Nasdaq closes 1% higher as AI stocks rebound on strong earnings

Impact · against what's priced in

The most material catalysts are SMCI's margin guidance and the SpaceX/Tesla merger talks, as both challenge the current bearish market consensus. Conversely, Netflix's weak ad guidance confirms a deceleration that the price was already cautious about, while semiconductor gains are largely a sentiment rebound rather than fundamental shifts.

SMCI+0.60

Challenges what's priced in

The price assumes

A stabilization of gross margins above 15%, which the price explicitly rejects