Intel surged nearly 5% in premarket trading after releasing second-quarter earnings that beat expectations. The chipmaker reported $16.1 billion in revenue, marking a 25% increase year over year. Adjusted gross margin also exceeded forecasts at 41.8%, reflecting strong demand across its CPU, foundry, and advanced packaging businesses, especially linked to AI workloads. For the third quarter, Intel forecasted revenue between $15.8 billion and $16.8 billion along with adjusted EPS of $0.38, surpassing Wall Street’s estimates.

Not all semiconductor stocks caught a boost from Intel’s report. Micron and Sandisk slid 1.8% and 2.4%, respectively, showing limited spillover from Intel’s solid results.

SAP climbed 6.1% after posting better-than-expected earnings and revealing 24% growth in cloud revenue. The German software giant also reported a 26% rise in its cloud backlog, exceeding projections. Management raised its 2026 cloud and software revenue targets above consensus, highlighting increased adoption of its Autonomous Enterprise strategy and the growing role of its Business AI Platform. These results helped ease investor concerns that AI could disrupt enterprise software.

Safety Insurance jumped 42% following an all-cash acquisition agreement with Mapfre valued at about $1.54 billion. Shareholders will receive $105 per share, a 44% premium over the prior closing price. The deal is expected to close in the first quarter of 2027, pending regulatory approval.

Amkor Technology gained 9% after confirming a multi-year partnership with Nvidia. The collaboration will expand Amkor’s advanced packaging capacity in Arizona to support U.S.-based AI chip production, with Nvidia providing upfront funding.

Deckers Outdoor slipped nearly 3% despite reporting its first-ever quarterly revenue above $1 billion, driven by strong sales of HOKA and UGG brands. Gross margin expanded to 56.4%, but the company’s raised full-year profit outlook still missed analyst expectations, weighing on the stock.

Stock futures nudged higher Friday morning as oil prices retreated, reducing inflation worries that had pressured markets. A busy tech earnings slate continues to influence early market movements.