24H | Meta Soars 12%; Microsoft Surges 8%; Nvidia and Amazom Jump 3%; Qualcomm Drops 5%; Arm Sinks 8%

Applied Digital topped Wall Street estimates for quarterly revenue on Wednesday, buoyed by artificial intelligence-driven demand for its cloud infrastructure. Shares of the Dallas, Texas-based data center operator jumped 16.8% in overnight trading.

Shares of used-car dealer Carvana jumped 15.1% in overnight trading after it handily beat expectations for both revenue and earnings per share, while just narrowly beating forecasts for the number of cars sold.

Meta Platforms topped projections for second-quarter sales and gave a stronger-than-expected forecast for the current period, a sign that the social media company’s advertising business is still growing quickly enough to support aggressive spending on artificial intelligence. The shares surged 11.6% in overnight trading.

Western Digital beat expectations for fourth-quarter revenue on Wednesday, benefiting from strong orders for its data storage products as enterprises adopt cloud computing, sending its shares up 11.6% in overnight trading.

E-commerce firm eBay forecast third-quarter revenue above Wall Street expectations and beat revenue estimates on Wednesday, helped by robust demand for collectibles and renewed interest in Pokemon cards, sending its shares up 11.5% in overnight trading.

Microsoft reported better-than-expected growth in its cloud business and said spending on AI infrastructure hit a record. The shares jumped 8.2% in overnight trading.

Nvidia and Amazom stocks gained 3% in overnight trading after Meta and Microsoft earnings. Morgan Stanley analysts are confident the stock has more to gain, raising their target price to $200 from $170 and reiterating an Overweight rating.

Ford Motor said on Wednesday that U.S. tariffs on imported vehicles, as well as on steel and aluminum, will likely cost more than expected for the year, and the automaker's shares slid 1.6% in overnight trading.

Qualcomm, the biggest maker of chips that run smartphones, fell in late trading after reporting lackluster growth in that market, fueling concerns that tariffs will take a toll on the industry. The shares dropped 4.7% in overnight trading.

Arm, which provides the most widely used technology in computing chips, gave a lower-than-expected profit forecast for the current period after ramping up spending on new products. The shares sank 8.1% in overnight trading.