Wednesday is turning into one of the most violent earnings-reaction days of the year, and the list of top trending stocks today reflects it. Dell Technologies, Credo Technology, Hewlett Packard Enterprise, Broadcom, and Palo Alto Networks all reported results within roughly 24 hours of each other, and the market’s verdict has been wildly inconsistent — rewarding some beats with double-digit rallies while punishing others with double-digit selloffs. Layer in a fresh AI-data-center mega-lease at Applied Digital, a cannabis-sector rescheduling storyline still simmering at Green Thumb and the MSOS ETF, and continued Iran-conflict-driven macro pressure, and you get a list of top trending stocks today that’s almost entirely earnings- and catalyst-driven rather than macro-driven.

Wednesday’s Setup at a Glance:

This week’s AI-infrastructure earnings cluster is one of the largest of the year, and the split reaction — Dell up double digits, Credo down nearly 19%, HPE and Broadcom both reporting late Wednesday — is exactly why so much of today’s trending list is company-specific rather than index-driven.

1. Dell Technologies (DELL) | Surged as Much as 10% | Last Close $484.65

Record AI Server Orders Blow Past Every Estimate

Dell Technologies stock surged as much as 10% Wednesday after posting record fiscal Q2 revenue of $47 billion, up 58% year over year, with adjusted EPS of $7.04 crushing the $4.92 consensus estimate.

Full Data Snapshot:

Catalysts & News: Dell booked a record $60.9 billion in AI server orders and exited the quarter with a record $95 billion backlog, with its Infrastructure Solutions Group posting $31.78 billion in revenue, up 89% year over year. The company also raised full-year guidance to $25.50 adjusted EPS on $192 billion in revenue, and analysts see further room to run following the print.

Bull Case: A $95 billion backlog provides multi-quarter revenue visibility rarely seen in hardware, and the magnitude of the beat-and-raise (Q3 guidance implies 81% growth) suggests AI server demand is nowhere near peaking.

Bear Case: The stock has already tripled-plus in 2026, valuation now prices in years of flawless execution, and any AI capex digestion cycle among hyperscalers would hit Dell’s order book hard given its customer concentration.

Technical Levels: Support at $455–$465 (pre-earnings levels); resistance at the 52-week high of $514.

Forecast: Momentum favors continuation near-term given the scale of the beat, though the stock’s parabolic 2026 run raises the bar for every future quarter.

Why This Matters: Dell’s print is the clearest, most unambiguous confirmation yet that AI infrastructure spending is still accelerating — a bullish signal for the entire hardware supply chain, from HPE to Celestica to Applied Digital.

2. Credo Technology Group (CRDO) | Plunged 19.97% | Last Close $165.37

A Beat That the Market Refused to Reward

In one of the day’s most jarring reactions, Credo Technology fell nearly 19% to $167.90 on Wednesday even after beating both revenue and EPS estimates, pushing the stock below its 200-day moving average.

Full Data Snapshot:

Catalysts & News: Despite record revenue and a raised full-year growth outlook to over 85%, shrinking gross margins (GAAP gross margin fell to 64.5% from 68.2%) and rising R&D/SG&A expenses spooked investors who had bid the stock up 43.6% year-to-date heading into the print. One Seeking Alpha analysis called the reaction a “disconnect between business performance and market price,” maintaining a Buy rating despite the crash.

Bull Case: Credo’s ZeroFlap Optics and silicon photonics businesses are each targeted to contribute $100M+ in FY27, and management still guided to more than 85% revenue growth — a figure most companies would kill for.

Bear Case: Margin compression is a real trend, not a one-quarter blip, and a stock that had rallied over 40% into earnings was priced for perfection — perfection it arguably delivered but the market didn’t believe.

Technical Levels: Support at $160–$165 (today’s low zone); resistance now sits at the broken 200-day moving average near $175, then $190.

Forecast: Watch for analyst commentary in the coming days — a wave of “buy the dip” notes citing the fundamentals-vs-price disconnect could stabilize the stock quickly.

Why This Matters: Credo’s reaction is a warning shot for every high-multiple AI connectivity name — in this market, a beat alone isn’t enough if margins don’t also expand.

3. Applied Digital Corporation (APLD) | Up 2.10% | Last Close $24.80

The AI Data Center Landlord Keeps Signing Nine-Figure Leases

Applied Digital continues to be one of the most aggressive lease-signers in AI infrastructure, with its contracted lease revenue pipeline now exceeding $23 billion following a $7.5 billion, 15-year hyperscaler lease at its Delta Forge 1 campus — a figure that has since grown even further with additional capacity agreements.

Full Data Snapshot:

Catalysts & News: Beyond the Delta Forge 1 lease, Applied Digital has layered on additional 15-year take-or-pay agreements with the same investment-grade hyperscaler at its Polaris Forge 3 campus, pushing total contracted lease revenue to $31 billion across four AI Factory campuses — as high as $73 billion if all renewal options are exercised. Roughly 65% of contracted revenue is now backed by investment-grade counterparties.

Bull Case: Analysts have lifted fair-value estimates toward $50, citing hyperscaler lease momentum and arguing recent share-price weakness reflects headline risk rather than a change in the underlying investment case.

Bear Case: APLD remains deeply unprofitable with a negative P/E, insiders have sold more shares than they’ve bought over the past year, and the stock trades roughly half of its 52-week high despite the lease momentum.

Technical Levels: Support at $24 (today’s low zone); resistance at $25, then the $30s where the stock traded before its recent pullback.

Forecast: Continued hyperscaler lease announcements are the single biggest re-rating catalyst; execution on the 2027 Delta Forge 1 opening timeline is the key risk to monitor.

Why This Matters: Applied Digital’s expanding hyperscaler backlog is a direct read on how much AI data center capacity the largest tech companies are still willing to lock up years in advance — a bullish signal for the entire data-center-REIT-adjacent trade.

4. Hewlett Packard Enterprise (HPE) | Reports Today | Last Close ~$51.59

Riding Dell’s Coattails Into Its Own AI Server Verdict

HPE shares rose 4.7% in pre-market trading ahead of its fiscal Q3 2026 results, released after Wednesday’s close, with consensus estimates pointing to roughly 32% revenue growth and more than a doubling of EPS year over year.

Full Data Snapshot:

Catalysts & News: HPE has beaten consensus EPS in each of its last four quarters by an average of roughly 16%, and Deutsche Bank’s fresh Buy initiation plus BofA’s raised $82 target gave traders a fundamental reason to bid the stock higher into the print. Dell’s blowout results the night before set an extremely high bar for HPE to clear.

Bull Case: A $6.3 billion AI server backlog concentrated in enterprise and sovereign deployments provides strong visibility, and back-to-back bullish analyst calls the day before earnings suggest the Street is positioned for a beat.

Bear Case: After Dell’s monster print, expectations for every AI hardware name are now sky-high — and Credo’s post-earnings crash earlier today proves the market will punish even solid beats that don’t clear an elevated bar on margins or guidance.

Technical Levels: Support at $50; resistance at $55, then the 52-week high of $64.25.

Forecast: Given the sector’s earnings-week volatility, expect an outsized move regardless of direction once results land after the close.

Why This Matters: HPE’s results are the second data point (after Dell) in this week’s AI-server earnings cluster — a clean beat-and-raise would reinforce the bullish infrastructure narrative; anything short of that risks a Credo-style reaction.

5. FuelCell Energy (FCEL) | Down 17.21% | Last Close $14.14

A Weak Quarter, But a First Data Center Power Deal

FuelCell Energy reported Q3 fiscal 2026 revenue of $33.0 million, down 29% year over year and well below the $39.1 million consensus estimate, with a net loss of $45.3 million and adjusted EPS of −$0.64 — but the company also disclosed its first-ever data center power agreement.

Full Data Snapshot:

Catalysts & News: The company highlighted its Q3 results alongside news of executing its first data center power agreement, increasing its annualized production rate, and focusing on capacity expansion — but the headline revenue miss, driven by fewer module deliveries to Korea and lower generation output, dominated the market reaction. Analyst price targets remain widely split, from $8 (Wells Fargo, bearish) to $32 (B. Riley, bullish).

Bull Case: The new data center power agreement opens a fresh, potentially large end market for FuelCell’s baseload power technology, and the backlog and cash position both improved despite the revenue shortfall.

Bear Case: A 29% revenue decline and a wider-than-expected net loss are hard to spin positively, and the stock remains extremely volatile with a history of dilutive equity offerings pressuring shares.

Technical Levels: Support at $13–$13.50; resistance at $16, then $19–$20 (pre-drop levels).

Forecast: The stock’s direction now hinges on how quickly the new data center agreement scales — any follow-on deal announcements could offset today’s disappointing headline numbers.

Why This Matters: FuelCell’s pivot toward data center power is part of the same AI-power-demand story lifting names like Fervo Energy — but today’s results show execution still lags the narrative.

6. Broadcom (AVGO) | Reports Today | Last Close ~$369.68

The Biggest Swing Factor of the Week

Broadcom reports fiscal Q3 2026 results after Wednesday’s close, with guidance calling for roughly $29.4 billion in revenue and AI semiconductor revenue growing more than 200% year over year to approximately $16 billion — one of the most closely watched prints of the entire earnings season.

Full Data Snapshot:

Catalysts & News: Broadcom’s prior quarter saw the stock fall about 15% despite a beat, purely because CEO Hock Tan didn’t raise the company’s $100 billion full-year AI chip sales target — a pattern that shows just how allergic this market currently is to “good but not great enough” results. AI revenue is expected to have tripled sequentially to roughly $16 billion this quarter.

Bull Case: Custom AI accelerator demand from hyperscalers (including a reported $10 billion order from Anthropic) continues to scale rapidly, and analyst targets as high as $545 reflect confidence in Broadcom’s structural position in custom silicon.

Bear Case: The prior quarter’s 15% post-earnings drop despite a beat shows this stock trades almost entirely on forward AI guidance — any hint of moderation in the $100 billion full-year target could trigger a similarly violent reaction today.

Technical Levels: Support at $364–$365 (recent lows); resistance at the 200-day moving average zone near $370, then the 52-week high of $495.

Forecast: Given an 8.7% options-implied move and the stock’s history of guidance-driven crashes even on beats, expect one of the largest single-stock moves of the week once results land tonight.

Why This Matters: As the week’s marquee AI semiconductor report, Broadcom’s guidance on custom silicon demand will set the tone for how the market prices AI capex sustainability into year-end.

7. IREN Limited (IREN) | Up 6.27% | Last Close $39.13

From Bitcoin Miner to $4 Billion AI Cloud Bet

IREN Limited is rapidly transitioning from Bitcoin mining to AI infrastructure, planning $25–30 billion in capital expenditures for fiscal 2027 while having already secured $4 billion in contracted annual recurring revenue for 2026 — a transformation that’s driven extreme volatility in the stock.

Full Data Snapshot:

Catalysts & News: Blue Owl Capital led a $2.4 billion compute equipment financing for IREN, comprising a $1.2 billion senior secured term loan tied to NVIDIA Blackwell GPU deployment, a major vote of institutional confidence even as IREN’s Q4 earnings beat was initially met with a sharp selloff before the stock partially recovered. H.C. Wainwright has called the post-earnings dip a buying opportunity.

Bull Case: A $4 billion ARR base, a $2.4 billion institutional financing package, and a Street price target implying over 100% upside all point to a market still underestimating IREN’s AI cloud transition.

Bear Case: A $684 million quarterly net loss and $25–30 billion in planned capex represent enormous execution and financing risk, and the stock has whipsawed double digits multiple times in the past two weeks alone.

Technical Levels: Support at $35 (recent low); resistance at $42–$45, then the 52-week high of $76.87.

Forecast: Expect continued high-beta swings tied to GPU deployment updates and any further financing announcements — this remains one of the most volatile large-cap AI infrastructure names on the market.

Why This Matters: IREN’s dramatic pivot from crypto mining to hyperscale AI compute is one of 2026’s defining transformation stories — and the market still hasn’t settled on how to value it.

8. Celestica Inc. (CLS) | Down 4.41% | Last Close $279.68

Hyperscaler Concentration Risk Resurfaces

Celestica shares fell alongside broader weakness in AI infrastructure and server-related stocks, with investors increasingly focused on the company’s reliance on a limited number of hyperscaler clients even as its underlying fundamentals remain strong.

Full Data Snapshot:

Catalysts & News: Celestica has repeatedly delivered strong quarters — including a Q1 beat that pushed full-year revenue guidance up to $19 billion from $17 billion — only to see the stock sell off anyway, a pattern analysts attribute to elevated expectations and concerns about hyperscaler customer concentration rather than any company-specific negative catalyst today.

Bull Case: A 2027 co-packaged optics switch win extends Celestica deeper into AI networking, and the company’s track record of raising guidance every quarter this year underscores genuine demand strength.

Bear Case: Heavy reliance on a small number of hyperscaler customers leaves Celestica structurally exposed if any single customer slows capex, and the stock’s premium valuation (46x+ forward P/E at various points in 2026) leaves little room for disappointment.

Technical Levels: Support at $270–$275; resistance at $300, then $320.

Forecast: Celestica’s next real test comes at its next earnings report — until then, expect the stock to trade on sector sentiment and hyperscaler capex headlines more than company-specific news.

Why This Matters: Celestica’s pattern of “great numbers, weak stock reaction” is becoming a recurring theme across AI hardware names this earnings season — a sign that the market’s bar for these stocks has never been higher.

9. AdvisorShares Pure US Cannabis ETF (MSOS) | Up 2.03% | Last Close $5.03

Riding the Same Rescheduling Wave as Green Thumb

MSOS, the largest actively managed U.S. cannabis ETF, continues to trade on the same federal marijuana rescheduling storyline lifting individual multi-state operators like Green Thumb Industries, with the DEA’s post-hearing rulemaking process still unresolved heading into the fall.

Full Data Snapshot:

Catalysts & News: DEA formally urged the presiding administrative law judge to recommend moving marijuana to Schedule III, with final briefs filed in mid-August and a recommendation expected in the coming months — the single biggest overhang and catalyst for the entire MSOS holdings basket.

Bull Case: Rescheduling to Schedule III would eliminate the 280E tax penalty across the multi-state operator sector, dramatically improving after-tax cash flow for every major MSOS holding simultaneously.

Bear Case: The rulemaking process has repeatedly slipped its timeline, no formal proposed rule has even been published yet, and MSOS remains near 52-week lows despite periodic rescheduling optimism.

Technical Levels: Support at $4.80–$4.90; resistance at $5.50, then $6.00.

Forecast: Expect continued range-bound trading until a concrete DEA rulemaking milestone provides a real catalyst — the same dynamic playing out in Green Thumb Industries shares.

Why This Matters: MSOS is the single best diversified proxy for the entire U.S. cannabis rescheduling trade — any surprise acceleration in the DEA’s timeline would likely spark a sector-wide rally across every major MSO simultaneously.

10. Palo Alto Networks (PANW) | Down 10.23% | Last Close $325.06

A Beat-and-Raise That the Market Punished Anyway

Palo Alto Networks stock crashed as much as 9–10% Wednesday morning even after beating both revenue and adjusted EPS estimates and raising its full-year outlook, extending the day’s pattern of the market punishing “good but not perfect” AI-adjacent earnings.

Full Data Snapshot:

Catalysts & News: Palo Alto’s GAAP results showed a $0.35 per-share loss, reversing the prior year’s profit, even as non-GAAP earnings and free cash flow of $1.3 billion exceeded expectations. Record remaining performance obligations of $14.2 billion and raised guidance weren’t enough to offset a stock that had already climbed roughly 89% year-to-date into the print, with escalating Middle East tensions and rising bond yields compounding the pressure.

Bull Case: Record RPO of $14.2 billion signals deep forward revenue visibility, and platformization plus AI security demand continue to drive genuine 30%+ revenue growth — a rare combination at this scale.

Bear Case: A near-doubling of the stock in 2026 left almost no room for anything short of flawless results, and a widening GAAP loss alongside macro headwinds (Iran conflict, rising yields) gave nervous investors a reason to take profits regardless of the underlying beat.

Technical Levels: Support at $354 (daily S1 pivot); resistance at $365 (daily pivot), then $373 (R1) and the 52-week high of $398.88.

Forecast: The daily uptrend remains technically intact above both the 50-day and 200-day moving averages — a hold above $354–$362 would suggest today’s drop is macro-driven profit-taking rather than a fundamental re-rating.

Why This Matters: Palo Alto’s reaction — a clean beat-and-raise still sold off double digits — is the clearest signal yet that 2026’s highest-flying AI and cybersecurity names have entered a “priced for perfection” phase where even strong results aren’t automatically rewarded.

Sector Sentiment Snapshot & Forecast

Today’s session is a case study in how differently the market can treat similar earnings outcomes. Dell’s blowout beat-and-raise was rewarded with a 14% surge, while Credo and Palo Alto Networks both beat estimates and still fell double digits — the difference coming down to margin trajectory (Credo) and valuation exhaustion after a near-90% YTD run (Palo Alto). Applied Digital and IREN continue to be rewarded for AI infrastructure lease and financing momentum even amid broader volatility, while FuelCell Energy’s miss shows that not every clean-energy-meets-AI-power story is executing on schedule. Cannabis names (GTBIF, MSOS) remain in a holding pattern tied entirely to DEA rulemaking timing, disconnected from the AI earnings theme dominating the rest of the list.

With Broadcom and HPE both reporting after Wednesday’s close, expect the AI-infrastructure earnings theme to carry directly into Thursday’s session — and given today’s pattern of violent, unpredictable reactions to even solid results, both stocks carry real double-digit move risk in either direction.

At a Glance: Today’s Top 10 Trending Stocks

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Disclaimer: This publication is entirely for informational and journalistic purposes and does not constitute formal financial, investment, or legal advice. All market investments carry inherent risks of capital loss. Stock prices, percentage moves, and market data cited reflect figures available at the time of publication and are subject to change as trading continues. Analyst price targets and ratings are third-party estimates and do not guarantee actual results. Broadcom and Hewlett Packard Enterprise report earnings after this publication — actual results and subsequent market reactions may differ significantly from the expectations described here. Always complete independent due diligence prior to executing equity trades.

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Kasia Davis

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