Key Highlights
- Cerebras declined 2.6% in early trading after an explosive 68% gain during Thursday’s Nasdaq debut
- Figma soared 8.7% following exceptional Q1 results, including 46% revenue expansion and upgraded annual forecast
- Coinbase retreated 1.5% along with cryptocurrency-related equities following Thursday’s legislative momentum
- Applied Materials shed 2.6% despite surpassing earnings projections and providing optimistic forward guidance
- Bill Ackman’s Pershing Square revealed a fresh stake in Microsoft, with position details pending disclosure
Cerebras Systems experienced an extraordinary Thursday session, rocketing 68% higher during its Nasdaq launch and finishing the day valued at $66.95 billion. This performance significantly exceeded analyst projections following Wednesday’s IPO pricing. However, Friday’s premarket session saw the stock relinquishing some momentum, declining 2.6% before the opening bell.
Figma emerged as Friday’s standout performer. The cloud-based design platform delivered first-quarter revenue of $333.4 million, representing a 46% year-over-year increase that surpassed analyst expectations. Adjusted earnings per share registered at $0.10, exceeding projections.
Management elevated its full-year revenue forecast to a range of $1.42 billion to $1.43 billion. Second-quarter revenue guidance came in at $348 million to $350 million, topping consensus estimates. Figma’s net dollar retention rate reached 139%, marking its strongest performance in more than two years.
The company attributed its robust performance to widespread seat expansion and increasing uptake of its AI products. Shares climbed 8.7% in premarket activity.
Cryptocurrency Equities Retreat Following Previous Session’s Advance
Coinbase declined 1.5% in early trading after Thursday’s positive session. Robinhood Markets dropped 2.6% while Strategy retreated 2.2%. These cryptocurrency-related stocks had rallied during the previous session following a Senate committee’s decision to advance the Clarity Act, legislation that would transfer most digital asset trading oversight to the Commodity Futures Trading Commission.
Applied Materials slipped 2.6% despite exceeding second-quarter earnings expectations and delivering robust guidance for the ongoing quarter. With shares up 71% year-to-date in 2026, market participants appeared to be locking in gains.
Bill Ackman’s investment firm Pershing Square announced a newly established position in Microsoft. The stake’s magnitude remained undisclosed but was anticipated to surface in a 13F filing later Friday. Microsoft shares showed minimal movement on the announcement.
Additional Notable Movers
Taiwan Semiconductor declined 3% following its announcement to divest approximately 152 million shares, representing roughly 8.1% of Vanguard International Semiconductor through a block trade targeting institutional buyers. This transaction would decrease its ownership from 27.1% to approximately 19%.
Nu Holdings tumbled 5% after falling short of Q1 earnings and revenue forecasts. Purchase volume also disappointed at $39.5 billion. Despite these misses, the fintech company attracted 4 million new customers during the period, expanding its worldwide customer base beyond 135 million.
Papa John’s climbed 5% amid reports that its primary franchisee intends to collaborate with an investment firm on a prospective $47-per-share acquisition proposal. Brookfield Asset Management is reportedly supporting the potential bid.
Equity index futures pointed lower Friday morning. Confirmation emerged that recent diplomatic engagement between the US and China failed to achieve resolution on semiconductor trade limitations, weighing on market sentiment ahead of the regular session.
