These Stocks Moved the Most Today: Alibaba, Marvell, Affirm, Nvidia, Dell, Autodesk, Ambarella, IREN, and More

Traders work on the floor of the New York Stock Exchange. (Timothy A. Clary/ AFP via Getty Images)

Stocks fell Friday after the University of Michigan’s latest survey of consumers showed an increase in inflation expectations and Wall Street shed Magnificent Seven tech stocks to close out the final trading session of August.

These stocks moved Friday:

Marvell Technology fell 19% after the chip designer swung to a profit in the second quarter but adjusted earnings of 67 cents a share on revenue of $2.01 billion only matched Wall Street estimates. Marvell said revenue in the period rose 58%, due in part to “strong AI demand” for its custom silicon and electrooptics products. Marvell expects third-quarter adjusted earnings of 74 cents a share, plus or minus five cents, and revenue of $2.06 billion, plus or minus 5%. Analysts had been calling for earnings of 72 cents a share on revenue of $2.11 billion.

Dell Technologies was down 9% after the maker of computers and artificial-intelligence servers posted better-than-expected second-quarter adjusted earnings, but issued a third-quarter outlook that missed analysts’ estimates. Dell said it anticipates third-quarter adjusted earnings of $2.45 a share at the midpoint, compared with expectations of $2.55. The company expects fiscal 2026 AI server shipments of $20 billion, higher than prior guidance of $15 billion. Demand for Dell’s AI solutions “continues to be exceptional,” management said.

Nvidia was down 3.4%. Shares of the AI chip maker declined 0.8% Thursday following Nvidia’s second-quarter earnings report. A miss on data-center revenue in the quarter, which rose 56% to $41.1 billion, disappointed investors.

U.S.-listed shares of Alibaba gained 13% after the Chinese e-commerce conglomerate posted fiscal first-quarter earnings that beat analysts’ expectations but revenue that missed forecasts amid a fierce price war in China. Separately, The Wall Street Journal reported that Alibaba, China’s biggest cloud-computing company, had developed a new and more versatile artificial-intelligence chip.

Software company Autodesk rallied 9.1% after posting second-quarter adjusted earnings that topped Wall Street forecasts. Guidance for both the third quarter and fiscal year came in above estimates.

Affirm Holdings jumped 11%. The fintech swung to a fiscal fourth-quarter profit and revenue rose 33% to $876 million, handily topping analysts’ estimates of $837 million. Gross merchandise volume, a metric that represents the total dollar amount of all transactions on the platform, net of refunds, jumped 43% to $10.4 billion.

Caterpillar was down 3.7% after the manufacturer of construction and mining equipment said it expected import levies to have a net impact of between $500 million to $600 million for the third quarter and $1.5 billion to $1.8 billion for 2025. The figures were higher than prior guidance of $1.3 billion to $1.5 billion issued in early August.

Celsius Holdings rose 5.3% after PepsiCo said it was increasing its stake in the energy-drink maker as part of an agreement to expand their strategic partnership. PepsiCo bought $585 million in newly issued convertible 5% preferred Celsius stock, giving it an 11% ownership stake in the company. PepsiCo was up 1.1%.

Ambarella jumped 17%. The chip-design company raised fiscal-year revenue guidance after second-quarter revenue surged 49.9% to $95.5 million, topping analysts’ calls for $90 million.

IREN was up 15%. The data-center company reported record quarterly revenue and announced another round of Nvidia chip purchases. IREN also secured Nvidia preferred-partner status.

Second-quarter adjusted earnings at Ulta Beauty easily topped Wall Street expectations, and the cosmetics retailer raised its guidance for the fiscal year. Shares surged in after-hours trading Thursday but reversed those gains on Friday, falling 7.1%.

Elastic stock shed significant premarket gains and was down 3.1% after the software company posted better-than-expected fiscal first-quarter adjusted earnings of 60 cents a share on sales of $415 million, up 20% from a year earlier. Elastic also boosted its sales guidance for its second quarter and fiscal year.

Shares of cybersecurity company SentinelOne rose 7.1% after second-quarter revenue surged 22% and annualized recurring revenue surpassed $1 billion.

Write to Joe Woelfel at joseph.woelfel@barrons.com and Mackenzie Tatananni at mackenzie.tatananni@barrons.com