Tech stocks mostly rose in overnight trading. Alphabet up 5%; Meta Platforms up 3.8%; Super Micro, Palantir, Tesla up around 2%; Nvidia, Amazon up more than 1%.

Google parent Alphabet said it would buy back $70 billion worth of shares as it reported first-quarter profit above Wall Street expectations on Thursday.

Alphabet beat quarterly revenue estimates, benefiting from steady growth in its digital advertising business, which helped offset muted growth at its cloud computing unit.

U.S. President Donald Trump's trade policy has triggered worries of an economic downturn, prompting companies to rethink their spending on advertising. But analysts say the digital ad market still held its ground in the first quarter.

Tesla Inc. reported its worst quarter in years, but the unofficial measure it touted to Wall Street got a little help: a slight boost from backing out the dip in the value of its crypto holdings.

The move bumped it’s so-called non-GAAP earnings by about 12%. Coupled with stripping out the much bigger cost of stock compensation, the electric vehicle maker reported adjusted earnings more than double its official net income — to about $900 million from about $400 million.

The US Securities and Exchange Commission reviews company supplemental earnings to ensure they aren’t overly rosy, and it has previously scrutinized companies for similar moves. In April 2024, the SEC called out Bitcoin miner Marathon Digital Holdings Inc. for removing the boost in the value of its crypto holdings from its unofficial profit metrics in an earnings release. Marathon agreed to heed the SEC going forward.

Intel shares fell over 5% in overnight trading. Intel forecast second-quarter revenue below Wall Street estimates on Thursday, casting a shadow over new CEO Lip-Bu Tan's first round of earnings at the helm, against the backdrop of a raging Sino-U.S. trade war.