Quick Overview
- Cerebras retreated 2.6% in premarket sessions following Thursday’s explosive 68% Nasdaq debut rally
- Figma surged 8.7% after delivering impressive Q1 results with 46% revenue expansion and upgraded forecasts
- Coinbase declined 1.5% along with cryptocurrency-related equities following Thursday’s Senate gains
- Applied Materials shed 2.6% even after surpassing earnings projections with optimistic forward guidance
- Bill Ackman’s Pershing Square established a fresh stake in Microsoft, with exact position size undisclosed
Cerebras Systems experienced an extraordinary Thursday session, skyrocketing 68% during its Nasdaq market debut to finish with a valuation of $66.95 billion. This performance exceeded analyst projections following Wednesday’s IPO pricing. However, the stock surrendered some momentum Friday morning, declining 2.6% before the opening bell.
Figma emerged as a standout performer on Friday. The digital design platform announced first-quarter revenues of $333.4 million, representing a 46% year-over-year increase that surpassed analyst expectations. The company’s adjusted earnings per share reached $0.10, exceeding predictions.
Management elevated its annual revenue projection to a range of $1.42 billion to $1.43 billion. Additionally, second-quarter revenue guidance of $348 million to $350 million came in above consensus estimates. Figma’s net dollar retention metric improved to 139%, marking its strongest performance in more than two years.
Figma attributed the robust quarterly performance to widespread seat expansion and accelerating adoption of its AI products. The stock climbed 8.7% in premarket activity.
Cryptocurrency Equities Retreat Following Thursday’s Gains
Coinbase declined 1.5% in premarket trading after Thursday’s advance. Robinhood Markets decreased 2.6% while Strategy dropped 2.2%. These three stocks had rallied the previous session after a Senate committee approved advancement of the Clarity Act, legislation that would assign most cryptocurrency trading oversight to the Commodity Futures Trading Commission.
Applied Materials slid 2.6% despite exceeding second-quarter earnings expectations and providing robust guidance for the ongoing quarter. With shares up 71% in 2026, market participants appeared to be securing gains.
Bill Ackman’s investment vehicle Pershing Square revealed a new holding in Microsoft. The position’s exact size remained undisclosed but was anticipated to be detailed in a 13F filing released later Friday. Microsoft shares remained essentially unchanged on the announcement.
Additional Notable Market Movements
Taiwan Semiconductor decreased 3% following disclosure of plans to divest approximately 152 million shares, representing roughly 8.1%, of Vanguard International Semiconductor through a block transaction to institutional buyers. This divestment would decrease its ownership from 27.1% to approximately 19%.
Nu Holdings tumbled 5% after reporting first-quarter earnings and revenues that missed analyst forecasts. Purchase volume also disappointed at $39.5 billion. Despite this, the fintech company added 4 million new customers during the period, expanding its worldwide customer base beyond 135 million.
Papa John’s advanced 5% following news that its largest franchise operator intends to partner with an investment firm on a potential $47-per-share acquisition proposal. Brookfield Asset Management is reportedly supporting the prospective offer.
Stock index futures traded broadly lower Friday morning. Confirmation emerged that recent diplomatic discussions between the US and China failed to resolve semiconductor trade restriction disputes, adding downward pressure to markets approaching the opening session.
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