Market Highlights: Nvidia (NVDA) Crushes Estimates, Intuit Slashes Workforce, Applied Digital Secures Massive $7.5B Contract

Quick Summary

• Nvidia exceeded fiscal Q1 projections for both earnings and revenue, projecting $91 billion in sales for the upcoming quarter
• Applied Digital climbed approximately 10% following the announcement of a 15-year AI data center lease agreement valued at $7.5 billion with a prominent hyperscaler
• Intuit shares plummeted roughly 14% after revealing plans to eliminate 17% of its full-time employees, even as the company increased its annual outlook
• e.l.f. Beauty rallied about 9% on the back of robust quarterly performance showing 35% growth in net sales
• NIO shares climbed 2.5% after posting a narrower quarterly loss alongside revenue that more than doubled compared to the prior year

Nvidia delivered fiscal first-quarter results that surpassed analyst expectations for both earnings and revenue. The artificial intelligence chip manufacturer is now guiding toward $91 billion in quarterly revenue, significantly exceeding Wall Street’s consensus estimates.

The stock registered a modest 0.3% gain during premarket hours. Nvidia currently holds the position of the world’s most valuable company by market capitalization.

NVIDIA Corporation, NVDA

These impressive results reflect the ongoing surge in demand for AI infrastructure, which continues to fuel purchases of Nvidia’s advanced chips throughout global data center operations.

Applied Digital experienced a substantial rally of nearly 10% following its announcement of a 15-year take-or-pay lease commitment with a U.S.-based investment-grade hyperscaler. The arrangement is connected to the company’s Polaris Forge 3 AI campus facility.

The minimum contracted revenue from this agreement totals approximately $7.5 billion, with maximum potential value climbing to $18.2 billion when including optional provisions. According to Applied Digital, this transaction elevates its cumulative contracted lease revenue pipeline to roughly $31 billion spanning four separate campus locations.

Intuit Shares Slide Despite Improved Guidance After Announcing Layoffs

Intuit experienced a sharp decline of approximately 14% in premarket trading following confirmation of its intention to reduce its full-time workforce by 17%. Company officials indicated the job cuts represent part of a broader restructuring initiative designed to optimize operational efficiency.

The company estimates restructuring expenses will range between $300 million and $340 million. In an interview with Barron’s, Chief Executive Sasan Goodarzi emphasized that artificial intelligence played “no bearing” in the workforce reduction decision.

Notwithstanding the layoff announcement, Intuit delivered fiscal third-quarter results that exceeded expectations and elevated both its full-year earnings and revenue projections above Wall Street’s forecasts. The company simultaneously authorized a new $8 billion stock buyback program.

e.l.f. Beauty shares advanced roughly 9% after the company posted fiscal fourth-quarter earnings that surpassed analyst predictions. Net sales increased 35%, propelled by strong performance from its Rhode and Naturium brand portfolios.

Adjusted earnings per share reached $0.32, beating consensus estimates. However, the company’s fiscal 2027 guidance came in marginally below Wall Street expectations, with management attributing the conservative outlook to elevated fuel costs.

Additional Market Movers: NIO, Deere, Walmart, and Others

NIO’s American depositary receipts increased 2.5% after the Chinese electric vehicle manufacturer disclosed that its first-quarter loss contracted compared to the year-ago period. Revenue more than doubled on a year-over-year basis.

Deere declined 1.9% despite reporting that fiscal second-quarter sales and revenue climbed 5% to reach $13.37 billion. Earnings per share of $6.55 fell short of the prior year’s figure but exceeded analyst projections of $5.70.

Walmart experienced a slight downtick ahead of its fiscal first-quarter earnings announcement. Market participants are monitoring the results for indicators of consumer spending behavior amid rising gasoline prices.

Nebius shares gained approximately 8% after disclosing a fuel cell capacity arrangement with Bloom Energy valued at up to $2.6 billion in aggregate monthly service charges. This agreement will supply roughly 250 megawatts of guaranteed power capacity supporting Nebius’ AI infrastructure activities.

AEVEX rose around 6% following the announcement that it secured $15.6 million in contracts with the U.S. Air Force. The company additionally reported first-quarter revenue that surged more than 300% year-over-year to $216.7 million.

Broader market sentiment remained subdued Thursday. Stock index futures drifted lower after President Trump indicated the United States stood ready to conduct military strikes against Iran should diplomatic efforts fail to produce a peace agreement.

The post Market Highlights: Nvidia (NVDA) Crushes Estimates, Intuit Slashes Workforce, Applied Digital Secures Massive $7.5B Contract appeared first on Blockonomi.