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Stock Market Today: Nasdaq Composite Flat But Momentum Stocks like Palantir (PLTR) Rally
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WSJ Says Amazon Building Massive Supercomputer Off Trainium Chips
The Wall Street Journal published an article today on Amazon’s plans to build a massive supercomputer named “Project Rainer” utilizing the company’s homegrown Trainium chips.
One interesting note is the largest beneficiary of Trainium chips is Marvell (Nasdaq: MRVL). We recently wrote about how Marvell could see impressive gains in 2025 thanks to Amazon’s efforts to deploy its own AI chips. Marvell reports earnings after the bell and is a stock to watch.
As of 12:30 p.m. ET, markets are largely flat on the day. Here’s a check-in on major indexes:
- Nasdaq: Up 9.82(+.05%)
- S&P 500: Down 3.86 (-.06%)
- Dow Jones Industrial Average: Down 40.55 (-.09%)
- Russell 2000: -18.48 (-.76%)
Let’s look at today’s major stories driving the market.
Momentum Stocks Applovin and Palantir Keep Ripping
Two of the top stocks in the market this year are Palantir (Nasdaq: PLTR) and Applovin (Nasdaq: APP). Applovin in now worth $125 billion and is up 853% year-to-date. Meanwhile, Palantir is up 321% year-to-date and is worth $160 billion. That puts Palantir well above the valuation of traditional defense contractors like Lockheed Martin ($123 billion) and Boeing ($117 billion).
Neither stock appears to have major upgrades today, but a number of momentum stocks are moving higher. Credo (Nasdaq: CRDO) is up 46% after announcing guidance that was well beyond Wall Street expectations. The company projects revenue next quarter of $115 to $125 million, which is significantly ahead of Wall Street estimates of $86 million. Bank of America raised its price target on the company to $80 from a previous price target of $27.
Astera Labs (Nasdaq: ALAB) is likely moving on ‘read-through’ from Credo’s earnings. Its stock is up 11% today as investors bet booming demand for Credo’s networking products reflect positively on Astera Labs announcing another quarter well above Wall Street consensus.
Industrials and Consumer Stocks Struggling
No sectors are seeing truly standout performance today. Communication Services – which includes stocks like Alphabet and Meta Platforms – is up .67%, which leads all sectors. At the tail end of performance are industrials, consumer staples, and financials. All of these industries have seen strong gains since the election, but are taking a breather today.
One example of a stock in these industries seeing a big decline today is United States Steel. The company is down 8.3% after Trump vowed to block a Japanese firm’s controversial takeover of the company. While financials are rallying thanks to the promise of less regulation, companies in industries like industrials and materials are increasingly seeing returns divided by how they may be impacted on issues like tariffs and other Executive Branch policies.
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