Netflix shares surged 12.3% on Friday after declining to raise its offer for Discovery, effectively ending the bidding war for Warner Bros. The streaming giant walked away after Paramount Skydance Corp presented a superior offer under the terms of WBD's existing merger agreement. Raymond James subsequently cut Warner Bros to Underperform, viewing it now as a more traditional 'arb spread' stock.

Despite reporting strong quarterly results, Nvidia shares declined more than 8% in recent sessions as investors expressed concerns about capital allocation to the AI ecosystem. Meanwhile, Block rallied over 15% after announcing plans to cut nearly 4,000 jobs to embed artificial intelligence deeper into its operations, highlighting how companies translate AI growth into headcount changes.

Dell shares rallied more than 21% on better-than-expected fourth-quarter earnings benefiting from an accelerating corporate pivot toward AI infrastructure. In contrast, CoreWeave plummeted 20% after reporting a wider quarterly loss and missing adjusted operating margin estimates, despite a slight revenue beat. Stifel analysts cited a massive surge in capital expenditures as the primary driver of the margin miss.