Midday trading saw sharp, company-specific moves across asset managers, industrials and consumer names, driven by a mix of upgrades, downgrades and earnings updates. Nvidia’s partnership news also lifted sentiment around the data-center buildout theme, while several corporate reports pointed to shifting demand expectations and guidance changes.
Key takeaways
- Asset managers rallied after news that Nvidia is partnering with multiple firms to line up financing for hyperscalers and AI labs, supporting the data-center investment cycle.
- Jabil rose on an upgrade, reflecting optimism for multi-year growth tied to AI-related capex and broader demand, including healthcare and automation.
- AppLovin and Under Armour fell on analyst caution over growth risks and competitive pressures, alongside revisions to price targets.
- Aramark jumped after results, with revenue and earnings beating expectations and the company raising its internal growth outlook.
- Fermi surged on its first binding lease, signaling traction for its AI-focused power campus strategy.
What drove the market moves
Investor attention remained fixed on the artificial intelligence and data-center supply chain, with Nvidia in focus after it announced it is partnering with a half-dozen firms to arrange more than $500 billion in financing for hyperscalers and frontier AI labs building data centers. In the same window, Nvidia shares were marginally lower, but the broader ecosystem traded higher, including Blackstone, which rose 4%, while Apollo and KKR each gained more than 6%.
Stock-specific catalysts also dominated. Jabil, a major circuit-board manufacturer, jumped 5% following a UBS upgrade to a “Buy” rating. Analyst David Vogt cited a multi-year growth cycle supported by AI investment from large cloud and consumer platforms, rising healthcare demand as capacity comes online, and expanding automation and robotics markets.
In contrast, AppLovin slid 5% after Bank of America downgraded the stock to neutral, saying risks to the company’s revenue growth forecast have increased. The firm also trimmed its price target to $400 from $430, pointing to a more cautious outlook on near-term momentum.
Under Armour fell 8% after Barclays downgraded the apparel maker to an underweight rating from equal weight. Barclays attributed the decision to market-share pressure tied to heightened competition, limited brand pricing power to offset tariff and input costs, and longer product lead times.
Company results and guidance changes
Aramark climbed 9% after fiscal third-quarter revenue and earnings per share beat Street estimates, according to StreetAccount. The company also raised its full-year forecast for internally generated revenue growth, reinforcing investor confidence in execution.
Aecom dropped nearly 7% after its third-quarter report showed weakness. Revenue was reported at $3.59 billion, a 14% decline from the year-ago period, and the company posted an adjusted loss of 50 cents per share. A construction management project charge was cited as a factor weighing on results.
SpaceX shares fell nearly 5% as the stock approached a potential break from a three-day losing run, during which it had risen more than 28%, based on the trading streak referenced in the report.
Life360 shares plunged 25% after the company’s second-quarter adjusted EBITDA beat Street estimates, but StreetAccount said analysts largely attributed the outperformance to a one-time tariff benefit and the timing of costs. The stock had climbed 47% over the preceding three months into the earnings release, amplifying the downside reaction on the quality of results.
Upwork slid 13%. FactSet data cited third-quarter guidance for earnings per share, revenue and adjusted EBITDA that trailed analyst expectations, and full-year guidance that declined from what the company had previously provided.
Hims & Hers Health fell 4% after trimming the upper end of its full-year EBITDA outlook. The telehealth company also reported a Q2 net loss of 37 cents per share, compared with a profit of 17 cents per share a year earlier.
Plug Power rose 13% after reporting a smaller-than-expected second-quarter loss, a relief for investors focused on improving losses and cash flow trajectory.
On Holding declined 20% on mixed second-quarter results and a reduction in full-year revenue guidance.
Notable single-name developments
Fermi, the builder of massive data center campuses designed to power artificial intelligence, surged 22% after signing its first binding customer lease with AI cloud provider TensorWave for Fermi’s Project Matador campus outside Amarillo, Texas. The agreement covers 222 megawatts of facility power and is described as representing about $6.5 billion in total contracted revenue, underlining a significant step in monetizing its infrastructure pipeline.
Separately, AppLovin, Under Armour and Aecom each saw moves tied to revised analyst views and fundamentals, while Aramark and Plug Power rallied on better-than-expected performance and/or improved outlook signals.
To watch next, investors will likely focus on follow-through from the data-center financing narrative, as well as how companies with guidance revisions manage expectations in upcoming quarters. Additional earnings releases and potential updates around AI-related infrastructure spending could further influence sectors exposed to data-center buildouts and equipment demand.
