Figma’s initial public offering last month was an instant hit. Shares soared 250% in their first day of trading. But the stock has surrendered over 30% of its gains as of Friday’s close, and most analysts are approaching the company with caution.

Stocks are opening lower on Wall Street after a big jump last week on hopes for more interest rate cuts from the Federal Reserve.

The chipmaker’s numbers could signal if the AI trade still has legs. Post-Jackson Hole, the Fed’s favorite inflation gauge hits. European post offices pause package shipments,