Quick Summary
- Cerebras Systems retreated 2.6% in early trading following Thursday’s spectacular 68% surge during its market debut
- Figma shares climbed 8.7% after posting impressive Q1 results with 46% year-over-year revenue expansion and upgraded forecasts
- Coinbase declined 1.5% along with fellow cryptocurrency-related equities after Thursday’s legislative-driven momentum
- Applied Materials saw a 2.6% drop despite surpassing quarterly projections and providing optimistic forward guidance
- Bill Ackman’s Pershing Square revealed a fresh stake in Microsoft, with full details pending regulatory disclosure
Cerebras Systems delivered an extraordinary performance in its Thursday trading session, skyrocketing 68% during its Nasdaq introduction and finishing the day valued at $66.95 billion. This valuation significantly exceeded projections from market observers when the offering was finalized Wednesday. However, Friday’s premarket session showed early investors locking in profits, with shares declining 2.6%.
Figma emerged as Friday’s standout performer. The collaborative design platform provider announced first-quarter revenue reaching $333.4 million, representing a robust 46% increase compared to the prior-year period and exceeding analyst expectations. The company posted adjusted EPS of $0.10, surpassing Street projections.
Management elevated its annual revenue forecast to a range of $1.42 billion to $1.43 billion. Additionally, the company projected second-quarter revenue between $348 million and $350 million, topping consensus estimates. Figma’s net dollar retention metric jumped to 139%, marking its strongest reading in more than two years.
The company attributed its exceptional performance to widespread user seat expansion and increasing customer adoption of its AI products. Premarket trading saw shares gain 8.7%.
Cryptocurrency-Linked Stocks Retreat Following Legislative Momentum
Coinbase registered a 1.5% premarket decline after Thursday’s advance. Robinhood Markets slipped 2.6% while Strategy decreased 2.2%. These stocks had gained ground the previous session following a Senate committee’s decision to move forward with the Clarity Act, legislation aimed at placing most cryptocurrency trading under CFTC oversight.
Applied Materials declined 2.6% notwithstanding exceeding second-quarter profit expectations and delivering robust projections for the ongoing quarter. With shares posting a 71% gain in 2026, market participants appeared to be securing gains.
Bill Ackman’s investment vehicle Pershing Square revealed a newly established position in Microsoft. While the exact magnitude of the investment remained undisclosed, additional information was anticipated in Friday’s 13F regulatory filing. Microsoft shares showed minimal movement on the announcement.
Additional Stocks Making Moves
Taiwan Semiconductor dropped 3% following its announcement to offload approximately 152 million shares, representing roughly 8.1% of Vanguard International Semiconductor, through a block transaction targeting institutional buyers. This divestiture would decrease TSMC’s ownership from 27.1% to approximately 19%.
Nu Holdings tumbled 5% after delivering first-quarter earnings and revenue figures that missed Wall Street targets. Transaction volume also underperformed expectations at $39.5 billion. Despite these shortfalls, the company successfully attracted 4 million new customers during the period, expanding its worldwide customer base beyond 135 million.
Papa John’s advanced 5% amid reports indicating its principal franchisee intends to partner with an investment company on a potential acquisition proposal valued at $47 per share. Brookfield Asset Management is reportedly providing financial support for the bid.
Equity index futures pointed lower Friday morning. Confirmation emerged that recent diplomatic engagement between US and Chinese officials failed to produce resolution on semiconductor trade limitations, contributing to market headwinds ahead of the opening bell.
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