Today’s Market Movers: Cerebras, Figma, and Coinbase Lead Friday’s Premarket Action

TLDR

• Cerebras fell 2.6% in premarket after surging 68% on Thursday during its Nasdaq debut
• Figma jumped 8.7% on strong Q1 earnings, 46% revenue growth, and raised full-year guidance
• Coinbase slipped 1.5% alongside other crypto stocks after Thursday’s Senate committee rally
• Applied Materials dropped 2.6% despite beating earnings estimates and issuing strong guidance
• Bill Ackman’s Pershing Square took a new position in Microsoft, though size was not disclosed

Cerebras Systems had a massive Thursday, gaining 68% on its Nasdaq debut and closing with a market cap of $66.95 billion. That was well above what analysts expected when the IPO priced on Wednesday. By Friday morning, shares were giving back some of those gains, falling 2.6% in premarket trading.

Cerebras Systems Inc., CBRS

Figma was one of the brightest spots on Friday. The digital design company reported Q1 revenue of $333.4 million, up 46% year over year, beating Wall Street estimates. Adjusted earnings per share came in at $0.10, also above forecasts.

The company raised its full-year revenue outlook to between $1.42 billion and $1.43 billion. It also guided Q2 revenue of $348 million to $350 million, ahead of consensus. Figma’s net dollar retention rate climbed to 139%, its highest level in over two years.

Figma credited broad seat expansion and growing adoption of its AI products for the strong quarter. Shares were up 8.7% in premarket.

Crypto Stocks Pull Back After Thursday Rally

Coinbase fell 1.5% in premarket after rising on Thursday. Robinhood Markets dropped 2.6% and Strategy fell 2.2%. All three had rallied the day before after a Senate committee voted to advance the Clarity Act, a bill that would put most crypto trading under the Commodity Futures Trading Commission.

Applied Materials dropped 2.6% despite beating its second-quarter earnings target and issuing strong guidance for the current quarter. Shares are up 71% in 2026, and investors appeared to be taking profits.

Bill Ackman’s firm Pershing Square disclosed a new position in Microsoft. The size of the stake was not revealed, but was expected to appear in a 13F filing later Friday. Microsoft shares traded flat on the news.

Other Movers Worth Watching

Taiwan Semiconductor fell 3% after announcing plans to sell around 152 million shares, or about 8.1%, of Vanguard International Semiconductor in a block trade to institutional investors. The move would reduce its stake from 27.1% to around 19%.

Nu Holdings dropped 5% after missing Q1 earnings and revenue estimates. Purchase volume also fell short at $39.5 billion. The company still added 4 million customers in the quarter, pushing its global base above 135 million.

Papa John’s rose 5% after reports that its largest franchisee plans to join an investment firm in a potential $47-per-share takeover bid. Brookfield Asset Management is also said to be backing the offer.

Stock futures were broadly lower Friday morning. Reports confirmed that recent US-China diplomatic talks failed to resolve semiconductor trade restrictions, adding pressure to markets heading into the session.

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