US stocks extended this week’s rebound on Wednesday, February 25, 2026, with a tech-led advance ahead of and then through Nvidia’s blockbuster earnings release after the bell.finance.yahoo+5
Index performance
The S&P 500 rose about 0.8% to roughly 6,946, marking a second straight gain after Monday’s pullback and underscoring renewed buying interest in large-cap growth. The Dow Jones Industrial Average added about 0.6% to 49,482, helped by strength in big-tech components and select industrials tied to the AI and cloud capex cycle. The Nasdaq Composite outperformed, climbing nearly 1.3% to around 23,152 as mega-cap tech and AI-related names regained momentum. The Russell 2000 gained about 0.4%, participating in the risk-on tone but continuing to trail the mega-cap complex.
Nvidia and the AI trade (post-earnings)
After the close, Nvidia (NVDA, $195.56, +1.41% and trading north of $200 in the after-hours) delivered another emphatic beat, reinforcing the AI leadership narrative and validating the market’s focus on the quarter. The company reported fourth-quarter revenue of about $68.1 billion, a new record and well above already‑lofty expectations centered in the mid‑$60 billion range. Adjusted earnings came in around $1.62 per share, topping consensus and reflecting strong operating leverage on surging data center demand.
Data center remained the core growth engine, generating roughly $62.3 billion in quarterly revenue, up about 75% year over year and more than 20% sequentially as hyperscalers and enterprises continued to race to add AI compute capacity. Other segments, including gaming/AI PC, professional visualization, and automotive, also posted solid year‑on‑year gains, but the story remained firmly centered on large-scale AI infrastructure build‑outs. Management’s commentary highlighted that customers are “racing to invest in AI compute,” framing Nvidia’s platforms as the backbone of an emerging “AI industrial revolution.”
Forward guidance was equally critical for market sentiment: Nvidia projected first‑quarter revenue in a range of roughly $76–80 billion, materially above Street forecasts that sat around $72 billion heading into the print. The company guided to a non‑GAAP gross margin near 75%, signaled that it has secured inventory and capacity to support demand for the next several quarters, and noted that the outlook does not assume meaningful data center compute revenue from China. In after‑hours trading, Nvidia shares popped as investors digested the combination of record results and stronger‑than‑expected guidance, a move with clear read‑throughs for the broader AI, semiconductor, and mega‑cap tech complex into tomorrow’s session.
Sector and stock dynamics
During the regular session, tech and communication services led the tape, while more defensive pockets of the market lagged. AI and chip names, including Nvidia, Western Digital (WDC, $290.95, +7.53%), Palantir ($134.19, +4.15%), and Applied Materials (AMT, $394.95, +4.50%), saw notable gains as investors rotated back into perceived AI winners ahead of the release. Large-cap software also participated, with Salesforce and peers extending a recovery from earlier-week pressure on higher-multiple growth names. By contrast, more rate‑sensitive or defensive sectors such as utilities and parts of consumer staples underperformed, consistent with a session defined by renewed appetite for growth and cyclicals.
Macro backdrop and market tone
The broader backdrop remained one of cautious optimism as traders balanced resilient earnings from tech leaders with lingering uncertainty around the path of Federal Reserve policy and the sustainability of AI-driven capital spending. Recent sessions have seen volatility cool as major indexes claw back losses, but positioning remains highly sensitive to Nvidia’s guidance and any shift in expectations for the next leg of the AI investment cycle. With the Nasdaq still a few percent below its late‑2025 record, today’s action reflects a market willing to lean back into risk while staying quick to reprice if AI or rate narratives change. Nvidia’s post‑close beat and raised outlook now set the tone for Thursday’s trade, with implications that extend well beyond a single stock into the broader AI, semiconductor, and growth‑equity complex.
VP Watchlist Updates
Below is an update‑style snapshot on the VP Watchlist names for the week, focused on recent catalysts, positioning, and narrative rather than precise price moves.
Eupraxia Pharmaceuticals (EPRX, $8.05)
Eupraxia Pharmaceuticals Inc. (“Eupraxia” or the “Company”), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, is pleased to announce the successful closing of its previously announced public offering (the “Offering”) of 7,607,145 common shares of the Company (the “Common Shares”), which includes the full exercise of the option to purchase additional shares granted to the underwriters, at a price to the public of US$7.00 per Common Share, and pre-funded warrants to purchase up to 1,428,571 Common Shares in lieu thereof (the “Pre-Funded Warrants”) at a price of US$6.99999 per Pre-Funded Warrant, which equals the public offering price per Common Share less the C$0.000001 per share exercise price of each Pre-Funded Warrant, for gross proceeds of approximately US$63.2 million, before deducting the underwriting commissions and estimated expenses incurred in connection with the Offering.“We are pleased to complete this financing, allowing us to significantly expand our pipeline, reach several additional development milestones with EP-104GI for eosinophilic esophagitis, and make meaningful progress towards commercial readiness,” said James Helliwell, CEO of Eupraxia. “We appreciate the support from both existing and new investors as we execute our mission and pursue the next phase of growth for Eupraxia.” Cantor and LifeSci Capital acted as joint book-running managers for the Offering. Bloom Burton and Craig-Hallum also acted as co-managers for the Offering. As previously stated, the Company intends to use the net proceeds from the Offering primarily for the continued advancement of EP-104GI for Eosinophilic Esophagitis, including the completion of ongoing preclinical studies, and Phase 2 clinical trials, preparations for a Phase 3 clinical trial including the related regulatory submissions, and manufacturing activities, and to undertake the necessary commercial/market development activities to prepare for the eventual product launch. The Company also intends to use a portion of the proceeds to accelerate and expand its plans to pursue clinical studies with EP-104GI in multiple additional gastrointestinal indications, including in esophageal strictures and fibrostenotic Crohn’s disease. A portion of the proceeds will be allocated to research and development of additional pipeline candidates, business development initiatives, and general corporate purposes, which may include but are not limited to employee salaries, working capital, leases for facilities, administrative expenses, and capital expenditures. The Company may also use a portion of the proceeds to expand its intellectual property portfolio and strengthen its corporate infrastructure to support future growth.
Modular Medical (MODD)
- Closed at $.4611. Has been trading as a diabetes‑tech name, with shares reacting to execution milestones around its Pivot tubeless patch pump platform.Earlier this month, the company began production of validation lots for its disposable cartridge and infusion set, keeping it on track for a planned commercial launch in the first quarter of 2026, contingent on FDA 510(k) clearance—an event path that positions upcoming regulatory decisions as key stock catalysts.
- Earlier this month, the company began production of validation lots for its disposable cartridge and infusion set, keeping it on track for a planned commercial launch in the first quarter of 2026, contingent on FDA 510(k) clearance—an event path that positions upcoming regulatory decisions as key stock catalysts.
FIGS, Inc. (FIGS, $10.96., +0.0%)
FIGS, the direct‑to‑consumer healthcare apparel brand, operates at the intersection of e‑commerce and specialty retail, with a loyal professional customer base and a growing product portfolio. While macro headwinds and digital‑ad volatility have pressured some consumer names, FIGS’ brand equity in the medical community and ongoing product innovation offer levers for renewed growth as conditions normalize.
GeoVax Labs (GOVX, $1.66, +3.75%)
- GeoVax announced (Feb. 24) the formation of its Oncology Advisory Board with the appointment of three internationally recognized leaders in immuno-oncology, translational medicine, and clinical development. This Advisory Board will play a central role in guiding the scientific, translational, and clinical advancement of GeoVax’s oncology program, focused primarily on Gedeptin(R), the company’s gene-directed enzyme prodrug therapeutic (GDEPT). GeoVax plans to conduct a Phase 2 trial with Gedeptin in the neoadjuvant setting, pairing it with an immune checkpoint inhibitor (ICI) in locally advanced head and neck squamous cell carcinoma. In parallel, it will be evaluating combination Gedeptin + ICI strategies across additional solid tumor indications.
- GeoVax announced on Wednesday, Feb. 18 that it has entered into an exclusive worldwide license agreement with Emory University for intellectual property covering the use of Gedeptin(R) in combination with immune checkpoint inhibitors (ICIs).
- On February 17, GOVX issued a statement endorsing the urgent call to action articulated by Rosamund Lewis, MD (WHO Head, Poxviruses Programme) and colleagues in their recently published PLOS Medicine article, “The mpox epidemic is not over: Reducing disproportionate burden in Africa and persistent global risk require a sustained response.” (https://journals.plos.org/plosmedicine/article/file?id=10.1371/journal.pmed.1004893&type=printable)
- Shares can gap sharply on any trial or regulatory update, positive or negative.
DoubleVerify (DV, $9.53, +4.15%)
- DV traded in the context of that modest risk‑off tone closing at $9.59; no major company‑specific headline surfaced in the reviewed sources.
- DoubleVerify continues to benefit from secular tailwinds in digital ad verification and brand safety as advertisers prioritize measurable, fraud‑free impressions across social, CTV, and open web channels. In an environment where macro uncertainty still pressures marketing budgets, DV’s performance‑oriented value proposition and recurring‑revenue profile keep it well positioned within the ad‑tech stack.
The InterGroup Corporation (INTG, $29.54)
- InterGroup Corporation delivered (Feb. 17) a notably stronger quarter, highlighted by a 20% jump in total revenue to $17.3 million and a 27% surge in hotel revenue as renovated rooms returned to service and travel demand improved. The company swung from a prior-year net loss to $1.0 million in net income, with operating income more than doubling to $2.0 million, underscoring better cost control and improved operating efficiency. Management further enhanced liquidity and sharpened strategic focus by selling a non-core 12‑unit Los Angeles multifamily property, generating a meaningful gain and additional working capital while maintaining stable performance across its real estate portfolio.
Serina Therapeutics (SER, $1.77, +5.99%)
- Serina Therapeutics, a clinical-stage biotechnology company advancing drug candidates enabled by its proprietary POZ Platform™ drug optimization technology, announced (Feb. 19) that the first patient has been enrolled in the Company’s Phase 1b registrational trial evaluating. The Phase 1b registrational study is designed to evaluate the safety, tolerability, pharmacokinetics, and preliminary efficacy of SER-252 in patients with advanced Parkinson’s disease whose symptoms are inadequately controlled by current standard-of-care therapies. Serina remains on track to initiate dosing during the current quarter, consistent with previously disclosed guidance.
Volato Group, Inc. (SOAR, +2.71%) & M2i Global, Inc. (MTWO)
- Volato and M2i Global reaffirmed their goal of closing their business combination in the first quarter of 2026, citing steady advancement through SEC review and integration planning as they move toward a combined listing. The deal, originally announced in 2025, will effectively transition Volato from a pure‑play private aviation operator into a diversified platform spanning aviation technology and critical minerals, with M2i shareholders expected to own the majority of the combined entity. Operationally, the partnership is already visible: the two companies recently initiated their first shipment of titanium ore from Western Australia to the United States from Titanium X, underscoring how the critical‑minerals vertical could become a meaningful growth engine as domestic supply‑chain security rises in strategic importance.
- On Feb. 4, M2i Global,Inc.along with Volato Group, Inc. announced that Titanium X has initiated its first shipment of titanium ore from Western Australia to the U.S. under its collaboration agreement.
NVIDIA (NVDA, $195.56, +1.41%)
- Nvidia delivered strong fourth-quarter results, posting revenue of $68.1 billion, well above analyst expectations. Looking ahead, the company projects $7.8 billion in revenue for the first quarter of 2026, reflecting continued robust demand for its AI chips even amid broader market headwinds.
McDonald’s (MCD, $333.01)
- Options data around the February 2026 expiries highlight active positioning near the 300–305 strike range, consistent with expectations for steady but not explosive upside from here.
- In the run-up to World Protein Day on 27th February, McDonald’s India (West & South), owned and operated by Westlife Foodworld, is celebrating Protein Week, reinforcing its leadership in nutrition-led innovation. Making protein more accessible, affordable and customizable, Indian consumers can use the McDonald’s app to explore these nutritious offerings and avail of protein burgers starting at just INR 69. Enhancing this convenience, consumers ordering via McDelivery can also enjoy free delivery on the Protein Plus meal range.
Nokia (NOK, $7.57, +1.07%)
- Nokia remains a value‑tilted telecom and network‑equipment play that is trading more with global cyclical and communications hardware sentiment than with high‑beta tech, and it did not appear as a major driver in today’s U.S.‑centric headlines.
- On Feb. 24, Nokia and AWS showcase industry-first agentic AI-powered network slicing with du and Orange
- Industry-first intent-based 5G-Advanced slicing with agentic AI offers telecommunication providers with premium network slicing services that respond to real-world situations and enable autonomous intelligence.
- This breakthrough innovation inferences and leverages open Internet data, including traffic, events, locations, maps and operator data for network slicing business.
- du and Orange first to explore this innovative slicing solution that adapts automatically to support customer demand.
Opendoor (OPEN)
- Opendoor Technologies, a leading e-commerce platform for residential real estate transactions, reported financial results for its fourth quarter and year ended December 31, 2025. They highlighted the following: October 2025 acquisition cohort tracking as best-performing October in Company history; acquisitions increased 46% quarter-over-quarter while inventory days in possession reduced 23%.
- Opendoor continues to navigate a challenging housing backdrop characterized by still‑elevated mortgage rates and tight existing‑home inventories, which weigh on transaction volumes even as affordability slowly improves. The company’s focus on disciplined acquisition spreads, inventory turns, and ancillary services remains central to the investment debate as markets handicap the pace and magnitude of any 2026 housing recovery.
The Sources
- Yahoo Finance – “How major US stock indexes fared Wednesday, 2/25/2026”
https://finance.yahoo.com/news/major-us-stock-indexes-fared-213649578.html - Yahoo Finance – “Stock market today: Dow, S&P 500, Nasdaq rally on tech jolt as Nvidia earnings loom”
https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-rally-on-tech-jolt-as-nvidia-earnings-loom-210052281.html - Yahoo Finance – “Stock Market News for Feb 25, 2026”
https://finance.yahoo.com/news/stock-market-news-feb-25-124900216.html - MarketWatch – “Stock Market News, Feb. 25, 2026: Dow, S&P 500 and Nasdaq …”
https://www.marketwatch.com/livecoverage/stock-market-today-dow-sp500-nasdaq-hold-rally-ahead-of-nvidia-earnings-gold-silver-up - Investopedia – “Markets News, Feb. 25, 2026: Tech Stocks Help Major Indexes …”
https://www.investopedia.com/stock-market-today-dow-jones-s-and-p-500-02252026-11913959 - The Wall Street Journal – “Stock Market Today: Nasdaq Opens Higher; Nvidia Earnings in Focus”
https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-02-25-2026 - Nasdaq – “Stock Market News for Feb 25, 2026”
https://www.nasdaq.com/articles/stock-market-news-feb-25-2026 - NVIDIA Investor Relations – “NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2026”
http://nvidianews.nvidia.com/news/nvidia-announces-financial-results-for-fourth-quarter-and-fiscal-2026 - Nvidia Investor Relations – Financial Reports (results detail and tables)
https://investor.nvidia.com/financial-info/financial-reports/default.aspx - Yahoo Finance – “Nvidia stock pops as earnings beat, guidance stifles some AI concerns”
https://finance.yahoo.com/news/live/nvidia-earnings-live-nvidia-stock-pops-as-earnings-beat-guidance-stifles-some-ai-concerns-21 - Yahoo Finance – “Tech stocks today: Nvidia stock rises as guidance signals AI boom alive and well”
https://finance.yahoo.com/news/live/tech-stocks-today-nvidia-stock-rises-as-guidance-signals-ai-boom-alive-and-well-220259696.html - Investopedia – “Nvidia Earnings Live: AI Chipmaker’s Results Blow Past Wall Street …”
https://www.investopedia.com/nvidia-earnings-live-q4-fy2026-nvda-11914428 - Nasdaq – “After-Hours Earnings Report for February 25, 2026: NVDA, CRM, SNPS, SNOW…”
https://www.nasdaq.com/articles/after-hours-earnings-report-february-25-2026-nvda-crm-snps-snow-tcom-vici-ftai-zm-pstg - Constellation Research – “Nvidia Q4 shines, sees strong hyperscaler, enterprise demand”
https://www.constellationr.com/insights/news/nvidia-q4-shines-sees-strong-hyperscaler-enterprise-demand - Finviz – “Nvidia Q4 Highlights: Record Revenue, Data Center Demand”
https://finviz.com/news/322526/nvidia-q4-highlights-record-revenue-data-center-demand-customers-are-racing-to-invest-in-ai-compute
