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Earnings did most of the talking this morning, and the market split its verdict along one line: what was already in the price. A cloud story got rewarded for growth nobody expected to see again, while a clean hardware beat became the session's steepest drop anyway.

Biotech delivered both extremes. One regulatory decision made a small-cap the runaway winner of the morning, and one failed trial pulled a pipeline story apart. Elsewhere, an energy beat barely moved the needle, and a third straight quarterly loss stopped reading as a cycle problem.

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Replimune Group (REPL): +130%

An FDA advisory panel voted in favor of the company's RP1 trial results for a type of skin cancer, and the stock has more than doubled on the decision. Wedbush upgraded Replimune to Outperform from Neutral immediately after. For a clinical-stage biotech, a favorable panel vote is the moment the entire company gets repriced.

Amazon (AMZN): +11%

Cloud is the entire story. Amazon's cloud segment grew at its fastest pace in 18 quarters and ran well past the growth rate Wall Street had penciled in for the quarter. After years of investors asking whether that business had permanently downshifted, one print has reset the debate.

Chevron (CVX): +1%

The energy giant beat on both earnings and revenue, with quarterly net income up nearly 400% from the same period last year. A profit swing that large moving the stock this little says the recovery was already in the price.

Reddit (RDDT): -15%

The selloff has little to do with the quarter itself, which beat on both lines and came with guidance ahead of expectations. What rattled investors was search referral traffic from Google, which CEO Steve Huffman described as choppy. When a company's growth engine sits inside someone else's algorithm, the market punishes any wobble in it.

Novo Nordisk (NVO): -8%

Phase 3 results for ziltivekimab failed to reduce major cardiovascular events compared to placebo. Novo has spent years building a pipeline narrative that reaches beyond obesity drugs, and this was one of its load-bearing pillars. A clean miss on a cardiovascular endpoint removes an option the market had already partly paid for.

Apple (AAPL): -7%

Apple reported stronger-than-expected revenue for the fiscal third quarter, driven by a 22% jump in iPhone sales, and the stock is down sharply anyway. A decline that steep on a quarter that good is a statement about what was already priced in, not about the business. The bar was the problem here, not the results.

Coinbase (COIN): -6%

The crypto exchange posted its third straight quarterly loss, and this one landed far wider than analysts had modeled, with revenue short as well. Three consecutive losing quarters stop reading as a cycle story and start reading as a cost structure question. That is the shift getting priced this morning.

As high-growth technology companies stay private longer, much of venture’s value creation has been out of reach for public investors. Powerlaw Corp. aims to narrow that gap.  Through a single Nasdaq-listed stock (PWRL), the Powerlaw 15* seeks to offer exposure to 15 iconic private technology leaders—including OpenAI, SpaceX, Anthropic, Anduril, xAI, Databricks, Canva, Kraken, Kalshi, Groq, Perplexity, Deel, Colossal, Mercor, and one confidential company—bringing private-market opportunity into a transparent, publicly traded structure.

Trade on Nasdaq

*The Powerlaw 15 refers to a high-conviction portfolio typically composed of approximately 15 investments; holdings may change over time, as described in the Fund’s registration statement.

Advanced Micro Devices (AMD)

Retail chatter has been building all week ahead of Tuesday's second quarter report, with r/wallstreetbets mentions up significantly in the past 24 hours and sentiment skewing bullish. The argument circulating is whether the AI accelerator ramp is far enough along to justify a stock that has more than doubled this year, or whether the recent cooling in chip names is the front edge of something larger.

Options are pricing a move of roughly 12% in either direction off the print, and shares are currently sitting below both their 20-day and 50-day moving averages despite a 115% year-to-date gain. Tuesday could either confirm the data center story traders have been underwriting or hand the skeptics their first real opening.

✌️That’s it for today.