The Information : The Hidden Risks in AI Funding

The Hidden Risks in AI Funding

Bankers and investors, especially when they are sitting in front of an audience, are not shy about offering their opinions. Yet when I asked a panel of money types at our Financing the AI Revolution conference on Monday about risks in the current market, I got near silence.

We had been discussing the billions of investment dollars pouring into AI. The question was: “Anytime there’s a boom, there are risks built up in the system and it may not be a systemic risk, but it may be specific risks. And so, what should we all be watching? What are things that you look at and you have doubts?”

After an uncomfortable pause, Temasek’s Martin Fichtner raised the question of whether booming demand would continue to accelerate. Fichtner, who invests in the technology and consumer sectors from San Francisco for the Singaporean investment fund, said he is watching the “second derivative” of growth in demand. In other words, he’s watching whether the growth in demand will continue to accelerate or whether it will slow.

“Second derivative” is a term out of calculus best described as the rate of change of the rate of change. It is a favorite metric for growth investors, especially when expectations are high. When the second derivative declines, the growth can still be accelerating, but the rate of that acceleration is slowing. That’s enough to get people nervous. “[Acceleration] doesn’t need to decrease—just if it flattens out a little bit,” he said.

Fichtner, who is broadly positive on the AI boom, wasn’t the only speaker at our conference who was willing to at least address the risks. Fellow panelist Jim Prusko, a senior portfolio manager at investment firm Magnetar, cited the risk of regulations on AI and political pressure against data centers, seeing both as a threat to the U.S. AI build-out. “I think there’s a risk that there’s some sort of backlash against data centers and we lose the ability to deploy the compute we need in America,” Prusko said. Magnetar is a big backer of data center developer CoreWeave.

There have long been doubts about the spending on AI. But surging demand for models such as Anthropic’s Claude, especially from businesses, has wiped most of those doubts away. Lenders have lined up to fund data center developers, while investors have poured tens of billions of dollars into AI model makers such as Anthropic and OpenAI. The market is buzzing about likely initial public offerings for these companies and for SpaceX, which is almost on the launchpad.

This all makes sense: The models have improved dramatically, and the potential scale of AI is hard to grasp. Still, investors have a way of getting ahead of reality. That doesn’t mean AI is a bubble, just that there will be ups and downs as cash pours in and the technology rolls out.

CoreWeave, for example, can’t raise cash fast enough to keep up with demand, said Nick Robbins, the company’s vice president for corporate development. “So the way we think about it is there’s always gonna be a timing mismatch,” he said.

Right now the mismatch is that demand exceeds supply. At some point for some company, supply will exceed demand, and that company will scramble to find customers. If it is borrowing as CoreWeave and its competitors have been, then the mismatch could be dangerous for the company and its lenders.

How can that happen? We’re seeing one scenario play out right now. Facing high demand and soaring costs for computing power, Anthropic raised prices to such an extent that customers’ costs could double or triple, according to one estimate. Higher costs are hitting many companies before they see measurable gains from AI, potentially reducing their appetite for big spending plans.

Here’s another current scenario—this one at OpenAI. The Information has been reporting about the company’s missed targets, C-suite dysfunction and lagging growth for some time. A story this week that added even more issues knocked down shares of Oracle and CoreWeave, which have placed big bets on OpenAI’s success. Sam Altman, in a race for computing power, has committed the company to paying hundreds of billions of dollars for computing power in the coming years.

OpenAI is not the only cash-burning company to commit to paying billions of dollars for computing power. True, it just raised $122 billion in its last funding round, its models are getting better and demand is still strong. But all of that is baked into expectations already.

What else can go wrong? Panelists at our event raised two other risk factors. The coming SpaceX IPO will be the first to provide detailed financials for a major private AI developer. XAI’s numbers won’t be pretty, and its deal for Cursor can be read both as a smart catch-up play and as an admission that things are going badly at xAI.

The second is more nebulous. Katherine Kaminsky, U.S. chief commercial officer for PwC, advises companies on adopting AI. She said compared to other recent strategy shifts, such as moving computing power to the cloud or outsourcing back-office functions, AI is far more complex and requires a rethinking of nearly everything a company does. That won’t happen overnight: After an early surge in AI adoption, companies may move at a more measured pace.

Investing is all about expectations, and they are staggeringly high right now.

The Information : CrowdStrike and Palo Alto Networks Are Underappreciamers Quadr

CrowdStrike and Palo Alto Networks Are Underappreciated AI Cybersecurity Bets

The Takeaway
  • Cybersecurity spending to increase significantly due to AI model risks.
  • CrowdStrike and Palo Alto Networks valuations remain underappreciated.
  • Established firms hold advantage with installed sensors and proprietary data.

If there was ever a time to be buying cybersecurity stocks such as CrowdStrike and Palo Alto Networks, this would be it.

A spate of hacks has hit high-flying startups this month, including data-labeling firm Mercor and software development company Vercel. Also this month, Anthropic announced it had developed an AI model, Mythos, that it deemed “too powerful” for a full public release. Mythos identified thousands of previously unknown cybersecurity risks across widely used operating systems and browsers.

CrowdStrike and Palo Alto Networks, along with another cybersecurity firm, ZScaler, are among the 50 or so companies that got early access to Mythos so they can beef up their own cyberdefenses. For the security firms, that positions them to benefit from any surge in demand arising out of a wider release of Mythos, sparked either by attacks or worries about attacks.

CrowdStrike’s and Palo Alto Networks’ stocks have each risen 20% or so in the past month, beating the 10% appreciation in BlackRock’s IGV index, which tracks the software sector broadly. Even after that rally, though, they’re trading at the same valuation multiples they were a year ago, when we last recommended the stocks. CrowdStrike is at nearly 19 times next year’s estimated sales and Palo Alto Networks is at 11 times.

That suggests investors are still underappreciating cybersecurity firms’ unique promise, given their potential for outsize growth, which has become clearer in the past few weeks.

Businesses are going to increase their spending on cybersecurity “as a direct result of the risk that Mythos presents,” said Eric Heath, an equity analyst at KeyBanc Capital Markets who covers cybersecurity and has been routinely polling chief information security officers at various companies to gauge their spending appetite. “We think the security spending environment is going to be much healthier than it has been.”

That’s a change from the last two years, during which companies’ spending on cybersecurity was relatively lackluster, Heath said. Indeed, CrowdStrike’s revenue growth slowed to 21.7% in the year to January from 29.4% the year before. Palo Alto Networks—which is nearly twice CrowdStrike’s size by revenue—has grown at around 15% for the past two fiscal years, which end in July

Analysts expect Palo Alto Networks’ revenue growth to accelerate to 22.5% growth this year, partly as a result of its recent acquisitions, including AI security startup Koi, according to Koyfin. CrowdStrike’s growth rate is also expected to pick up a bit.

They’re “the blue chips in cyber. So if the security environment is healthy, it should benefit both of them,” Heath said.

CrowdStrike and Palo Alto Networks both sell a variety of different security products, including solutions for securing networks, preventing hackers from using stolen usernames and passwords and AI-powered agents ot help companies find and address cyber threats.

ZScaler, which is about two-thirds the size of CrowdStrike, is growing at a 20%-plus clip, but it trades at the lowest valuation multiple of the three, in large part because it is the least diversified and therefore the most vulnerable to competition.

And competition is a key issue for the sector. What is likely holding back investors from pushing up CrowdStrike’s and Palo Alto Networks’ valuations further is the worry that both could be undercut by AI firms developing their own cybersecurity products.

Competition With AI Model Makers

Rustam Kanga, an analyst at Citizens Bank who is bullish on the cybersecurity stocks, thinks they have advantages over the AI model makers. For one thing, they have already established widespread trust among chief information security officers.

“Anthropic has now had several public security failures,” Kanga said, citing the company’s accidental leak of its AI coding tool’s source code in March as well as recent reporting from Bloomberg stating that unauthorized groups may have accessed the Mythos model. Those incidents won’t inspire confidence among senior information security executives at companies, he said.

In their current form, Anthropic’s and OpenAI’s cybersecurity-focused models are “not comprehensive enough,” according to Kanga, because they can only help identify, not address, cyberthreats.

That probably won’t change, Kanga argues, because of the two other key advantages the established providers enjoy relative to the AI model builders: the sensor software they have already installed on corporate devices they are responsible for securing, and the troves of proprietary data they have collected using that software.

That sensor software is “relatively easy to build,” said Tomasz Tunguz, general partner at investment firm Theory Ventures. But, he continued, “it’s a total pain to replace. Imagine you have a 100,000-person organization.…All those people have to come into IT, and it has to go and delete the CrowdStrike agent and then put on the Anthropic agent. What a pain. I’m not going to go through and spend six months of my security team’s time replacing this bit of software, especially if the gain is nothing. So that’s why I think there’s some defensibility. It’s just inertia.”

Another reason it’s unlikely companies will axe their existing cybersecurity providers is that the sensor software is what enables a vendor to help its customer identify and address a threat in real time rather than reviewing data periodically in batches.

The model makers’ cybersecurity businesses already seem to be growing fast enough on the heels of their recent launches. Said Tunguz, “Why complicate things?”

The Information : SpaceX’s Starlink Revenue Per User Fell 18% As Customers Quadr

SpaceX’s Starlink Revenue Per User Fell 18% As Customers Quadrupled

The Takeaway
  • SpaceX says Starlink’s ARPU fell 18% to $81 between 2023 and 2025
  • SpaceX expects that figure to keep falling
  • Starlink’s individual subscriber business is bigger and growing faster than enterprise

SpaceX’s Starlink satellite internet service quadrupled its individual subscribers between 2023 and 2025—but the average revenue each subscriber brought in fell 18% to $81 a month in that period, a draft version of SpaceX’s initial public offering prospectus shows.

The decline in Starlink’s ARPU reflects the service’s introduction of cheaper plans and expansion outside North America, where average prices tend to be lower. SpaceX says in the prospectus that it expects that figure to keep falling in the next few years, as it continues its efforts to expand Starlink globally.

The newly revealed figures from SpaceX’s IPO paperwork show the economic impact of SpaceX’s efforts to transform Starlink from a niche offering for ultraremote users into a competitor to traditional internet service providers in the U.S., as well as a bigger presence in countries where users have less money to spend. That shift underpins SpaceX’s ambition to maintain growth for its main revenue stream, as it continues development work on its Starship rocket.

However, that shift also means Starlink is a significantly different business than some investors and analysts thought. In a 2024 report, Morgan Stanley put Starlink’s revenue per user at more than $170 per month. Starlink’s average revenue per user was $99 a month in 2023 and $91 in 2024.

Despite the declining ARPU, an increase in overall subscribers meant Starlink’s revenue nearly tripled to $11.4 billion in 2025 from $3.9 billion in 2023. Starlink accounted for about 60% of SpaceX’s overall $18.7 billion in revenue last year.

A spokesperson for SpaceX did not respond to a request for comment on the figures.

The economics of Starlink’s business are sure to be in the spotlight over the next few weeks, as SpaceX prepares to go public at a valuation expected to be well above $1 trillion.

When SpaceX first launched Starlink, it started by winning over consumers in well-heeled countries who were willing to shell out more than $100 per month for satellite broadband in locations like remote cabins, RVs and boats. But as SpaceX has cut prices and expanded the service to more countries over the past couple of years, the amount of money the company brings in from each Starlink user has fallen significantly.

SpaceX now offers plans for as little as $50 per month in the U.S., down from $120 in 2023. Plans are cheaper in other places like parts of Europe and Africa.

Amazon’s planned launch of its Leo satellite internet service later this year will put more pricing pressure on Starlink. In the meantime, SpaceX has taken other steps to reach more customers beyond price cuts, including giving away free internet access terminals in some regions. It usually sells terminals for hundreds of dollars each.

SpaceX even ran a Super Bowl ad for Starlink this year, the first for any company led by Elon Musk, who has said he hates advertising. SpaceX’s draft prospectus credits marketing efforts with growing the service, touting “increasing Starlink brand awareness” as a top “driver of our performance.”

In the investor document, SpaceX divides the customer base for Starlink broadband into two segments. One is individual subscribers, including both household consumers and business customers that don’t have bespoke deals managed by the Starlink sales team. The other segment is enterprise customers, including large entities such as governments, airlines and shipping companies that have customized deals with SpaceX.

The individual subscriber segment is the bigger and faster-growing business. At the end of 2025, Starlink had 8.9 million individual subscribers, up from 4.4 million in 2024 and 2.3 million in 2023. The 4.5 million subscribers added in 2025 increased Starlink revenue by about $2.4 billion, while enterprise grew $1.4 billion over the same period of time.

In 2025, more than 60% of Starlink’s revenue came from individual subscribers, according to SpaceX. The company said in the document that it expects individual subscribers to “remain the primary driver” of Starlink growth.

The document does not include financial details for Starlink Mobile, a separate business that uses a different group of SpaceX satellites to serve as backup to traditional cell towers, beyond saying that it expects mobile “will become a significant new contributor” to revenue in the future.

SpaceX’s initial deal with T-Mobile, its exclusive partner in the U.S., is worth approximately $100 million over multiple years tied to service milestones, making it a tiny slice of Starlink revenue.

SpaceX needs to figure out how to make money from Starlink Mobile because it’s spending nearly $20 billion in cash and stock to acquire spectrum rights to operate Starlink Mobile from EchoStar in a deal due to close in 2027.

TechCrunch : At his OpenAI trial, Musk relitigates an old friendship

At his OpenAI trial, Musk relitigates an old friendship

Among the most interesting parts of Elon Musk’s testimony Tuesday in his lawsuit against OpenAI wasn’t the charity he claims was stolen from him (we all knew that was coming). It was about an old friend.

Musk testified that one of his core motivations for co-founding OpenAI was a falling-out with Google’s Larry Page over AI safety — specifically, a conversation in which Musk raised the prospect of AI wiping out humanity and Page shrugged it off as “fine,” so long as AI itself survived. Page called Musk a “speciest” for being “pro human.” Musk called the attitude “insane.”

That’s mostly notable given how close the two once were. Fortune included them on its 2016 list of secretly best-friend business leaders; Musk was so comfortable with Page that he regularly crashed at his Palo Alto home. Page once told Charlie Rose that he’d rather give his money to Musk than to charity.

The friendship didn’t survive OpenAI. When Musk recruited Google AI star Ilya Sutskever to help launch the company in 2015, Page felt personally betrayed and cut off contact.

It’s a story Musk has told before — including to author Walter Isaacson for his bestselling biography of Musk — but Tuesday was the first time he said it under oath. Page hasn’t commented, and it’s worth remembering everything that Musk said was in service of a lawsuit. Still, as recently as 2023 he told tech podcaster Lex Fridman he wanted to patch things up: “We were friends for a very long time.”

>>> US Gapping down

Gapping down
In reaction to earnings/guidance:
  • OI -20.2%, RCKY -20.2%, CAR -14.8%, HOOD -11.1%, SOFI -8.2%, GEHC -7.3%, TER -6.8%, CTSH -6%, ENPH -5.9% (also announces development of IQ Solid-State Transformer for AI data centers), MX -5.1%, BKNG -4.8%, RBBN -4.2% (also names new CFO), NBR -3.8%, GSK -3.3%, CDNA -3.2% (also to acquire Naveris), HLN -3%, CMRE -3%, DB -2.9%, PRTC -2.5%, HUM -2.5%, MKL -2.3%, ETR -2.1%, JKS -2.1%, ATEN -2%, LRN -1.9%, RNR -1.8%, LYG -1.7%, OPK -1.6%, GEF -1.6%, GRMN -1.5%, IR -1.4%, RUSHA -1.3%, BXMT -1.3%, UNM -1.2%, VALE -1.2%, TW -1.2%
Other news:
  • OPTX -10.7% (prices offering of 2,857,142 shares of common stock at $7.00 per share)
  • NTLA -7.7% (prices offering of 16.7 mln shares of common stock at $10.75 per share)
  • CDNA -3.2% (files mixed securities shelf offering)
  • BF.A -2.7% (terminates merger discussions with Pernod Ricard)
  • VEON -1.7% (VEON and Kyivstar (KYIV) exceed $1 bln Ukraine investment commitment ahead of schedule)
  • VNO -1% (to purchase a 49% interest in Park Avenue Plaza)
Analyst comments:
  • STNE -2% (downgraded to Neutral from Buy at Goldman)
  • MELI -0.8% (downgraded to Neutral from Buy at UBS)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:
  • SIMO +31.4%, BE +20.3%, NXPI +19.4%, STX +17.7%, COCO +16.9%, RSI +16.7%, VRNS +15.7%, FVRR +12.9%, FICO +12.4%, EXLS +11.8%, NEO +11%, GNRC +10.5%, AVTR +9.4%, LMND +8%, ETSY +7.9%, UMC +7.3%, ORN +7.2%, IEX +7.1%, PEB +6.3%, PRCH +5.9%, EXTR +5.9%, V +5.7% (also authorizes new $20 bln share repurchase program), LII +5.5%, SMG +5.4%, VIRT +5.3%, VLTO +5.2%, UBS +5%, TEVA +5%, GD +4.9%, UCTT +4.8% (also CFO to retire), WERN +4.7%, OSW +4.7%, ADP +4.7%, LAD +4.6%, SBUX +4.4%, ESI +4.4%, VMC +4.3%, IONS +4.2%, TRMK +4%, DK +4%, EAT +3.8%, PSN +3.7%, CLVT +3.6%, CHEF +3.5%, ARI +3.3%, YUMC +3.3%, MDLZ +3.2%, BIP +3.2%, SLGN +3.1%, MTRN +3.1%, VRSK +3%, CSTM +2.8%, AER +2.8%, SLDE +2.5% (also authorizes new $100 mln share repurchase program), PSX +2.3%, FFIV +2.1%, ASX +2.1%, EVR +2%, TMUS +1.9%, CZR +1.9%, BG +1.9%, BIIB +1.9%, EXE +1.5%, RNST +1.5% (also increases buyback authorization by $100 mln; also increases dividend), PAG +1.5%, BXP +1.4%, YUM +1.3%, STAG +1%, LSTR +1%
Other news:
  • TEVA +5% (announce a definitive agreement for Teva to acquire Emalex, including its lead asset, ecopipam)
  • TWO +3.5% (amends merger agreement with CrossCountry Mortgage)
  • ORKA +3.3% (prices offering of 9.66 mln shares of common stock at $72.50 per share)
  • KYIV +3% (VEON and Kyivstar (KYIV) exceed $1 bln Ukraine investment commitment ahead of schedule)
  • WDS +2.2% (reports Q1 operations, maintains FY26 guidance)
  • RJET +2% (names new CEO; reaffirms guidance)
  • CPT +2% (files mixed securities shelf offering)
  • DOCN +1.7% (unveils AI-native cloud built for the inference era)
  • RDY +1.6% (Health Canada announces compliance for RDY's generic version of NVO's Ozempic)
  • PTCT +1.4% (topline results from PIVOT-HD study of Votoplam)
  • ASB +1.2% (authorizes new $100 mln share repurchase program)
  • MESO +1.1% (achieves patient recruitment target in pivotal Phase 3 Trial for Chronic Low Back Pain)
Analyst comments:
  • NOK +4.6% (upgraded to Buy from Neutral at Arete)
  • VSCO +3.4% (upgraded to Buy from Neutral at BofA Securities)
  • CNC +2.7% (upgraded to Buy from Underperform at BofA Securities; upgraded to Overweight from Neutral at Cantor Fitzgerald)
  • MOH +2.6% (upgraded to Buy from Underperform at BofA Securities)
  • TMUS +2% (upgraded to Outperform from Perform at Oppenheimer)

>>> Garmin beats by $0.24, beats on revs; reaffirms FY26 EPS guidance, revs guid

Garmin beats by $0.24, beats on revs; reaffirms FY26 EPS guidance, revs guidance
  • Reports Q1 (Mar) earnings of $2.08 per share, excluding non-recurring items, $0.24 better than the FactSet Consensus of $1.84; revenues rose 14.0% year/year to $1.75 bln vs the $1.72 bln FactSet Consensus.
  • Gross and operating margins expanded to 59.4% and 24.6% respectively, compared to the prior year quarter.
  • Co reaffirms guidance for FY26, sees EPS of $9.35, excluding non-recurring items, vs. $9.40 FactSet Consensus; sees FY26 revs of $7.9 bln vs. $7.99 bln FactSet Consensus.

>>> US Research Calls I

Research Calls I
  • Upgrades:
    • Armstrong World Industries (AWI) upgraded to Outperform from In Line at Evercore ISI, tgt $200
    • Celestica (CLS) upgraded to Buy from Hold at TD Securities, tgt $430
    • Centene (CNC) upgraded to Buy from Underperform at BofA Securities, tgt $60
    • Centene (CNC) upgraded to Overweight from Neutral at Cantor Fitzgerald, tgt $60
    • Crane (CR) upgraded to Buy from Hold at Stifel, tgt $215
    • Elevance Health (ELV) upgraded to Buy from Neutral at BofA Securities, tgt $435
    • Franklin Resources (BEN) upgraded to Equal Weight from Underweight at Barclays, tgt $31
    • MaxLinear (MXL) upgraded to Buy from Hold at Loop Capital, tgt $75
    • Molina Healthcare (MOH) upgraded to Buy from Underperform at BofA Securities, tgt $250
    • NeoGenomics (NEO) upgraded to Outperform from Market Perform at Leerink Partners; tgt $25
    • Nokia (NOK) upgraded to Buy from Neutral at Arete
    • Procore Technologies (PCOR) upgraded to Outperform from Market Perform at Citizens, tgt $71
    • Qiagen (QGEN) upgraded to Outperform from Neutral at Robert W. Baird, tgt $43
    • Radian Group (RDN) upgraded to Buy from Underperform at BofA Securities, tgt $43
    • Spotify (SPOT) upgraded to Buy from Accumulate at IndeRes, tgt $570
    • Spotify (SPOT) upgraded to Buy from Neutral at Rosenblatt; tgt $500
    • Tamboran Resources (TBN) upgraded to Outperform from Sector Perform at RBC Capital, tgt $55
    • Telecom Argentina (TEO) upgraded to Overweight from Neutral at JPMorgan, tgt $16
    • T-Mobile (TMUS) upgraded to Outperform from Perform at Oppenheimer, tgt $260
    • Victoria's Secret (VSCO) upgraded to Buy from Neutral at BofA Securities, tgt $68
    • Zeta Global (ZETA) upgraded to Overweight from Sector Weight at KeyBanc, tgt $22
  • Downgrades:
    • Brown-Forman (BF.B) downgraded to Underweight from Neutral at JPMorgan, tgt $23
    • Clearwater Paper (CLW) downgraded to Hold from Buy at TD Cowen; tgt $17
    • MercadoLibre (MELI) downgraded to Neutral from Buy at UBS, tgt $2,050
    • Purple Innovation (PRPL) downgraded to Sector Weight from Overweight at KeyBanc
    • Qualys (QLYS) downgraded to Market Perform from Outperform at William Blair
    • Rapid7 (RPD) downgraded to Market Perform from Outperform at William Blair
    • StoneCo (STNE) downgraded to Neutral from Buy at Goldman, tgt $14
    • Sysco (SYY) downgraded to Hold from Buy at Deutsche Bank, tgt $84
    • Tenable (TENB) downgraded to Market Perform from Outperform at William Blair
    • Universal Health (UHS) downgraded to Mkt Perform from Outperform at Raymond James
  • Others:
    • Aktis Oncology (AKTS) initiated with an Outperform at William Blair
    • Alibaba (BABA) initiated with an Outperform at BNP Paribas, tgt $209
    • Corbus Pharmaceuticals (CRBP) initiated with a Buy at Guggenheim, tgt $45
    • Klaviyo (KVYO) resumed with an Overweight at Morgan Stanley, tgt $29
    • Legence (LGN) initiated with a Buy at Loop Capital, tgt $96
    • Wave Life Sciences (WVE) assumed with a Buy at Truist, tgt $15

>>> Early premarket gappers

Early premarket gappers
  • Gapping up:
    • SIMO +24.9%, BE +19.7%, STX +17.8%, NXPI +17.6%, RSI +15.5%, VRNS +15.2%, FICO +12.9%, GNRC +11.1%, EXLS +11%, NEO +10.8%, FVRR +9.6%, PRCH +8.8%, AKR +8.5%, CSTM +8.3%, AVTR +7.8%, ORN +7.3%, CLVT +7.2%, ASX +6.4%, PEB +5.6%, UBS +5.2%, V +4.8%, VNDA +4.7%, SBUX +4.6%, ESI +4.5%, VLTO +4.3%, TRMK +4%, YUMC +4%, ARI +3.3%, UCTT +3.2%, TWO +3.1%, WDS +3.1%, PPG +3%, ROG +2.8%, DOCN +2.5%, LSTR +2.5%, RJET +2%, BIIB +2%, BG +1.9%, LMND +1.8%, TMUS +1.7%, CZR +1.6%, ORKA +1.5%, ACGL +1.5%, EXE +1.5%, MDLZ +1.5%, ESS +1.5%, MIR +1.4%, ASH +1.4%, OKE +1.3%, ASB +1.2%, MESO +1.1%, NAVI +1.1%, STAG +1%, LAD +1%, SWK +1%
  • Gapping down:
    • OI -20.2%, RCKY -19.9%, HOOD -10.7%, OPTX -10.5%, ENPH -9.3%, TER -5.6%, CDNA -5.4%, BKNG -4.8%, MX -4.6%, LRN -4.5%, HUM -4.4%, RUSHA -3.9%, BF.A -3.8%, RBBN -3.5%, JKHY -3.1%, NBR -2.8%, FE -2.8%, DB -2.8%, HLN -2.7%, PRTC -2.5%, MKL -2.3%, WERN -2.3%, GSK -2.2%, ATEN -2%, NOG -1.9%, ATKR -1.8%, EQR -1.8%, VALE -1.7%, PCAR -1.6%, APAM -1.6%, GEF -1.6%, CSGP -1.4%, LYG -1.3%, UNM -1.2%, OMC -1.1%, VNO -1%, AZN -1%