What Happened?
A number of stocks fell in the afternoon session after tech stocks pulled back as reports surfaced that Chinese customs authorities blocked Nvidia's H200 AI chips, effectively halting their entry despite recent U.S. export approvals.
This semiconductor sell-off, led by Broadcom and Micron, reflected deepening fears that the "AI trade" was colliding with a protectionist "new normal." Investors were concerned about the prospect of a fragmented global order where tech giants are caught between Washington's industrial strategy and Beijing's push for semiconductor sovereignty. Broadening the risk, markets were also agitated about the Justice Department's investigation into Fed Chair Jerome Powell, sparking concerns over central bank independence. This domestic political friction, paired with rising oil prices from Iranian civil unrest, likely forced a pivot from growth to defense.
The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.
Among others, the following stocks were impacted:
- Vertical Software company Guidewire Software (NYSE:GWRE) fell 6.1%. Is now the time to buy Guidewire Software? Access our full analysis report here, it’s free.
- Spend Management Software company American Express Global Business Travel (NYSE:GBTG) fell 6.1%. Is now the time to buy American Express Global Business Travel? Access our full analysis report here, it’s free.
- Automation Software company Appian (NASDAQ:APPN) fell 6.3%. Is now the time to buy Appian? Access our full analysis report here, it’s free.
- Marketing Software company Braze (NASDAQ:BRZE) fell 6%. Is now the time to buy Braze? Access our full analysis report here, it’s free.
- Content Delivery company Fastly (NYSE:FSLY) fell 3%. Is now the time to buy Fastly? Access our full analysis report here, it’s free.
Zooming In On Appian (APPN)
Appian’s shares are very volatile and have had 24 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The biggest move we wrote about over the last year was 11 months ago when the stock gained 21.1% on the news that the company reported strong fourth quarter results that beat analysts' revenue, EPS, and adjusted operating income expectations.
Cloud subscription revenue, its key growth driver, increased 19% y/y, fueling a 15% rise in total sales. In addition, its full-year EPS and EBITDA guidance topped Wall Street's estimates. Margins improved significantly, with GAAP operating income swinging to profitability compared to losses in the prior year. Looking ahead, full-year sales guidance came in line with expectations, while EBITDA and earnings exceeded consensus estimates. Overall, this was a solid quarter.
Appian is down 13.1% since the beginning of the year, and at $29.58 per share, it is trading 35.2% below its 52-week high of $45.64 from November 2025. Investors who bought $1,000 worth of Appian’s shares 5 years ago would now be looking at an investment worth $169.94.
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