New York, Feb 28, 2026, 14:36 EST — The market is shut.
- AppLovin finished Friday’s session at $434.77, falling 2.28%. The stock moved in a range from $426.50 up to $447.53 during the day.
- Shares surged 5.53% Thursday, but gave up those gains on Friday as tech sentiment soured once more.
- Monday, investors have their attention split: macro data in focus, eyes on short bets in software, plus they’re tracking fresh headlines about the SEC probe.
AppLovin Corp (APP.O) ended Friday at $434.77, slipping 2.28%. In after-hours moves, shares edged down again to $433.79. During the session, prices spanned $426.50 to $447.53. Trading volume reached about 4.9 million shares, per Investing.com data.
Stocks pulled back late in the week after Thursday’s rally, with traders swinging between high-growth tech names amid changing sentiment on AI investment and potential upheaval. “It feels like an Nvidia hangover that’s specific to the AI space,” said Michael Green, chief strategist at Simplify Asset Management, commenting after a turbulent session for tech stocks. Reuters
Positioning is playing its part here. Goldman Sachs prime brokerage noted hedge funds are holding some of their heaviest shorts ever on software and IT services names—a mix ripe for sharp short squeezes if prices pop. Shorting, of course, means betting that a stock drops.
The docket isn’t exactly empty. “Trying to find the winners and losers” from AI has stocks “treading water,” said John Velis, Americas macro strategist at BNY, in a Reuters week-ahead piece that also pointed to Friday’s tech slide. The same report referenced a Reuters poll, which pegs the expected gain for February U.S. payrolls at 60,000—a figure with the potential to jolt rate forecasts. Reuters
AppLovin shares are still moving based on the company’s recent quarterly results. The Feb. 11 filing showed fourth-quarter revenue at $1.66 billion, with net income hitting $1.10 billion. For the first quarter, AppLovin projects revenue between $1.745 billion and $1.775 billion. Adjusted EBITDA came in at $1.39 billion, using the company’s own definition for this core profit metric.
Regulators haven’t gone away just yet. Back on Feb. 20, Reuters said the U.S. Securities and Exchange Commission confirmed to Bloomberg that the “investigation involving AppLovin is still active and ongoing.” The SEC hasn’t alleged any wrongdoing by AppLovin or its executives. According to Reuters, this investigation stems from both a whistleblower complaint and reports from short sellers. Reuters
The risk setup looks about the same. Should jobs numbers send yields up, those high-multiple software stocks could see swift repricing. Plus, any new SEC probe information might have traders dusting off an old downside scenario that’s still very much in play.
As markets open Monday, eyes will be on APP to see if shares find their footing after last week’s sharp two-day move, and whether pressure on software shorts continues to ease. Next up: The February U.S. Employment Situation report, slated for March 6 at 8:30 a.m. ET, per the Bureau of Labor Statistics calendar.
