👉 Broadcom Earnings Up Next

Together with NEOS Investments

Welcome to your new week.

Broadcom's AI guide, the August jobs report, and Tesla's first Cybercab launch all land in a five-day sprint before the long holiday weekend.

Key Earnings Announcements:

A lighter week of earnings highlighted by Broadcom, Dell and Snowflake.

Monday (8/31): Science Applications International

Tuesday (9/1): Credo Technology, Dell Technologies, GitLab, MongoDB, NIO, Palo Alto Networks

Wednesday (9/2): Broadcom, Five Below, Hewlett Packard Enterprise, NetApp, Snowflake

Thursday (9/3): Campbell's, Ciena, DocuSign, Lululemon, Samsara, UiPath, Zscaler

Friday (9/4): ABM Industries

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What We’re Watching:

1. Broadcom (AVGO)

Broadcom (+6.1% YTD) reports fiscal Q3 earnings Wednesday after the close, with investors focused on whether record hyperscaler commitments are turning into a durable multi-year revenue ramp. AI demand is not the question anymore. The question is whether the next guide makes Broadcom's more than $100 billion fiscal 2027 AI target credible enough to restart the stock. On Friday, shares closed roughly 25% below their 52-week high after the last report failed to clear elevated AI expectations.

Last quarter, AI semiconductor revenue reached $10.8 billion, up 143% year over year, while bookings topped $30 billion. That gap is the opportunity and the risk: the order book is enormous, but investors now need proof that reserved capacity is becoming real deployments. Management guided fiscal Q3 revenue to $29.4 billion, including $16 billion from AI semiconductors.

This quarter, the focus will be on AI semiconductor revenue versus the $16 billion guide, the timing of next-generation custom accelerator ramps, and whether networking remains a meaningful share of the AI mix. Investors will also want customer-by-customer evidence that Broadcom's six major AI buyers are moving from commitments to production. An in-line guide may not be enough for a market underwriting more than $100 billion of fiscal 2027 AI revenue. Any deployment pushout, weaker networking mix, or cautious customer commentary could pressure the stock even if the headline numbers beat.

• Analysts expect $2.55 GAAP EPS on Revenue of $29.43 billion.

• You can explore the most recent AVGO investor release here and here.

2. Snowflake (SNOW)

Snowflake (+51.4% YTD) reports fiscal Q2 earnings Wednesday after the close, with investors focused on whether its new AI products are creating durable, incremental consumption across the core data platform. Shares closed Friday at $328.00 for a $113.7 billion market cap, only 4.1% below their 52-week high. That valuation leaves little room for product-revenue growth that merely matches guidance. The stock needs evidence that AI adoption is producing a sustained reacceleration, not just renewed excitement around the product suite.

Last quarter, Snowflake delivered $1.39 billion in total revenue and $1.33 billion in product revenue, up 34% year over year. Remaining performance obligations grew 38%, while management raised its full-year product-revenue outlook from 27% growth to 31%. The company guided fiscal Q2 product revenue to $1.415 billion to $1.420 billion, setting a clear hurdle for whether the acceleration seen last quarter is carrying into the back half of the year.

This quarter, the focus will be on product revenue versus that guide, whether Cortex Code and Snowflake Intelligence are converting rapid adoption into paid recurring consumption, and whether RPO and net revenue retention confirm that demand is broadening. Investors will also be watching the 75% product gross-margin target because Snowflake's AI products carry lower margins than its core platform. The bull case needs an AI-led beat and another guidance raise without sacrificing monetization. An in-line result or faster margin dilution could expose how much reacceleration is already priced into the stock.

• Analysts expect -$0.77 GAAP EPS on Revenue of $1.48 billion.

• You can explore the most recent SNOW investor release here and here.

Investor Events / Global Affairs:

Apple Starts the Ternus Era, G20 Finance Leaders Gather in Asheville, and Tesla Launches Cybercab in Austin

• Apple Starts the Ternus Era

Tuesday marks Apple's first CEO change in 15 years. John Ternus officially succeeds Tim Cook, who has led the company since 2011 and now moves into the role of executive chairman. Ternus also joins Apple's board, while longtime chairman Arthur Levinson becomes lead independent director.

The structure is designed for continuity, but the market will still treat it as the start of a new strategic era. Ternus inherits an Apple facing pressure to accelerate its AI roadmap, defend the economics of its services business, and prove that its next hardware cycle can create another durable growth engine. Cook remains close to the company, but operating responsibility now shifts to the executive who has overseen hardware engineering across the iPhone, Mac, iPad, AirPods, and Apple silicon transition.

Read Apple's official succession announcement.

• G20 Finance Leaders Gather in Asheville

G20 finance ministers and central bank governors meet Monday and Tuesday in Asheville, North Carolina, with global rates, debt, trade imbalances, and digital assets all on the agenda. Bank of Japan Governor Kazuo Ueda and European Central Bank President Christine Lagarde are among the officials expected to participate, putting several of the world's most consequential policymakers in the same room two weeks before a dense run of central-bank decisions.

The U.S. agenda is unusually market-specific. Treasury wants discussion around modernizing financial regulation, debt transparency and restructuring, cross-border payments, fraud, and what it calls a vibrant digital-asset ecosystem. The meeting is unlikely to produce a tradable communique on its own, but it is the week's best venue for unscripted signals on currencies, sovereign debt, and how officials intend to manage the next round of rate decisions.

Read the official G20 calendar and the Treasury agenda.

• Cybercab Launch Event

Tesla holds an invite-only Cybercab launch Thursday in Austin and plans to livestream the event. The two-seat vehicle has no steering wheel or pedals and is designed to join the company's existing Robotaxi service. Production vehicles have begun emerging from Giga Texas, but the launch is a product and service milestone, not blanket regulatory approval for deployment across the country.

That distinction is the trade. Investors will be listening for when employee rides become public rides, how quickly Cybercabs enter the Austin fleet, and whether Tesla provides any evidence that the service can scale beyond a tightly controlled geography. The vehicle itself matters less than the operating data: fleet size, paid rides, intervention rates, utilization, and the regulatory path into additional cities.

Read Tesla's official event page and launch preview.

Major Economic Events:

Manufacturing opens the week and Friday's jobs report decides whether July was a break or the start of a trend.

Monday (8/31): Chicago PMI for August, Dallas Fed manufacturing survey, China official manufacturing and non-manufacturing PMIs, Germany preliminary CPI, Japan retail sales

Tuesday (9/1): August ISM Manufacturing PMI, JOLTS job openings, Construction spending, Eurozone preliminary CPI, G20 finance meeting concludes

Wednesday (9/2): ADP employment change, Factory orders, Bank of Canada rate decision, Reserve Bank of New Zealand rate decision, MBA mortgage applications

Thursday (9/3): August ISM Services PMI, Initial jobless claims, Continuing claims, U.S. trade balance, Q2 productivity and unit labor costs, EIA petroleum inventories

Friday (9/4): August Employment Situation, Average hourly earnings, Unemployment rate, Canada employment report, Germany factory orders, Eurozone retail sales

What We’re Watching:

1. August Jobs Report

Friday at 8:30 a.m. ET the Bureau of Labor Statistics releases the August Employment Situation, the final jobs report before the Federal Reserve's September meeting. A Reuters poll expects payrolls to rise by 58,000 after July's surprise decline of 23,000, with unemployment holding at 4.1%. One clean rebound would make July look like noise. A second weak print would turn it into a trend.

The market is caught between two outcomes it does not especially want. A sharp hiring rebound paired with hotter wage growth would revive the rate-hike debate, while another negative payroll print would raise the risk that the labor market is rolling over faster than policymakers can respond. The cleanest equity outcome is modest positive job growth, stable unemployment, and wage inflation that does not reaccelerate.

Watch revisions as closely as the headline. The last report changed the tone of the entire September meeting, and Friday can change it back. Average hourly earnings, the labor-force participation rate, and the diffusion index will show whether weakness is narrow or spreading beneath the aggregate number.

Economists expect the following:

• Nonfarm payrolls: +58,000 expected vs. -23,000 prior

• Unemployment rate: 4.1% expected, unchanged

2. ISM Manufacturing PMI

Tuesday at 10:00 a.m. ET the Institute for Supply Management reports August manufacturing activity. The headline index reached 55.6 in July, its strongest level in more than four years and the seventh straight month of expansion. Consensus expects a small cooling to 55.3, which would still leave the factory sector comfortably above the 50-point expansion line.

The composition matters more than a few tenths on the headline. New orders were 56.7 in July, production jumped to 58.5, and employment crossed back above 50 for the first time since January 2025. Prices paid remained elevated at 71.1, so a resilient growth reading with another increase in input costs would be the most difficult combination for bonds and rate-sensitive stocks.

This report lands three days before payrolls and one day before ADP, making it the first clean read on whether July's labor weakness extended into August. Watch employment, new orders, and prices paid together. Strong orders with steady hiring would confirm the industrial rebound. Falling employment with sticky prices would look much closer to stagflation.

Economists expect the following:

• ISM Manufacturing PMI: 55.3 expected vs. 55.6 prior

• Expansion threshold: 50.0

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