The market ended the day in the green, Tuesday’s trade ignoring the war in favor of insane AI PC and networking earnings. The Dow, S&P 500, and Nasdaq 100 hit record highs yet again.

In policy news, the President signed an Executive Order that calls for an AI model benchmarking process. Labs releasing new models can volunteer for a government checkup, before releasing new tech to the public. Sounds great, but know that labs are not required to give up anything. 😆

According to recent reporting, the Trump family maintained their tax free win from the IRS, but Republican lawmakers were able to end talks of a $1.8B fund for political friends of the Trump admin.

Job numbers from the BLS Tuesday morning were not bad. JOLTS openings jumpe 730k to a total 7.6M in April, the biggest jump since May.

In equity news, AI networking and memory were exploding again. Nvidia CEO Jensen Huang called Marvell a potential trillion-dollar company, and everything zoomed higher. Google continued to fall after its stock sale news.

Stocktwits was locked on the AI plumbing trade: Marvell, HPE, Broadcom, Credo, Coherent, Lumentum, Corning, Ciena, and Cisco all had heat. The debate was simple: real infrastructure cycle or valuation stampede.

Today's Briefing:

Palo Alto Networks, the cybersecurity platform company, jumped after Tuesday’s earnings gave traders the clean beat they wanted from a high-multiple software name.

The RIP: $PANW ( ▼ 5.6% ) moved +8.6% after hours, but pulled back. Revenue rose 31% to $3B, adjusted EPS hit $0.85, NGS ARR climbed 60% to $8.1B, and remaining performance obligations rose 36% to $18.4B.

The move says investors are still willing to pay up for cyber names when growth, ARR, and cash flow all show up together. But today, Anthropic said Mythos was heading out to a larger group of beta testing companies, 150 in all.

The idea that a large enough model can slice right through security measures sent Palo down 60% this year, and with Mythos on the way, the risk is security companies will not be needed when some RAM and AI can do the trick.

38.3k watchers, saw sentiment change fall 4.7% even as message volume rose 46.8%.

Jump into $PANW: breakout or blowoff →

Ulta Beauty, the cosmetics and beauty retailer, ripped after Tuesday’s earnings showed shoppers are still spending on makeup, skincare, and self-care even with retail sentiment shaky.

The RIP: $ULTA ( ▼ 4.62% ) moved +7.9% after hours. Revenue came in at $3.2B vs. $2.8B expected, EPS hit $7.74 vs. $5.81, net sales rose 11.1%, and comparable sales increased 5.3%. The firm expects net sales to grow 6-7% this year. 💄

The $ULTA stream had 20.5k watchers, sentiment up 2.2%, and message volume up 450%.

GitLab, the DevSecOps software platform, bounced after Tuesday’s earnings gave growth investors enough revenue, profit, and guidance to look past the regular-session selloff.

The RIP: $GTLB ( ▼ 2.8% ) moved +7.4% after hours, revenue rose 23% to $264.2M vs. $254.3M expected, adjusted EPS hit $0.23 vs. $0.21, and FY revenue guidance landed at $1.112B-$1.118B. 💻

Weigh in on $GTLB: reset or fade →

Marvell Technology, the custom chip and networking silicon maker, ripped after Jensen Huang called it the next trillion-dollar company and turned AI infrastructure into the day’s only trade that mattered. Marvell CEO Matthew Murphy joined Huang on stage at Computex Week in Taipei, and everyone lost their minds. The stock is only at a quarter of a trillion now, a market cap once thought impossibly large.

The RIP: $MRVL ( ▲ 5.38% ) closed +32.5%, traded 102.2M shares at 2.4x recent volume, and recently guided custom chip revenue above $10B by fiscal 2029. It was not the only AI networking stock flying: $HPE closed +19.5%, $AVGO closed +4.7%, and $CRDO closed +1.3% after hitting a new 52-week high. $MRVL, $HPE, and $AVGO also tagged fresh 52-week highs.

This is the market paying for the AI bottleneck beyond GPUs: optics, switches, custom silicon, and data movement. The risk is obvious: one Jensen quote just added tens of billions in market cap, so follow-through now has to come from orders, not aura. 🔌

What The Community Said: The $MRVL stream had 41.4k watchers, with message volume up 60.5%. 💽

Jump into the MRVL conversation on Stocktwits ->

Strategy, the Bitcoin treasury stock formerly known as MicroStrategy, fell after traders fixated on its reported Bitcoin sale and what it does to the “never sell” gospel. Guess that gospel does not hold when you need to pay dividends on the $STRC ( ▼ 1.36% ) perpetual securities Strategy issued.

The RIP: $MSTR ( ▼ 4.34% ) closed -9.1% and fell after reports that Strategy sold 32 BTC for about $2.5M to help fund its stock obligations. It raised funds by creating and selling the STRC securities, but it now needs to raise cash to fulfill their dividend yields. What could go wrong?

What The Community Said: The $MSTR stream had 79.5k watchers, bearish tone, and normal message volume. The room was debating whether this was harmless balance-sheet management or the first crack in the thesis.

Weigh in on $MSTR: thesis crack or overreaction →

BlackBerry pushed through $10 as traders revived the physical AI trade, and the Stocktwits crowd went wild. The firm makes phones, of course, but the tape was excited over QNX, its operating system that helps machines complete tasks without mistakes. The idea is AI and robots will need software platforms like that, if they are driving cars and washing the dishes. 🍽

The RIP: $BB ( ▼ 5.52% ) closed +6.2%, added +4.2% after hours, hit a new 52-week high, and traded 49.1M shares. The stock now sits up more than 3x from its 52-week low.

What The Community Said: The $BB stream had 148.8k watchers and was extremely bullish. The useful debate was whether QNX is finally being valued like AI infrastructure for machines, not legacy embedded software.

Jump into $BB: QNX rerate or chase →

🤑 SpaceX valued at just $780 billion by Morningstar, less than half its IPO target

😨 Strikes continue in southern Lebanon after Trump has heated call with Netanyahu

🤖 Trump signs AI executive order asking companies to give government early access to models

💰 The CFTC has sparked a potential revolution on Wall Street. Exchange stocks are dropping

📺 Nvidia’s new PC chips represent CEO Huang’s bid to win at every layer of AI stack

👀 Short-seller faces years in jail for securities fraud

Macro: Fed Barr Speech (1:00 PM ET), ISM Services PMI (2:00 PM ET), Factory Orders MoM (2:00 PM ET), EIA Crude Oil Stocks Change (2:30 PM ET). 📊

Pre-Market Earnings: $M Macy's, $VIVS VivoSim Labs, Inc., $MDT Medtronic Plc, $THO Thor Industries, $MMED Minimed Group, +3 more. ☀️

After-Market Earnings: $AVGO Broadcom Inc, $CRWD Crowdstrike Holdings Inc, $CHPT ChargePoint Hldgs, $AI C3 Ai Inc Class A, $LULU Lululemon Athletica Inc, +5 more. 🌙

P.S. You can listen to all of these earnings calls on Stocktwits.

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