Biggest stock movers Thursday: MRVL, APLD, and more

Stock futures edged lower in the premarket hours of Thursday as prospects for a diplomatic resolution between the United States and Iran dimmed, while a renewed surge in Treasury yields reignited broad market concerns over sticky inflation.

Here are some of Thursday's biggest stock movers:

Biggest stock gainers

• Wolfspeed (WOLF) +20% - Shares surged after the company received a $1.5B, 30-year conditional loan commitment from the U.S. Department of War to support domestic development and production of silicon carbide materials and wide-bandgap power devices. Wolfspeed plans to use the financing to expand domestic low- and high-voltage GaN production, advance GaN-on-SiC RF epitaxial wafer technology, and develop radiation-hardening capabilities for SiC and GaN products, including applications tied to national security and electronic warfare. The company expects to leverage manufacturing facilities in North Carolina, New York, and Arkansas, while the loan terms require Wolfspeed to issue the DoW VWAP-based warrants for up to 7.5% of its fully diluted equity as financing tranches are funded.
• Applied Digital (APLD) +5% - Shares rose after the neocloud provider reported upbeat FQ1 with revenue up 322% Y/Y. Adjusted EBITDA was $64.4M for the quarter. CEO Wes Cummins said the company remains focused on becoming a leader in purpose-built AI factories by developing large-scale campuses and securing long-term contracts with tier-one, investment-grade hyperscalers.

Biggest stock losers

• Valneva (VALN) -3% - Shares fell after the UK Medicines and Healthcare Products Regulatory Agency revoked the marketing authorization for Ixchiq, the company’s chikungunya vaccine, citing safety concerns. Valneva said it will not appeal the decision and expects a minimal financial impact, noting that the vaccine had already seen low sales in the UK and had not been actively distributed for several months. The company said an ongoing pilot vaccination program in Brazil involving more than 61,000 vaccinations has identified no new safety concerns. Ixchiq remains available in the EU, Canada, and Brazil, while the U.S. FDA suspended its license in August 2025 over reported serious adverse events.
• Marvell Technology (MRVL) -2% - Shares slipped despite the Wall Street analysts raising price targets following the chipmaker’s investor day, where it projected fiscal 2031 revenue of $70B-$90B and at least $30 in earnings per share. Marvell raised its FY2028 revenue outlook to $20B from $18B and expects customer revenue to increase at least 200% in FY2029. Citi, Needham, and Morgan Stanley raised their price targets to $275, $400, and $300, respectively, citing stronger-than-expected long-term growth prospects driven by AI infrastructure, custom silicon, and data-center interconnects.