markets

Luke Kawa3/6/25

Broadcom soars after earnings beat, sunny revenue guidance

Broadcom reported better-than-expected profits and a revenue outlook to match, sending shares sharply higher in after-hours trading.

For its fiscal first quarter, the chip designer booked earnings per share of $1.60, $0.10 above the consensus estimate, along with a positive surprise for its adjusted gross margin of 79.1%. (Nvidia, on the other hand, is showing signs of softness in this metric.)

AI sales were big for Broadcom in the quarter: at $4.1 billion, this trounced the consensus estimate of $3.73 billion by about 10%.

“We expect continued strength in AI semiconductor revenue of $4.4 billion in Q2, as hyperscale partners continue to invest in AI XPUs and connectivity solutions for AI data centers,” CEO and President Hock Tan said.

But with the market taking a what-have-you-done-for-me-lately approach to AI names, it’s the second-quarter guidance that’s really fueling a bid for the stock. Broadcom anticipates generating about $14.9 billion in revenue versus the consensus estimate of $14.6 billion. The adjusted EBITDA guidance of about $9.93 billion for Q2 also came in $200 million above the Street’s expectations.

Shares had sold off hard on Thursday ahead of the report, as Marvell Technologies — which also sells customized advanced semiconductors to the hyperscalers — posted underwhelming guidance after the close on Wednesday.

It’s been a while since we’ve seen an unabashedly positive market reaction to semiconductor earnings!

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markets

J. Edward Moreno7/7/26

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.

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

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