Broadcom falls as tiny top- and bottom-line beats underwhelm following massive rally

Broadcom delivered a small beat on the top and bottom lines in its fiscal second quarter.

Revenues were $15 billion, compared to an estimate of $14.96 billion, while adjusted earnings per share of $1.58 were two pennies above what Wall Street had penciled in.

Its third-quarter guidance continued the theme of good, but not great: the outlook is for sales of about $15.8 billion (est. $15.72 billion).

Shares dipped as much as 4.5% in a knee-jerk response to earnings. The options-implied earnings move is about 6.8%.

The Robin to Nvidia’s Batman hit a fresh record high on Tuesday after saying shipments of its new AI hardware had commenced, and continued to gain on Wednesday before retreating a touch ahead of this report.

Shares were up nearly 80% since its early April 2025 low heading into earnings.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

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Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

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