Tech stocks today: Shares slide Friday, but close out the week higher

Tech stocks experienced a mixed performance on Friday, with shares initially sliding before closing the week higher. The boost came from strong earnings results of AI infrastructure companies on Tuesday. CoreWeave (CRWV) and Supermicro (SMCI) stocks surged on Wednesday, after delivering earnings that confirmed the ongoing AI buildout.

CoreWeave stock jumped nearly 20%, narrowing Q2 losses per share and boasting a $104 billion sales backlog with $25 billion already reserved for Q3. Supermicro topped earnings projections and provided a robust Q1 outlook, also gaining around 20%. Meanwhile, jury selection commenced for a landmark social media lawsuit against Meta in Oakland, California federal court, accusing the company of intentionally designing apps to keep users engaged through features like infinite scroll.

Meta denied any wrongdoing. Sandisk (SNDK) saw a 3% rise on Friday, extending gains from a previous 12% increase, due to its favorable long-term growth targets for 2028 through 2030, announced during an investor day. Analysts praised Sandisk's improved business model and sustainable pricing backed by US hyperscalers. Microsoft's stock received a bullish note from JPMorgan analyst Samik Chatterjee, who hiked the price target from $550 to $625, citing a 30% upside potential based on the acceleration of Azure and M365 Commercial Cloud growth driven by AI infrastructure.

Cerebras Systems (CBRS) faced a 17% drop in premarket trading after Q2 results and Q3 outlook failed to impress investors, with the company reporting a net loss of $2.98 per share and a core gross margin of 40.6%. Smartphone manufacturers, including Google, Samsung, and Apple, unveiled new devices, with Google's Pixel lineup seeing a $100 price increase.

Google captured just 3% of the US market share in Q1 2026, while Samsung and Apple held larger shares. Nvidia (NVDA) remains a key player in the AI boom, with its early backing of companies like OpenAI and Anthropic potentially driving additional value for shareholders due to the impressive investment portfolio Nvidia holds.