Navan surged 19% in premarket trading after the travel management platform projected second-quarter and full-year revenue above FactSet forecasts.
First-quarter results reinforced that outlook, with Navan reporting beats on both non-GAAP earnings and revenue.
The move stood out in a mixed premarket session: Intel rose nearly 5% on a Bank of America double upgrade, while Oracle fell 8% despite earnings beats after outlining a $20 billion AI funding plan.
Oracle’s heavier AI spending plans still lifted chip-equipment names, with Applied Materials and Lam Research up nearly 5%, showing investor appetite for companies tied to enterprise AI demand.