Today’s Market Movers: Micron, Nvidia, and Alibaba Lead Wednesday’s Premarket Action

TLDR

• Micron, Nvidia, and Qualcomm jumped in premarket as chip stock executives joined Trump’s China trip
• Alibaba shares fell despite doubling net profit, as adjusted net income collapsed nearly 100% year over year
• EchoStar surged 8.5% after the FCC approved its spectrum sale to AT&T and SpaceX
• Nextracker jumped 14% after beating Q4 estimates and raising its FY2027 revenue outlook
• Ring Energy dropped 18% after pricing a dilutive share offering at $1.35 per share

Stock futures were pointing higher Wednesday morning as investors positioned ahead of President Donald Trump’s summit with Chinese leader Xi Jinping in Beijing.

Chip stocks led the early gains. Micron rose 6.1%, Nvidia added 2.4%, and Qualcomm climbed 4.9% in premarket trading. The CEOs of all three companies — Sanjay Mehrotra, Jensen Huang, and Cristiano Amon — were traveling to China as part of Trump’s delegation.

Micron Technology, Inc., MU

Alibaba shares fell 1.3% despite a headline profit beat. The company reported fiscal fourth-quarter net profit of 23.50 billion yuan ($3.41 billion), nearly double from the prior year, driven by investment gains.

However, adjusted net income — which strips out those gains — came in at just 86 million yuan. That was down nearly 100% compared to the same period a year earlier. Revenue rose 3% to 243.38 billion yuan.

EchoStar was the top premarket performer in the S&P 500, rallying 8.5%. The Federal Communications Commission confirmed it had approved the company’s sale of wireless spectrum to AT&T and SpaceX.

Nextracker and Intuitive Machines Climb

Nextracker was another big gainer, up 14% after posting adjusted earnings per share of $1.05 on revenue of $881 million, both ahead of Wall Street estimates. The company also raised its FY2027 revenue outlook to between $3.8 billion and $4.1 billion.

Intuitive Machines rose 9% after being selected by the U.S. Space Force for the Andromeda IDIQ contract. The deal covers next-generation space tracking capabilities. It was the company’s first major contract win since its $800 million acquisition of Lanteris Space Systems.

Wolfspeed surged 31% after Citrini Research issued a recommendation on the power chip maker.

Oklo gained 2.2% after reporting a narrower-than-expected loss. The nuclear startup still has no revenue but cleared a key regulatory milestone last week when the Nuclear Regulatory Commission approved a foundational rulebook for its Aurora power plant.

Dilution Hits Drone and Energy Stocks

Karman Holdings fell 5.4% after first-quarter earnings missed analyst expectations, despite a 51% jump in revenue.

Ring Energy dropped 18% after pricing a public offering of 44.44 million shares at $1.35 each. The deal is expected to raise around $60 million, which the company plans to use mainly to pay down debt.

Red Cat Holdings fell 10% after pricing a separate offering of 23.94 million shares at $9.40 each. The drone maker said proceeds would fund acquisitions, expansion, and research and development.

Markets remained focused on the outcome of Trump’s Beijing summit, which investors hope could ease ongoing trade tensions between the U.S. and China.

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