Nvidia reports fiscal Q2 after the close Wednesday, with consensus near $92–93B in revenue — roughly double year-over-year — and full-year guidance seen in a $103–105B range. Shares closed Thursday at $214.72, down about 4.6% on the week, and the stock has fallen after earnings in six of the last eight quarters. UBS analyst Tim Arcuri: "numbers are more important than the narrative." Street average price target sits near $305, with a range of $250 to $500.
Broadcom is in talks with lenders for $70–80B — potentially up to $100B — structured through a special-purpose vehicle with a senior tranche of roughly $45–70B and a junior tranche of $30–35B. Blackstone and Apollo are among the investors in discussions. The financing extends a June partnership that committed $35B to expand Anthropic's compute, targeting more than 20 gigawatts delivered to AI labs by 2028. Broadcom rose a little over 1% Friday.
The 30-year Treasury yield is holding at 5.25%, just under a recent 19-year peak of 5.34%, and Treasury Secretary Bessent's doubled buyback program has done little to slow the climb. Markets now imply roughly a 40% chance of a rate hike at the September meeting. Fed Chair Kevin Warsh speaks Friday at Jackson Hole; JPMorgan's Bruce Kasman flagged "several reasons to expect to be underwhelmed." Nasdaq futures were off 0.4–0.7% this morning.
Alibaba slid 9.5% overnight after announcing a $10.2B equity raise, compounding a rough post-earnings stretch. Adjusted earnings per ADS fell 42% to $1.26 against a $1.85 estimate, and net income dropped 76% to 10.54B yuan. Cloud revenue grew 45% — the fastest in 22 quarters — but AI capex is outrunning new cloud revenue by about 4.5 to 1, and the AI Labs segment posted a RMB 13.86B loss.
Tesla closed Friday at $362.86, up 5.14%, after Nevada regulators cleared as many as 5,000 driverless robotaxis for Las Vegas streets — by far the largest slice of the 8,000 autonomous vehicles Clark County authorized across Tesla, Waymo and Uber. Volume hit 58.5M shares, about 39% above the three-month average, putting market cap at $1.43T. Notably, this is a volume deployment clearance, not a pilot.
Micron's high-bandwidth memory capacity is fully committed for 2026 under binding contracts, with much of 2027 already allocated to AI customers. HBM revenue is up 244.8% year-over-year fiscal-year-to-date. New Street Research's Pierre Ferragu upgraded to Buy with a $1,250 target, calling the market "remarkably tight," and Micron unveiled Micron Research Labs on August 20 alongside a $10B research commitment.
US-Canada trade talks broke down as 50% tariffs on Canadian imports took effect, with Ottawa promising retaliation starting September 8 covering steel, dairy, appliances, agricultural equipment, pulp and paper, and electronics. Separately, Treasury Secretary Bessent is expected to unveil an Iran sanctions package Monday, calling it "the single greatest financial offensive ever marshalled against an adversary." Hardware supply chains are the exposure here.
CrowdStrike and Salesforce both report Wednesday alongside Nvidia. CrowdStrike is expected to show revenue up 23% to $1.4B, but shares shed 5.6% recently after Bloomberg reported CTO Elia Zaitsev is leaving to launch an AI and cybersecurity venture fund. Salesforce is expected to deliver an Agentforce adoption and pipeline update — the closest thing the market has to a read on whether agent monetization is real yet.
ByteDance and Tencent have each reportedly received roughly 10,000 H200 chips in recent weeks under the approved export framework, which caps China at no more than 50% of what US customers receive and requires third-party lab verification. Meanwhile, CNBC reports Chinese AI firms are accessing advanced Nvidia compute through Southeast Asian data centers, and lawmakers are weighing authority to regulate remote cloud access to controlled technology.
Anthropic's annualized revenue has topped $65B, and the company filed confidentially on June 1 and is meeting investors for a targeted October listing under the ticker ANTH. Reported valuation sits near $965B versus OpenAI's $852B, with OpenAI leaning toward 2027 for its own debut. Neither is publicly traded yet — but Nvidia holds a stake in Anthropic, and Broadcom's financing is tied to its compute build.
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