The post-Labor Day session is dominated by a wave of AI-related earnings. AVGO (Broadcom) posted Q3 AI revenue up 221% but shares slid on soft guidance. MSFT restated Q4 Azure revenue at $29.4B and guided Q1 Azure growth of 44-45% in constant currency. SNOW surged after a Q2 double beat, with AI momentum still accelerating. NTAP (NetApp) fell despite a strong Q1 print. HPE flagged supply constraints as server demand stays "exceptionally high."
PVH delivered a Q3 EPS outlook of $2.50-$2.65 against a $2.99 estimate — a sharp miss. European demand weakness is the culprit. By contrast, (Five Below) beat sharply on both earnings and sales guidance, affirming Q3 EPS of $1.01-$1.13 versus an $0.83 estimate.
WOLF (Wolfspeed) remains deeply underwater. Short interest is 73.3% of free float with near-zero availability. Meanwhile, TENB (Tenable) saw bears pile in hard this week — SI jumped 4.7 points to 13.8%. Options traders are split on semis. Both NVDA and MU rank in the top names for positive and negative bets alike.
Bill Gates filed purchases of $808M in RSG (Republic Services) across August. Analyst upgrades are flowing into DELL, where Truist lifted its target to $505 on AI server strength. JPM (JPMorgan) is in the headlines after a report it curbed lending to Jane Street as the trading firm pushed into the bond market.
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