Biggest stock movers Wednesday: AMD, ANET, SMCI, and more

Stock futures inched higher Wednesday morning, reflecting generally positive sentiment following recent corporate earnings reports, despite ongoing trade uncertainties and mixed economic data.

Here are some of Wednesday’s biggest stock movers:

Biggest stock gainers

• Arista Networks (NYSE:ANET) +13% – Shares surged after the company reported Q2 results that exceeded expectations, driven by 30% Y/Y revenue growth. Notably, adjusted operating income surpassed $1B for the first time in a single quarter. For Q3, Arista guided for revenue of approximately $2.25B, well ahead of the $2.12B consensus estimate, reflecting continued momentum in demand for its cloud networking solutions.

Biggest stock losers

• Advanced Micro Devices (NASDAQ:AMD) -6% – Shares slipped despite a solid Q2 beat, as investors focused on a sequential slowdown in data center growth. The company reported revenue of $7.68B, up 32% Y/Y and above the $7.43B estimate, with EPS of $0.48 in line with forecasts. Data center revenue rose 14% Y/Y to $3.24B but fell nearly 12% Q/Q, raising concerns after Q1’s 57% Y/Y surge. For Q3, AMD guided revenue between $8.4B–$9B (midpoint $8.7B vs. $8.37B est.). The outlook excludes potential MI308 chip revenue from China, pending U.S. license approvals.
• Lucid Group’s (NASDAQ:LCID) -7% — Shares plunged after the company missed Q2 financial expectations and lowered its full-year production forecast. The company reported a non-GAAP EPS loss of $0.24, missing the consensus mark by $0.02. Revenue of $259.4M also fell short of estimates, despite a solid 29.3% Y/Y increase. In Q2, Lucid produced 3,863 vehicles and delivered 3,309, a 38.2% increase in deliveries compared to the same quarter last year. However, the company revised its FY2025 production outlook downward to between 18,000 and 20,000 vehicles vs. its previous guidance of 20,000 vehicles.
• Snap (NYSE:SNAP) -17% – Shares plummeted after the company posted disappointing Q2 results and guidance. Adjusted EBITDA dropped 25% Y/Y to $41M, missing the $48.7M estimate, and down from $55M a year ago. For Q3, Snap forecast revenue between $1.48B and $1.51B (in line with the $1.48B consensus) but projected daily active users at ~476M, just shy of the 476.4M estimate.
• Super Micro (NASDAQ:SMCI) -14% – Shares sank after the company’s FQ4 results and Q1 outlook fell short of expectations. For Q1 FY26, SMCI guided adjusted EPS of $0.40–$0.52 (midpoint: $0.46, much below the consensus of $0.59) and revenue of $6B–$7B (midpoint: $6.5B vs. $6.59B est.). However, it projected FY2026 revenue of at least $33B, topping the Street’s $30.03B view. CEO Charles Liang cited growing data center demand and global expansion as key growth drivers.
• Rivian Automotive (NASDAQ:RIVN) -5% – Shares fell after the EV maker posted a wider-than-expected Q2 loss and raised its full-year adjusted EBITDA loss forecast to $2B–$2.25B (prior: $1.7B–$1.9B). Q2 production dropped 37% Y/Y to 5,979 vehicles, while deliveries fell 22% Y/Y to 10,661 units, as supply chain disruptions and shifting U.S. trade policies weighed on output. FY2025 delivery guidance of 40K–46K units was reaffirmed.
• Opendoor Technologies (NASDAQ:OPEN) -19% – Shares slid following a mixed Q2 print in which earnings came in slightly worse than expected. The company also issued below-consensus guidance for Q3, expecting revenue in the range of $800M to $875M, with a midpoint of $837.5M, well below the $1.20B average analyst estimate. Contribution profit is projected between $22M and $29M, with a midpoint of $25.5M compared to the $55.9M consensus. Adjusted EBITDA to range from a loss of $28M to $21M, with a midpoint of a $24.5M loss vs. a $2.9M consensus loss.