially beat analyst expectations and produced an outsized equity reaction, sending shares more than 24% higher on Friday.
The company reported adjusted earnings per share of $1.75, topping the consensus by $0.77, and revenue of $1.79 billion, which exceeded the $1.57 billion consensus by 14%. On a year-over-year basis, revenue rose 32% from $1.36 billion in the comparable quarter last year.
Macquarie analyst Steve Koenig emphasized the drivers behind the beat, saying: "TEAM posted a big 3Q revenue beat, driven by seat expansions and cross-sell activity. AI momentum continues to accelerate." Koenig reiterated an Outperform rating, pointing to cloud momentum, AI tailwinds and valuation as reasons investors might consider adding to positions at current levels.
Meta Platforms
Meta returned to the weekly movers list after a decline that followed a late-week uptick. The stock fell sharply on Thursday, dropping 8.6% after the company reported quarterly results and updated its spending plans.
Management raised full-year capital expenditure guidance for 2026 to a range of $125 billion to $145 billion, up from an earlier forecast of $115 billion to $135 billion. The higher capex outlook reflected expectations of increased component prices and the incremental costs associated with building out data center capacity. These figures attracted scrutiny given the close attention on artificial intelligence spending and its returns.
Responding to the results and outlook, JPMorgan analyst Doug Anmuth lowered his rating on Meta to Neutral, observing that "full-stack AI competition is intensifying and Meta has a more challenging path to returns on heavy AI capex beyond advertising."
Check Point Software
Check Point Software experienced a sharp pullback, with shares plunging 19.6% on Thursday before a modest recovery on Friday. Over the week the stock finished more than 13% lower.
The company's first-quarter results showed diluted earnings per share of $2.50, beating the analyst estimate of $2.40 by $0.10. Revenue for the quarter was $668 million, falling short of the consensus estimate of $672.59 million.
Raymond James analyst Adam Tindle described the results as "disappointing," noting investors were likely bracing for a miss but surprised by the magnitude. He cited expectations that product revenue could decline nearly 20% next quarter and pointed to a series of management changes characterized as a "clean house" event that may have unsettled investors who had been encouraged by the company's trajectory in the prior quarter. Tindle added that the stock was trading at trough valuation multiples on the firm's revised numbers.
Bloom Energy
Bloom Energy was another significant mover, with shares rallying more than 23% over the week. The surge accelerated on Wednesday after the company reported quarterly results that materially exceeded Wall Street estimates, driven in large part by strong demand from hyperscalers for its fuel cell technology.
Bloom reported adjusted earnings per share of $0.44, topping the analyst consensus of $0.13 by $0.31. Revenue for the quarter was $751.1 million, up 130% year-over-year from $326.0 million in the first quarter of 2024, and it exceeded the analyst estimate of $530.41 million.
Analysts at Barclays characterized the results as a sign of more durable growth potential, writing that "Bloom has moved from early green shoots to a more durable growth cycle. This is supported by hyperscaler demand and faster deployment economics, resulting in a re-rate of volume assumptions while BE's pricing power also seems to be strengthening in the current market backdrop."
These individual company outcomes illustrate the divergent forces at play across the market: high-flying gains in areas tied to artificial intelligence and hyperscaler demand, large-cap strength on significant beats, and investor sensitivity to capex guidance and operational execution in sectors such as cybersecurity and social media.
Below are concise takeaways and potential uncertainties stemming directly from the week’s reporting.
Summary
- Major U.S. indices were poised to open higher despite geopolitical concerns, with select corporate earnings driving notable stock moves.
- Intel, Alphabet, Atlassian and Bloom Energy reported results that outpaced expectations, prompting sharp share price gains tied to AI, data center demand and hyperscaler orders.
- Meta and Check Point saw declines after results and guidance that raised investor concern about near-term spending returns and product revenue trends.
Key points
- AI and data center demand are prominent growth drivers cited across names such as Intel and Google, supporting substantial revenue and backlog expansion in those businesses - this primarily impacts the semiconductor and cloud sectors.
- Software and cloud names like Atlassian gained on outsized revenue and earnings beats, reflecting seat expansion and cross-sell activity that investors rewarded - this influences enterprise software and cloud services markets.
- Energy technology exposure through Bloom Energy showed strong hyperscaler-driven growth, suggesting strengthening commercialization dynamics for fuel cell deployments - this affects clean energy and industrial customer segments.
Risks and uncertainties
- Capital expenditure increases by large tech platforms, exemplified by Meta’s higher 2026 capex guidance, may pressure margins and raise investor concerns about returns on heavy AI-related spending - this impacts large-cap tech and data center suppliers.
- Operational execution and near-term revenue trends can sharply affect valuations, as evidenced by Check Point’s product revenue outlook and associated management changes - this is a risk for cybersecurity and software companies dependent on product renewals.
- Geopolitical fragility, specifically concerns about the U.S.-Iran ceasefire, remains a background risk for markets even as indices opened higher, potentially injecting volatility into risk assets.
Investors and market participants should weigh company-level catalysts and guidance alongside these sectoral dynamics as earnings-driven volatility continues to shape short-term price action.