The Australian Stock Exchange extended early-session losses through Friday, Feb 6, as mid-market shares underperformed. The S&P/ASX 200 fell 1.8% at close on February 5, with the mid-cap index down 2.4% and the super-mid cap index down 1.9%. The sell-off followed a mixed earnings season, with energy and resources companies posting disappointing results amid lower commodity prices and reduced mining activity. The broader market is under pressure as investors shift funds from defensive sectors to cash amid global macro uncertainty.

Bitcoin fell below $64,000 on February 04, 2026, for the first time since 2024, wiping all gains accrued after President Trump’s election victory. The plunge, part of a broader sell-off in crypto and tech, erased about $2 trillion in market value and reignited debate on crypto’s resilience. Prices dropped nearly 13% on Thursday as leveraged traders liquidated positions amid broader de-risking; Ether led the decline. The downturn has erased about half of Bitcoin’s value since its late-2025 all-time high.

Liquidations surpassed $1 billion in Bitcoin, and outflows from U.S. spot Bitcoin funds have increased as investors shift toward traditional assets, reducing liquidity. The sell-off, now in full “crypto winter” mode, is expected to test $56,000, per IG analysts, with Strategy Corp facing an existential crisis if prices dip below $60,000. Strategy reported a $12.4 billion loss in Q4 2025 as its stock slumped; Gemini announced layoffs amid an 80% slide in share price since listing. Prediction markets show rising odds of Bitcoin testing much lower levels this year.

Top analyst calls highlight strategic rotations. Contrarian equity strategist at The Wall Street Journal downgraded Amazon (AMZN) on February 6, 2026, citing declining revenue growth and margin pressure, while upgrading Roblox (ROBLOX) amid strong user engagement and a pending product update. The analyst also initiated coverage on 12 other companies, emphasizing AI-driven platforms and SaaS innovation. Supporting context: AMZN shares fell 1.8% in early trade; ROBLOX rose 3.2%.

[Para 1: The Lead]

U.S. stock futures point to gains as investors seek to end a volatile week; the Dow, S&P 500, and Nasdaq premarket indices are up 0.6% and 0.7%, respectively. Bitcoin rebounds from a 2024 low as broader risk aversion eases, trading at $67,300 after touching $60,000. Auto and tech sectors face key earnings and strategy updates.

[Para 2: Supporting details & Context]

Amazon (AMZN) shares are down 8% after reporting earnings below consensus and unveiling up to $200B in 2026 capital expenditures, including significant AI spending. Stellantis (STLA) is off 26% amid a $26B charge through H2 2025 to reset its EV strategy, signaling a potential 2025 net loss and a sale of its 49% stake in the NextStar Energy joint venture.

[Para 3: Additional context]

Crypto stocks are firmer as BTC recovers; Strategy (MSTR) +7%, Robinhood (HOOD), Coinbase (COIN), and Mara Holdings (MARA) all higher. In earnings: Reddit (RDDT) +8% on a $1B buyback plan, Roblox (RBLX) +10% on strong guidance, and Coty (COTY) -13% after撤回 full-year outlook and CEO transition.

Top tech companies are injecting record capital into AI infrastructure, with Amazon, Microsoft, Meta, and Google collectively planning about $650 billion in 2026. Amazon alone projects $200 billion in capex, up 60% from 2025's $400 billion, of which $130 billion was allocated to AI in 2025. This spending, focused on data centers, AI chips, and supporting infrastructure, is the fastest and most concentrated in modern economic history. It is outpacing U.S. consumer spending and contributing 1.1% to GDP growth in H1 2025, per JPMorgan strategist Stephanie Alliaga.

Absolute spending dates converted from relative terms: 2025 ($400B), 2026 ($650B), and 2024 ($240B) adjusted to 2026 for comparison.

Hennessy Advisors Inc. (HNY) released Q1 2026 results showing a 12% year-over-year decline in net income to $12.5 million, or $0.34 per share, compared to $14.25 million, or $0.38 per share, in the same period of 2025. The reduction followed a 15% drop in net interest income and flat investment gains, reflecting lower yields in a challenging interest rate environment and reduced trading activity. Management attributed the decline to lower bond and equity yields, not operational changes.

As of January 30, 33% of S&P 500 companies have released fourth-quarter earnings, with FactSet data showing analysts estimating a 11.9% rise in earnings per share for the period. If realized, this would mark the 10th consecutive quarter of annual earnings growth for the index and the fifth consecutive quarter of double-digit gains.

Analysts anticipate 8.3% EPS growth, down from 13.6% in the third quarter, reflecting rising expectations, especially in the tech sector, amid continued AI investment and macro themes including U.S. trade policies and a K-shaped economy.

Chery NV (CHRY) announced it will begin production in its Barcelona, Spain joint venture with Ebro Automobiles as soon as possible in 2026, pushing back from earlier quarters due to European Union tariffs on Chinese EVs and commercial considerations.

Original plans targeted 2024, but delays continued into 2026. The plant will initially produce the Omoda 5 (EV and ICE) and later the Jaecoo 7, with an aim to reach annual output of 150,000 vehicles by 2029, supporting exports to Latin America.

Piper Sandler (NYSE:PIPR) topped revenue and earnings expectations in Q4 CY2025. Revenue rose 33.6% YoY to $666.1 million, and non-GAAP profit hit $6.88 per share, 44.5% above the consensus. The stock closed flat at $334.54.

Supporting context: The firm’s five-year CAGR for revenue is 9.1%, and the two-year annualized growth is 19.8%, indicating accelerating demand. Quarterly results reflected recurring business fundamentals, with non-Q4 outliers excluded. The strong print follows a period of industry-driven volatility, reinforcing the resilience of its advisory, institutional brokerage, and research services.

Impinj (NASDAQ:PI) reported Q4 CY2025 revenue of $92.85 million, up 1.4% year-on-year, with non-GAAP profit of $0.50 per share in line with estimates. However, next-quarter revenue guidance of $72.5 million was 19.9% below analyst expectations, sending the stock down to $126.09 from $153.90.

Management attributed the results to inventory corrections in retail and logistics, slower adoption in general merchandise and food, and a high-teens percentage drop in endpoint IC sales as partners burned excess stock. CEO Chris Diorio described 2025 as challenging due to tariffs, multi-layer inventory reductions, and project timing issues. Recovery is expected in the second quarter with new custom chips and expanded enterprise solutions, but execution on inventory management and ramp-ups remains critical.

Looking ahead, the company faces continued inventory normalization and project timing issues in Q1 2026, with apparel and food markets potentially normalizing as early as Q2.

News Corp (NASDAQ:NWSA) reported Q4 CY2025 revenue up 5.5% to $2.36 billion, non-GAAP EPS of $0.40, exceeding analyst estimates by 6.9% points. The outperformance followed strong growth in Dow Jones and Digital Real Estate Services, with double-digit profit increases in those segments. Management attributed gains to expanding digital subscriptions, reduced ad reliance, and margin expansion, despite a one-time inventory charge at HarperCollins.

CEO Robert Thomson emphasized transition to digital-first revenues and continued AI content licensing, including potential contributions from Anthropic’s $1.5 billion copyrighted materials settlement. CFO Lavanya Chandrashekar outlined focused investments in Dow Jones, digital real estate, and HarperCollins, with disciplined capital allocation and planned share repurchases if free cash flow remains strong.

The company trades at $24.25, down from $24.60 pre-earnings. Key watchpoints include new AI licensing deals, sustained digital subscription growth at Dow Jones and Realtor.com, and continued cost management and free cash flow generation.

Insight Enterprises (NASDAQ:NSIT) reported Q4 CY2025 revenue of $2.05 billion, a 1.2% year-on-year decline, but non-GAAP profit of $2.96 per share exceeded analyst estimates by 4.2%. Cloud and core services outperformed, offsetting the revenue drag from migrating from on-premises software to cloud solutions, as well as partner program changes and memory cost pressures.

CEO Joyce Mullen said strong execution in Cloud and growth in Core Services, driven by acquisitions and EMEA expansion, delivered record gross profit, gross margin, and adjusted earnings from operations margin. CFO James Morgado noted 2026 remains cautious with continued AI and security investments, rising hardware costs, and supply chain volatility.

Key watchpoints include core services and Cloud gross profit expansion, memory inflation impacts, and integration of recent acquisitions. NSIT closed at $81.98, in line with the prior day’s close of $81.65.

Monolithic Power Systems (NASDAQ:MPWR) reported Q4 CY2025 revenue of $751.2 million, 20.8% up year-over-year, and well-above estimates, with non-GAAP profit of $4.79 per share 1.1% higher than consensus. Q1 CY2026 guidance of $780 million at the midpoint was 5.7% above analyst expectations.

The results reflect strong momentum in enterprise data and communications, with non-enterprise data end markets up over 40% YoY. Management cited design wins across AI, server, and 48-volt automotive applications, as well as expanding data center power solutions and zonal architectures.

Looking ahead, the company highlighted growing backlog, visibility into customer demand, and plans to scale supply chain capacity. CAUTION: potential constraints and evolving demand could affect results. MPWR closed at $1,178, up from $1,156 before the earnings.

Key watchpoints include AI data center solution adoption, automotive expansion execution, gross margin trends, and leadership transitions.

Bitcoin fell to $60,000 on February 06, 2026, erasing gains since Donald Trump’s election and marking a 50% drop from its $126,000 all-time high in October. The session saw a 14% one-day plunge, over $2B in derivatives liquidations, and the Fear & Greed Index at 5, extreme fear levels not seen in years. XRP down 20%+, Ethereum to $1,750 (-15%), and Solana to $69.

Bitcoin miners could face a supply crunch as prices fall 50% from peak. Strategy Digital Assets reported a $12.4B loss on Q4, sending MSTR shares to an 18-month low at $107 (-76% from last year’s high). The company’s 713,502 BTC holdings, valued at $45B, are now underwater for the first time since 2023.

Stifel analysts model a $38,000 floor for BTC if headwinds persist, while a 65% probability is priced on a move to $55K before $84K. The broader crypto market is in capitulation, with long-term holders historically accumulating and short-term holders panicking. The $60K level appears more likely to be near the bottom than the top.

Microchip Technology (NASDAQ:MCHP) released Q4 CY2025 results exceeding expectations, with revenue up 15.6% YoY to $1.19 billion. Non-GAAP profit of $0.44 per share and Q1 guidance of $1.26 billion at the midpoint outpaced analyst estimates by 2.4% and 2.7%, respectively.

The outperformance was driven by modernization in automotive and industrial Ethernet, continued strength in networking and data center products, and normalization of distributor inventories. Auto and industrial Ethernet design wins, aerospace and defense demand, and lengthening lead times for certain products indicate tightening supply and improving gross margins.

Looking ahead, the company expects continued momentum in connectivity solutions and higher-margin product mix, with backlog growth and factory utilization normalization supporting margin expansion.

January 2026 saw a 118% year-over-year rise in U.S. layoffs to 108,435, per Challenger, Gray & Christmas. The top reasons cited were losing a commercial contract, economic and stock market conditions, and restructuring.

Key sectors: Transportation (31,243), Technology (22,291), Health Care (17,107). Major cuts included Amazon’s 16,000 and UPS’ planned 30,000 reductions this year. Nearly 8,000 layoffs named AI as a direct factor.

The U.S. unemployment rate remains at 4.4%, with job openings falling and initial jobless claims rising to 231,000 for the week ending January 31. Experts caution that AI may be a pretext, though construction and data center demand remain strong.

Genpact (NYSE:G) reported Q4 CY2025 revenue of $1.32 billion, up 5.6% year-on-year and exceeding analyst expectations of $1.31 billion. Non-GAAP profit of $0.97 per share was 3.8% above consensus, while next quarter revenue guidance of $1.29 billion missed estimates by 0.5%. The results reflect strong adoption of AI and agentic operations, with management citing higher-margin, recurring revenue from domain-specific AI agents as drivers of growth.

CEO Balkrishan Kalra and CFO Michael Weiner highlighted continued momentum in AI-led transformation, expanding client partnerships, and investments in AI talent and product development, supported by a pipeline of large deals. The company trades at $38.50, up from $37.70, following the earnings release.

ESCORTED PRODUCTS COMPANY (NYSE:ESE) reported Q4 CY2025 revenue of $289.7 million, up 17.3% year-on-year, and non-GAAP profit of $1.64 per share, 24.2% above consensus. The midpoint of its full-year revenue guidance of $1.31 billion is 1.5% above estimates. Management attributed the quarter’s momentum to a 143% year-over-year increase in orders, with strong bookings in aerospace, defense, and the test segment, including significant Navy and commercial aerospace contracts. The utility segment showed mixed results as renewables softness offset gains in Doble. Looking ahead, CFO Christopher L. Tucker said the full-year sales increase is driven by outperformance in the test business and a recovering renewables market next year. The company faces lumpy Navy orders and monitors OEM production rates. ESCO trades at $238.37, in line with pre-earnings levels.

Bitcoin (BTC-USD) rose to nearly $67,000 on February 6 after a 13% drop on Thursday sent prices to as low as $61,000, the steepest one-day decline since November 2022. The week remains on track for the worst since 2022, with the price down over 50% from its October all-time high above $126,000.

Ether (ETH) traded near $1,900, down about 15% over the past five sessions. Year-to-date, bitcoin is down roughly 23%, with four consecutive monthly declines in January.

Head of digital assets at Fundstrat, Sean Farrell, increased net long exposure to 80% but left room for a potential retest of the $50,000s. 10X Research noted overexposure of bitcoin ETF holders averaging about $90,000, with a similar dynamic playing out in ethereum ETFs, complicating inflows and allocations amid broader equity and metals weakness.

Amtech Systems (NASDAQ:ASYS) reported Q4 CY2025 revenue of $18.97 million, meeting expectations but down 22.2% year-on-year. Non-GAAP profit of $0.03 per share was 57.1% below consensus. Management attributed the miss to continued weakness in traditional semis and cost pressures, while AI-related equipment demand strengthened, lifting the Thermal Processing Solutions segment.

The company guided to $20 million in Q1 CY2026 revenue, 2.6% above estimates, with improving gross margins and visibility into AI expansion projects. Early traction in panel-level packaging and specialty chemicals is expected to broaden its addressable market, though meaningful take-up may lag until after 2026.

Key watchpoints include AI order growth, adoption in new products, and cash flow performance. ASYS closed at $13.23, down from $15.89 before the earnings.