Tech Earnings Spark Friday Rally as Bears Circle Pet Stocks

Earnings Drive Premarket Gains

Atlassian is the standout mover this morning. Shares jumped more than 30% premarket after strong quarterly results. The software firm beat expectations on both revenue and guidance. QuinStreet also surged over 25% overnight on better-than-expected earnings. Both moves signal that the earnings season remains supportive for quality tech names.

Today's S&P 500 reporting calendar is busy. Vistra — the $47B power producer that has attracted attention from AI electricity demand — reports at 2pm ET. Gaming giant Take-Two Interactive also reports today, with investors watching for GTA VI launch news. Aflac and AIG report this morning.

AI Capex Debate Heats Up

Apollo's chief economist Torsten Slok flagged that AI capital expenditure is now growing nearly twice as fast as the mid-2000s housing boom. ByteDance is reportedly developing a mega AI model approaching Anthropic's capability. Both stories add fuel to the ongoing debate about whether AI infrastructure spending is sustainable.

Short Sellers Target Chewy and EverCommerce

Bears are pressing hard on Chewy. Short interest hit 81% of free float — up 5.4 percentage points in one week. EverCommerce carries the highest short score in the US market at 95, with a cost to borrow of 43.8% APR. Any positive catalyst in either name could trigger rapid covering.

Insiders Signal Confidence at Boston Scientific

Boston Scientific CEO Michael Mahoney filed a $9M purchase on August 5. Two directors bought alongside him. That cluster of buying from the top stands out as a strong vote of confidence heading into the weekend.