US Stock Intraday Movers: SpaceX Down Over 5%, Rivian Drops 14% on Share Offering
Alina Collins
Tech and AI-infrastructure stocks sold off broadly on Tuesday — SpaceX fell over 5% on its first day in the Nasdaq 100, Rivian plunged 14% after a 75-million-share offering — while Samsung's mixed results triggered a cross-market chip selloff and software names emerged as a rare haven.
Why did SpaceX drop on its Nasdaq debut?
SpaceX (SPCX) fell over 5% on its first trading day as a Nasdaq 100 constituent. This means → the market had already priced in the "fastest-ever index inclusion," and traders sold the news.
The broader space sector followed: Rocket Lab dropped 10%, Intuitive Machines and AST SpaceMobile each fell more than 6%. In plain terms = when the leader stumbles, smaller peers — whose valuations lean heavily on narrative — fall harder.
Rivian offered 75 million shares — why couldn't strong guidance save it?
Rivian announced a 75-million-share common-stock offering, and the stock plunged 14%. This means → existing shareholders face immediate dilution, and the market voted with its feet.
The company simultaneously issued Q2 revenue and delivery guidance that beat the FactSet consensus, yet the upside failed to offset dilution. In plain terms = good earnings are a future promise; dilution hits today — the market prices the near-term pain first.
How did Samsung's results ignite a global chip selloff?
Samsung's overnight quarterly results were mixed, prompting investors to trim AI-linked positions. This reflects fragile confidence in AI-hardware profitability — one underwhelming report was enough to trigger a chain reaction.
US chip stocks: Micron fell 5%, Lam Research dropped nearly 7%. South Korea's KOSPI closed down almost 5%, and the iShares MSCI South Korea ETF (EWY) fell over 5%.
Quantum-computing names sold off in sympathy: IonQ and Rigetti each dropped ~7%, D-Wave fell over 5%. In plain terms = anything carrying the "AI hardware" label was sold almost indiscriminately.
Why weren't AI-power and industrial stocks spared?
GE Vernova fell 10%, leading the AI-power-infrastructure selloff; Vertiv dropped nearly 7%, Corning nearly 6%, Lumentum 5%. This means → the concern extends beyond chips — it is traveling down the entire supply chain from "AI needs power → needs cooling → needs optical modules."
Caterpillar fell 6% after announcing the acquisition of drone-aerial-survey firm Skycatch at an undisclosed price. The market reacted negatively to a deal with no visible return profile.
Which stocks bucked the trend — and why?
Software was the rare bright spot in tech: Palantir rose 2%, Salesforce 3%, Workday nearly 5%. The iShares Expanded Tech-Software ETF (IGV) closed slightly higher. This reflects a rotation from "hardware/manufacturing" into "software/subscription" as a risk-off move.
Cognizant surged over 6% after announcing an expanded partnership with Google Cloud to accelerate enterprise adoption of Gemini AI. In plain terms = the market sees "helping companies use AI" as a higher-certainty bet than "building AI hardware."
Adobe rose over 5%, even as Bank of America resumed coverage with an "underperform" rating and a $190 target — implying roughly 13% downside from Monday's close. The analyst flagged generative AI lowering the barrier to content creation and intensifying competition from cheaper alternatives. This means → the stock and the rating are at odds; short-term money chose to ignore the bearish call.
What company-specific events stood out beyond the tape?
Vertex agreed to acquire Crinetics for $10 billion, expanding into rare hormonal-disease treatments. Crinetics nearly doubled; Vertex dipped about 1%. In plain terms = the target pockets the premium; the acquirer absorbs near-term "big-spender" skepticism.
Fiserv rose over 2% after the Wall Street Journal reported the company has approached JPMorgan, Bank of America, and other major banks about selling its debit-card transaction-processing infrastructure. This means → the market is betting that carving out non-core assets will unlock value.
T-Mobile gained 3% after Morgan Stanley reiterated it as a top US telecom pick, calling it "best positioned to capture value in an evolving market."
USA Rare Earth fell over 7% as Democratic lawmakers widened their probe into the US government's $1.6 billion investment in the company, seeking information from Cantor Fitzgerald on potential conflicts of interest involving Commerce Secretary Howard Lutnick. This reflects that policy risk can be as damaging to rare-earth stocks as any fundamental concern.
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