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The energy trade just flipped on a single headline. Oil names are in freefall after a report that the U.S. and Iran are nearing a deal to end the Middle East conflict, and the geopolitical risk premium that's been propping up crude all year is unwinding in real time.

Meanwhile, AI infrastructure is having one of its loudest mornings in months. A blowout chip forecast and a manufacturing megadeal between a sleepy industrial and Nvidia are pulling tech futures higher, while a cloud networking favorite is reminding everyone what happens when a clean print isn't clean enough. An EV maker is also getting punished for missing on revenue by a wide margin, the kind of quarter that tests how patient long-term believers really are.

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Advanced Micro Devices (AMD): +16.8%

AMD crushed Q1 and then handed Wall Street a Q2 revenue forecast well above what analysts were modeling. After a stretch of investor anxiety about whether AMD could keep pace in the AI race, this is the company telling the market: yes, we can.

Corning (GLW): +16.6%

Corning is the latest name to get the Nvidia bump, this time via a deal to build three new manufacturing plants in North Carolina and Texas dedicated to optical tech for AI infrastructure. The kicker: a 900% increase in Corning's optical manufacturing capacity. That's the kind of math that turns a sleepy industrial into an AI play.

Super Micro Computer (SMCI): +12.9%

SMCI guided Q4 profit comfortably above the Street, tied directly to the AI server buildout. The Q3 mix was messier, with revenue light against high expectations, but the forward number is what's driving the tape today.

DaVita (DVA): +6.8%

DaVita beat on both lines and raised the full-year EPS range. For a kidney dialysis operator, the pitch is steady cash flow with rare upside surprises, and that's exactly what this print delivered.

Uber (UBER): +6.1%

Uber missed slightly on Q1 revenue, but the current-quarter guide came in ahead of expectations and earnings ticked past estimates. The market is treating that combination as confirmation the platform is still compounding, even as growth normalizes.

Arista Networks (ANET): -7.9%

Arista delivered the kind of quarter that looks acceptable in the headline numbers but less convincing underneath. Adjusted gross margin came in just below expectations and Q2 revenue guidance was roughly in line, which after a long run of beats reads as a deceleration. The cloud networking trade has been priced for perfection, and this wasn't perfect.

APA Corporation (APA): -6.0%

APA led oil names lower after Axios reported the U.S. and Iran may be closing in on a deal to end the Middle East conflict. Peers got hit too: Occidental Petroleum (OXY) fell 6.3%, ConocoPhillips (COP) dropped 4.5%, and Exxon Mobil (XOM) and Chevron (CVX) were both off more than 3%. Crude is the geopolitical risk premium, and that premium is bleeding out fast.

Lucid Group (LCID): -5.2%

Lucid posted a wider-than-expected Q1 loss and revenue that came in dramatically short of estimates. The EV story has been a long, patient bet on production ramping into demand, and quarters like this make patience harder to come by.

Skyworks Solutions (SWKS): -4.9%

Skyworks actually guided Q3 above consensus on both revenue and earnings, which would normally be a green print. The selloff suggests investors were positioned for more, or that the Q3 raise wasn't enough to outweigh longer-term concerns about handset cycles.

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ImmunityBio (IBRX)

ImmunityBio is back on the retail radar ahead of the American Urological Association Annual Meeting in Washington, D.C., on May 15-18, where the company plans to present new Anktiva data, including cross-trial comparisons against Johnson & Johnson's TAR-200 and other rival bladder cancer treatments.

Founder Patrick Soon-Shiong has been actively fueling speculation on X about international expansion, and traders have reportedly spent the past week tracking his private jet movements through Japan, looking for clues on overseas deals.

The stock is riding high this year, but earlier in March, an FDA Warning Letter triggered a 21% single-day drop. However, Anktiva approvals across the UK, EU, and Saudi Arabia have kept the global growth narrative alive. Whether the AUA presentation reignites the rally or confirms the FDA overhang depends on what the comparisons against TAR-200 actually show.

✌️That’s it for today.