Premarket movers: Trump Media, AI infrastructure stocks fall; AMD jumps

U.S. stock index futures turned higher on Wednesday, recovering from earlier losses as investors assessed a Democratic sweep of both chambers of Congress in the midterm elections. Figures from the Associated Press showed Democrats securing majorities in the Senate and House of Representatives, although some votes were still being counted. 

By 06:02 ET (11:02 GMT), S&P 500 futures had risen 80 points, or 1.1%, while Nasdaq 100 futures gained 286 points, or 1.0%. Dow futures advanced 801 points, or 1.6%. Futures had initially fallen between 1% and 2.5% following the early election results.

Here are some of the biggest premarket U.S. stock movers today:

Trump Media & Technology Group shares fell 7.4% in premarket trading to $5.51 as investors unwound positions linked to President Donald Trump’s political fortunes following the Democratic gains in Congress.

The stock, which has often traded as a proxy for sentiment around Trump, had risen roughly 6% in the previous session on optimism ahead of the elections. The change in the political outlook prompted investors to reverse some of those bets, weighing heavily on the shares.

Renewable energy stocks climbed after Democrats secured control of both chambers of Congress, with investors anticipating a potentially more supportive policy environment for the sector. First Solar shares rose about 8% in premarket trading, while Sunrun gained 8.6%. SolarEdge Technologies up 3%, and Canadian Solar 7%.

Meanwhile, shares of artificial intelligence data-center companies came under pressure as investors assessed the possibility of tighter regulatory oversight, changes to technology tax incentives and increased antitrust scrutiny under a Democratic-controlled Congress.

CoreWeave fell as much as 3.2% in premarket trading, while Applied Digital dropped 3% and Nebius declined 1.3%. Oracle shares lost about 1.2%, reversing part of Tuesday’s 5.85% gain. The company had priced a combined $20 billion stock and debt offering in recent sessions.

Advanced Micro Devices shares rose 7.3% in premarket trading after the chipmaker forecast faster growth through 2027, reinforcing expectations that demand for AI computing will extend beyond Nvidia’s market-leading accelerators.

Chief Executive Lisa Su said the company was seeing demand across its data-center business, including server processors and AI products. AMD expects overall revenue to grow more than 80% in 2027, above analysts’ forecast for growth of 77%, according to LSEG data.

AMD has gained about 126% this year and could add roughly $58 billion in market value if the premarket gains hold.

Super Micro Computer shares jumped more than 7% after the server maker reported fiscal first-quarter earnings and revenue well above Wall Street estimates and issued an upbeat outlook, pointing to continued demand for AI infrastructure.

The company reported adjusted earnings of $1.81 per share, beating analysts’ expectations of $1.23. Revenue surged 298% year over year to $19.9 billion from $5 billion, exceeding the consensus estimate of $16.26 billion and topping the company’s preliminary forecast of $18.5 billion to $19.5 billion. Adjusted gross margin improved to 12.8%, compared with 9.5% a year earlier.

Super Micro expects fiscal second-quarter revenue of $19.5 billion to $21.5 billion, with the midpoint comfortably above analysts’ estimate of $17.51 billion. It forecast adjusted earnings of $1.66 to $1.90 per share, compared with the $1.14 consensus.

For the full fiscal year, the company projected revenue of $72 billion to $82 billion, putting the midpoint at $77 billion, above analysts’ expectations of $70.27 billion.

Geo Group shares fell 6.3% in premarket trading to $26.30 as investors reduced their exposure ahead of the company’s third-quarter earnings report, scheduled for release before Thursday’s market open.

Analysts expect revenue of about $770.87 million and earnings of approximately $0.35 per share. The stock has declined roughly 15% over the past month, underperforming sector peers, as investors weigh whether the upcoming results and forward guidance will be strong enough to improve sentiment.

DarkIris shares surged 66% in premarket trading after the company filed a Form 6-K with the U.S. Securities and Exchange Commission confirming the registration of its Fifth Amended and Restated Memorandum and Articles of Association with the Cayman Islands Registrar of Companies.

The filing confirmed that changes approved by shareholders at an October 6 extraordinary general meeting, including reverse stock split provisions and an expansion of dual-class supervoting rights, had been formally registered.

Block shares jumped 5.9% in premarket trading after the fintech company reported third-quarter results that topped analyst estimates, supported by stronger gross profit and operating income.

The company reported adjusted earnings of $1.13 per share, above expectations of about $0.96, while revenue reached $6.72 billion. Gross profit increased 22% year over year to $3.24 billion, and adjusted operating income nearly doubled to $923 million, lifting its adjusted operating margin to 29% from 18% a year earlier.

Cash App gross profit rose 27% year over year as monthly transacting active users reached 60 million in September. Consumer lending origination volume also increased 40% to $19 billion.

Uber fell 2% after forecasting adjusted ‌profit below ​Wall Street ​expectations, as driver shortages, higher fuel costs and the Middle East conflict weighed on ride-hailing growth in markets ‌ranging from India and Brazil to Canada.

The company is responding by ⁠spending more to recruit and retain drivers, a cost that will be watched closely because ‌it comes as the company ‌also funds a major push into autonomous vehicles and a string of acquisitions.