Biggest stock movers Wednesday: SMCI, DYN, GEV, T, and more

Stock futures inched lower on Wednesday as market participants held back ahead of a busy slate of mega-cap technology earnings. Investor focus remains firmly on post-market quarterly reports from Magnificent Seven members Tesla (TSLA) and Alphabet (GOOG) to gauge the health of the broader tech rally.

Here are some of Wednesday's biggest stock movers:

Biggest stock gainers

• Super Micro Computer (SMCI) +13% - Shares surged after the AI server maker raised its Q4 gross margin outlook and reported record backlog and order growth. While preliminary Q4 revenue of $11B-$12.5B was expected to come in near the low end of guidance, the company projected gross margins of 15%-17%, well above its prior 8.2%-8.4% forecast, driven by a favorable customer and product mix. Super Micro also said it ended FY2026 with a record backlog after receiving more than $60B in new orders during the fourth quarter, supporting future revenue visibility.
• AT&T (T) +5% - Shares rose after the telecom giant beat Q2 earnings estimates, driven by strong wireless and broadband subscriber growth and an accelerated $10B share repurchase plan. Adjusted EPS of $0.65 topped expectations, while the company added 432K postpaid phone subscribers and more than 1M Advanced Connectivity customers, supported by fiber and fixed wireless growth. Although revenue of $31.6B came in slightly below estimates, AT&T reaffirmed its 2026 free cash flow target of more than $18B, citing continued momentum in its connectivity business.
• Oklo (OKLO) +4%, X-Energy (XE) +3% - Shares gained after a report said the advanced nuclear developers are joining a $200M Trump administration-led program aimed at accelerating nuclear power deployment for AI data centers. The initiative, which also includes Microsoft and Nvidia, seeks to shorten the time needed to design, license, and build advanced reactors while reducing operating expenses, as growing AI-driven electricity demand boosts interest in next-generation nuclear power.
• Rocket Lab (RKLB) +4% - Shares rose after the space company won a $266M U.S. government contract for 12 firm-fixed-price suborbital launches, with an option for six additional launches. The missions will launch from the Pacific Spaceport Complex in Alaska, with work scheduled through December 2028. The award includes about $112M in FY2025 R&D funding obligated at signing and is managed by the U.S. Space Systems Command.

Biggest stock losers

• Pegasystems (PEGA) -20% - Shares tumbled after the enterprise software company missed Q2 earnings and revenue estimates and warned that AI-driven market uncertainty was delaying customer buying decisions. Adjusted EPS of $0.35 and revenue of $420.7M both came in below consensus, while annual contract value grew 7% Y/Y. The company said rapid changes in the AI landscape caused enterprise customers to postpone purchasing decisions, leading to a significant slowdown in ACV growth during the first half of 2026.
• Dyne Therapeutics (DYN) -8% - Shares slid after the biotech priced an upsized public stock offering, raising about $375M through the sale of 18.3M shares at $20.50 each, up from its initially proposed $300M raise. The financing also includes a 30-day option for underwriters to purchase up to 2.75M additional shares, with the equity issuance weighing on the stock due to dilution concerns.
• Reddit (RDDT) -6% - Shares edged lower after a report said the social media platform has discussed cutting off Google's access to Reddit content for AI training and search, raising concerns about its relationship with one of its key licensing and traffic partners. The report, citing people familiar with the matter, sparked investor uncertainty over the potential impact on Reddit's AI licensing strategy and search-related revenue.
• GE Vernova (GEV) -5% - Shares fell after the energy equipment maker missed Q2 adjusted earnings expectations, overshadowing a revenue beat and higher full-year guidance. Adjusted EPS of $2.47 and EBITDA of $1.25B both fell short of estimates, while the Wind business posted a wider EBITDA loss as lower onshore equipment volumes and higher offshore project costs weighed on results. The company also warned that global tariffs could add $100M-$200M in costs in 2026, offsetting strong growth in its Power and Electrification businesses and an increase in its full-year revenue and free cash flow outlook.