Ten firms saw significant declines in their valuations on Thursday as investors remained increasingly cautious about the general market environment, with the US and the European Union yet to strike a new trade tariff deal.
The stocks defied a broader market optimism, with Wall Street’s main indices all settling in the green. The Dow Jones was up by 0.28 percent, the S&P 500 grew 0.40 percent, and the tech-heavy Nasdaq rallied 0.39 percent.
In this article, we named the 10 top losers and detailed the reasons behind their weak performance. To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million in trading volume.
10. Pony AI Inc. (NASDAQ:PONY)
Shares of Pony AI dropped for a second day on Thursday, shedding 7.10 percent to close at $17.15 apiece as investors continued to book profits from its recent price surge.
Pony AI Inc. (NASDAQ:PONY), a China-based robotaxi company, is slowly expanding globally with its planned entry into Dubai and other key markets in the Middle East.
On Tuesday, it joined forces with Dubai’s Roads and Transport Authority (RTA) for the deployment of its robotaxi fleet in the region in support of the city’s 2030 Smart City Vision, which targets to transition 25 percent of its transportation to autonomous mode by 2030.
According to the company, initial supervised trials are set to launch in 2025, followed by fully driverless operations in 2026.
Additionally, Pony AI Inc. (NASDAQ:PONY) plans to start mass production and deployment of its seventh-generation robotaxis in the second half of 2025, as well as ramp up its robotaxi fleet globally to thousands of vehicles within the next two years.
The company also said that it collaborated with industry leaders such as Toyota, GAC Motor, and BAIC Motor to develop its seventh-generation robotaxis.
9. Rigetti Computing, Inc. (NASDAQ:RGTI)
Rigetti Computing declined for a second day on Thursday, dropping 7.13 percent to finish at $13.15 apiece as investors continued to book profits while repositioning portfolios amid the ongoing market uncertainties.
Last Tuesday, Rigetti Computing, Inc. (NASDAQ:RGTI) rose to a four-month high of $14.19, after closing at $18.39 on January 7.
In the first quarter of the year, Rigetti Computing, Inc. (NASDAQ:RGTI) swung to a net income attributable to shareholders of $38.2 million versus a $20.77 million net loss in the same period last year.
Revenues, on the other hand, fell by 52 percent to $1.47 million from $3.05 million in the same period last year, as loss from operations expanded by 30 percent to $21.6 million from $16.58 million year-on-year.
Rigetti Computing, Inc. (NASDAQ:RGTI) is banking on the series of partnerships it clinched recently, including its inclusion to the Defense Advanced Research Projects Agency’s Quantum Benchmarking Initiative, leading of a 3.5-million euro consortium to advance quantum error correction capabilities on superconducting quantum computers in the UK, among others.
8. Best Buy Co Inc. (NYSE:BBY)
Best Buy tumbled by 7.27 percent on Thursday to end at $66.32 each as investor sentiment was dented by a lowered growth outlook for the rest of the year.
In a statement, Best Buy Co Inc. (NYSE:BBY) said it now expects revenues for the full 2026 fiscal year to settle between $41.1 billion and $41.9 billion, a reduction from the $41.4 billion to $42.2 billion prior guidance.
Comparable sales are expected to either dip or inch up by 1 percent, as opposed to its earlier growth target of 2 percent.
Best Buy Co Inc. (NYSE:BBY) said the updated guidance takes into account the potential impact of trade tariffs.
“Our underlying working assumptions are that tariffs stay at the current levels for the rest of the year, and there is no material change in consumer behavior from the trends we have seen in recent quarters. As you can imagine, and based on our history, we will continue to scenario-plan and adjust with agility as the situation evolves,” said Best Buy Co Inc. (NYSE:BBY) CFO Matt Bilunas.
In the first quarter of fiscal year ending May 3, 2025, revenues ended flat at $8.8 billion.
7. D-Wave Quantum Inc. (NYSE:QBTS)
D-Wave Quantum saw its share prices drop by 7.29 percent on Thursday to finish at $16.27 apiece amid the lack of fresh catalysts to spark buying appetite.
In recent news, D-Wave Quantum Inc. (NYSE:QBTS) said that the US was already lagging behind other countries in quantum annealing—a specific type of quantum computing for finding optimal solutions to optimization problems by leveraging quantum phenomena such as superposition and quantum tunneling.
D-Wave Quantum Inc.’s (NYSE:QBTS) comment followed the launch of its new quantum computer, said to be capable of solving problems beyond the capabilities of a classical GPU-based supercomputer.
Called the Advantage2, the new computer is capable of addressing real-world use cases in areas such as optimization, materials simulation, and artificial intelligence (AI).
Customers are now able to access the Advantage2 system through D-Wave Quantum Inc.’s (NYSE:QBTS) LeapTM real-time quantum cloud service, which is available in more than 40 countries and offers 99.9 percent availability and uptime, sub-second response times, and SOC 2 Type 2 compliance to meet enterprise needs and security requirements.
6. Advance Auto Parts, Inc. (NYSE:AAP)
Advance Auto Parts dropped its share prices by 8.25 percent on Thursday to close at $48.36 each as investors resorted to profit-taking following the previous day’s surge, buoyed by an investment firm’s higher price target.
On Wednesday, Roth Capital gave Advance Auto Parts, Inc. (NYSE:AAP) a price target of $50, higher than the $40 previously, following the company’s first quarter earnings results. Despite the adjustment, the company maintained a Neutral stand on the stock.
In the first quarter of the year, Advance Auto Parts, Inc. (NYSE:AAP) said net income from continuing operations rose by 41 percent to $24 million from $17 million in the same period last year.
Net sales, on the other hand, declined by 6.8 percent to $2.583 billion from $2.772 billion year-on-year.
For the full year, Advance Auto Parts, Inc. (NYSE:AAP) expects net sales from continuing operations to settle between $8.4 billion and $8.6 billion, with same-store sales growth between 0.5 percent and 1.5 percent.
5. HP Inc. (NYSE:HPQ)
HP Inc. dropped its share prices by 8.27 percent on Thursday to end at $24.95 each as investors soured on its dismal earnings performance in the second quarter of fiscal year 2025.
In a statement, HP Inc. (NYSE:HPQ) said net income dropped by 33 percent to $400 million from the $600 million reported in the same period last year, but revenues were higher by 3.3 percent to $13.2 billion from $12.8 billion year-on-year.
In light of the ongoing macroeconomic uncertainties, HP Inc. (NYSE:HPQ) adjusted its outlook to reflect moderated demand and the net impact of trade-related costs.
“We are executing targeted mitigation strategies, and assuming current conditions remain, we expect to fully offset these costs by [the fourth quarter],” said HP Inc. (NYSE:HPQ) Chief Finance Officer Karen Parkhill.
For the third quarter of the fiscal year, the company expects diluted earnings per share to be in the range of $0.57 to $0.69, with the full fiscal year to settle between $2.32 and $2.62.
4. Lucid Group, Inc. (NASDAQ:LCID)
Lucid Group declined by 8.37 percent on Thursday to end at $2.41 apiece as investors sold off positions while digesting the impact of the One Big, Beautiful Bill Act (OBBBA) on the broader electric vehicle industry.
President Donald Trump’s OBBBA, currently under review by the Senate, seeks to eliminate federal tax credits for electric vehicles for existing and new purchases as early as the end of the year.
While market experts expect a boom in EV sales before the tax credits expire, the OBBBA poses a long-term threat to manufacturers and owners of EVs, as it would raise costs for and dampen their adoption, and in turn, could affect Lucid Group, Inc.’s (NASDAQ:LCID) profit margins.
In the first quarter of the year, Lucid Group, Inc.’s (NASDAQ:LCID) widened its net loss attributable to shareholders by 6.71 percent to $731 million from $685 million in the same period last year.
Revenues, on the other hand, rose by 36 percent to $235 million from $172.7 million year-on-year.
3. CoreWeave, Inc. (NASDAQ:CRWV)
CoreWeave tumbled by 9.13 percent on Thursday to finish at $105.55 apiece as investors resorted to early profit-taking after reaching an all-time high in intra-day trading.
During the session, CoreWeave, Inc. (NASDAQ:CRWV) rose to a new 52-week high of $130.76 before traders booked profits to pull its share price lower toward the end.
The company’s intra-day performance was said to be boosted by tech giant Nvidia Corp.’s first quarter earnings performance, sparking market enthusiasm for Artificial Intelligence-related stocks.
CoreWeave, Inc. (NASDAQ:CRWV) heavily relies on Nvidia’s GPUs for its cloud services.
In recent news, the company entered into a four-year agreement with OpenAI for another $4 billion worth of services. This is on top of the initial $11 billion strategic deal signed previously.
In the first quarter of the year, CoreWeave, Inc. (NASDAQ:CRWV) widened its net loss attributable to shareholders by 188 percent to $370 million from $129 million year-on-year.
Revenues expanded by 420 percent to $981.6 million from $188.7 million in the same period last year.
2. IonQ, Inc. (NYSE:IONQ)
IonQ Inc. declined by 9.17 percent on Thursday to end at $43.20 each as traders sold off positions following an analyst’s pessimistic comments about the company.
In the recent episode of Mad Money, host and former hedge fund manager Jim Cramer said that shares of IonQ, Inc. (NYSE:IONQ) were “too speculative.”
“It’s so high and it’s losing so much money, but it’s quantum. If I offer you a considered explanation of why I think that stock’s too expensive, most people ignore it, so all I’m going to say is it’s too speculative for me,” he said.
“But frankly, I’m going to use the word chimerical in the sense that these companies—none of these companies—have much in terms of revenue. Except for IonQ.”
For his part, IonQ, Inc. (NYSE:IONQ) CEO Niccolo de Masi believed that the firm “will be the Nvidia player” of the quantum computing sector.
“I believe IonQ will be the Nvidia player. There will be other people who copy us and follow us; they have always copied and followed us,” he said.
1. SentinelOne, Inc. (NYSE:S)
SentinelOne fell by 11.59 percent on Thursday to close at $17.39 apiece as investor sentiment was dented by its disappointing earnings performance in the first quarter of fiscal year 2026.
In a statement, SentinelOne, Inc. (NYSE:S) said its net loss nearly tripled to $208 million from $70 million in the same period last year, despite revenues increasing by 23 percent to $229 million from $186 million year-on-year.
Looking ahead, the company expects $242 million in revenues for the second quarter of the fiscal year, as well as between $996 million and $1 billion for the full fiscal year.
“Our innovation engine is fueling adoption across AI, Data, Cloud, and Endpoint. With Singularity, we’re leading a transformational shift toward AI-powered security for the future,” said SentinelOne, Inc. (NYSE:S) CEO Tomer Weingarten.
Additionally, the company said that it would embark on a $200-million share buyback program. Repurchases may be made from time to time in the open market or through other methods, subject to market conditions and regulatory requirements.
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