TL;DR

AMD, Super Micro, Snap, and EVs drop after earnings; Astera, Arista, Match rally on strong results.

Highlights

• AMD beat Q2 revenue estimates and raised Q3 guidance on AI demand, but shares fell up to 5% after hours on margin and earnings concerns tied to China export restrictions 1.
• Super Micro Computer missed Q4 revenue and profit targets, issued cautious near-term guidance, but set a strong FY26 sales goal; shares dropped 11–15% after hours 2.
• Astera Labs posted Q2 revenue up 150% and raised outlook, sending shares up ~9%; Arista Networks also beat on revenue and outlook, with shares up 10–14% 115.
• Snap missed Q2 revenue and ARPU estimates due to an ad auction glitch; shares fell ~15% after hours despite user growth and in-line Q3 guidance 3.
• Match Group topped Q2 estimates and lifted guidance as Tinder showed early signs of recovery; shares gained ~11% after hours 10.
• Amgen beat Q2 expectations and raised its 2025 outlook on strong drug sales and cash flow 6.
• Rivian and Lucid reported wider Q2 losses and cut financial/production outlooks amid rising costs and regulatory headwinds; both stocks fell 6–7% after hours 4.
• Quantum Computing Inc. won a NIST chip contract; Amazon disclosed a $37M IonQ stake, boosting quantum tech sentiment 12.
• HHS canceled $500M in BARDA mRNA vaccine projects, signaling a shift in U.S. federal vaccine funding away from mRNA 7.
• U.S.-Canada trade talks continue amid 35% tariffs; both sides signal willingness to negotiate, but resolution is expected to take time 8.
• Political risk: Trump threatened federal control of Washington, D.C. after a high-profile crime; Musk echoed support for federal intervention. Trump named VP JD Vance as likely 2028 successor 91415.

Commentary

AI hardware earnings remained the primary driver after hours. AMD and Super Micro Computer both highlighted robust demand for AI infrastructure, but investors penalized even modest margin or guidance slippage—underscoring high expectations in the space 12. Astera Labs and Arista Networks delivered clean beats and strong outlooks, reinforcing the ongoing shift in capital toward companies with direct exposure to AI data center buildouts 115. The market remains highly selective: top-line beats alone are not enough if margin or forward guidance disappoints.

Consumer tech saw mixed results. Snap’s revenue and ARPU miss, blamed on a technical ad auction issue, drove a sharp selloff despite solid user growth and stable Q3 guidance 3. In contrast, Match Group rallied on signs of a Tinder recovery and improved guidance, suggesting investors are rewarding evidence of operational turnaround and monetization progress 10. Traders should continue to focus on both user trends and monetization metrics in the sector.

Healthcare and EVs diverged. Amgen’s strong quarter and raised outlook, supported by broad-based drug sales and healthy cash flow, should lend support to large-cap biotech 6. Rivian and Lucid ’s deepening losses and reduced outlooks highlight persistent challenges for emerging EVs, including cost inflation, supply-chain constraints, and tariff headwinds—factors likely to keep the group volatile 4.

On the policy front, the HHS decision to halt $500M in BARDA mRNA vaccine projects marks a notable shift in U.S. federal funding priorities, with possible implications for biotech firms focused on mRNA platforms 7. U.S.-Canada trade negotiations remain unresolved, keeping pressure on cross-border industrials and exporters 8. Political developments in Washington, D.C. add headline risk but are unlikely to have immediate market impact unless tensions escalate 91415.