Chipmaker Intel (INTC) rose about 8% in after-hours trading after reporting second-quarter revenue that beat expectations, helped by strong demand for AI computing and data center chips.
The semiconductor giant posted $16.1 billion in revenue, up 25% from a year earlier, marking its fastest quarterly growth in more than 15 years. Adjusted earnings came in at $0.42 per share, while revenue was driven by a 59% jump in the company's Data Center and AI business.
CEO Lip-Bu Tan said AI demand continues to fuel growth across Intel's processor, foundry and advanced packaging businesses.
Intel also issued an upbeat outlook for the current quarter, forecasting $15.8 billion to $16.8 billion in revenue and adjusted earnings of $0.38 per share.
The strong report eased sentiment in tech stocks after a bruising session. Nasdaq 100 futures rebounded from the lows, trimming losses to about 1.6%.
Crypto-related stocks closed firmly in the red as Thursday’s big tech sell-off selling dragged down risk assets.
Strategy (MSTR), the largest corporate holder of bitcoin, fell 6.5%. BitMine Immersion (BMNR), Tom Lee’s Ethereum treasury company, slid 6.8%, while Circle (CRCL), the issuer of the USDC stablecoin, dropped 6.3%.
The Nasdaq ended the session 2.3% lower, leaving the tech-heavy index within striking distance of a two-month low and about 8% below its June peak, nearing correction territory.
Crypto prices also weakened, though the moves were more muted. Bitcoin (BTC) slipped 1.8% to around $64,800, while ether (ETH) lost about 3% to trade near $1,870.
Robinhood (HOOD) said CEO Vlad Tenev's X account was compromised after hackers used it to promote a fake meme coin called "Vladhood" ($VLAD), claiming it would be listed on the trading platform.
The fraudulent post appeared Thursday ahead of Robinhood's earnings release and falsely described the token as the "official Robinhood chain mascot" while encouraging users to buy it.
"Our CEO Vlad Tenev's X account was compromised and posted a fake promotion for a meme coin," Robinhood said on X.
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