Dorothy

Finance chief Gina Mastantuono spoke at Deutsche Bank's technology conference this week and said that ServiceNow's AI business is on track for its full-year target of $1.5 billion. PayPal — Shares plunged nearly 16% for the company after Bloomberg reported Thursday night, citing people familiar with the matter, that buyout firm Advent and payment processor Stripe decided to not pursue PayPal. The deal would have been one of the largest leveraged buyouts, the sources told the outlet. Affirm — The buy now, pay later company jumped 5% after it reported $1.17 billion in revenue for the fiscal fourth quarter, topping an LSEG estimate of $1.11 billion. The company's first-quarter guidance for revenue is also above estimates.

Marvell Technology — Shares dropped 10% after Marvell called for current quarter adjusted earnings of $1.10 per share, plus or minus 5 cents, while analysts polled by LSEG anticipated $1.07 per share. The company also sees non-GAAP gross margin for the period in a range of 57.5% to 58.5%, versus the StreetAccount consensus call for 58.5%. Rubrik — Shares dropped over 11% for the security and AI operations company. Rubrik's non-GAAP gross margin for the second quarter came in at 81%, versus the 81.7% StreetAccount consensus estimate. The company beat on the top and bottom lines, however. Rubrik said it saw 20 cents in earnings per share, excluding items, and on $427 million in revenue for the quarter, while analysts penciled in 4 cents a share and $396 million, per LSEG.

Results from Nvidia, one of the world’s most valuable firms, are considered a bellwether for the AI market as its chips power most of the major data centers and advanced AI models globally.