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Welcome to your new week.
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Let’s dive right in.
Key Earnings Announcements:
Broadcom, CrowdStrike, Dollar General, Palo Alto Networks, Ulta Beauty and more report earnings this week.
Monday (6/1): Credo Technology, Hewlett Packard Enterprise, HIVE Digital, SAIC
Tuesday (6/2): Dollar General, GitLab, Palo Alto Networks, PetMed Express, Signet Jewelers, Ulta Beauty, Victoria’s Secret
Wednesday (6/3): Broadcom, ChargePoint, Cognite, Macy’s, Medtronic, Ollie’s Bargain Outlet, Petco, Veeva Systems
Thursday (6/4): DocuSign, Lululemon, Planet Labs, Rubrik, Samsara, ServiceTitan, Toro
Friday (6/5): ABM Industries, G-III Apparel Group
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What We’re Watching:
Broadcom (AVGO)
Source: Broadcom Company Overview Deck
Broadcom (+29.1% YTD) reports earnings this week, with investors focused on whether the company can keep delivering explosive AI semiconductor growth while maintaining strong margins across its infrastructure software business. Broadcom has become one of the most important “AI picks-and-shovels” names in the market, supplying custom accelerators, networking chips, and infrastructure software tied to the data-center buildout.
Last quarter, Broadcom delivered record Q1 revenue of $19.3 billion (+29% YoY) and non-GAAP EPS of $2.05, with adjusted EBITDA reaching $13.1 billion, or 68% of revenue. AI semiconductor revenue surged 106% YoY to $8.4 billion, driven by strong demand for custom AI accelerators and networking, while management guided Q2 revenue to roughly $22.0 billion (+47% YoY).
Heading into this release, I’ll be watching whether AI revenue can hit management’s $10.7 billion Q2 target, how hyperscaler demand is trending for custom silicon and networking, and whether VMware integration continues supporting software margins. Commentary on backlog visibility, customer concentration, and the durability of AI infrastructure spending will be critical for sentiment.
“Our AI revenue growth is accelerating, and we expect AI semiconductor revenue to be $10.7 billion in Q2.”
Broadcom, Inc. (AVGO) Stock Performance, 5-Year Chart, Seeking Alpha
Lululemon (LULU)
Source: Lulu Earnings Graphic
Lululemon (-36.8% YTD) reports Q1 FY2026 earnings Thursday after the close, with investors focused on whether the athleisure leader can stabilize growth after a difficult stretch marked by slowing U.S. demand, heavier competition, and recent pressure around product quality and brand perception.
Last quarter, Lululemon guided for Q1 revenue of $2.40B–$2.43B, representing just 1%–3% growth, with EPS expected between $1.63 and $1.68. For the full year, management forecast $11.35B–$11.50B in revenue, or 2%–4% growth, as the company works through softer North America momentum, elevated inventories, and a more promotional activewear backdrop.
For this report, I’ll be watching whether international growth – particularly China and Europe – can offset weakness in the U.S., how inventory and markdown trends are progressing, and whether management can rebuild confidence in product innovation. I’ll also be looking for any commentary around the recent Texas investigation into potential PFAS, or “forever chemicals,” in activewear, as health-conscious consumers become increasingly focused on what they wear against their skin.
“We are focused on getting back to the fundamentals of our brand — product innovation, guest engagement, and operational discipline.”
Lululemon Athletica, Inc. (LULU) Stock Performance, 5-Year Chart, Seeking Alpha
Investor Events / Global Affairs:
Berkshire makes first acquisition under Greg Abel, Computex Taipei puts AI hardware in the spotlight, and US-Iran deal watch remains a market risk.
Berkshire Makes First Major Acquisition Under Greg Abel
Source: Tekedia
Berkshire Hathaway agreed to acquire Taylor Morrison Home Corp. for $6.8 billion in cash, marking one of the first major deals under new CEO Greg Abel. Berkshire will pay $72.50 per share, a roughly 24% premium to Taylor Morrison’s prior closing price.
The acquisition gives Berkshire deeper exposure to the U.S. housing market, where it already has a presence through real estate brokerage, housing-related businesses, and prior investments in homebuilders. The deal also serves as an early signal of Abel’s approach to capital allocation following Warren Buffett’s transition out of the CEO role.
Berkshire has remained highly selective on acquisitions in recent years despite sitting on a record $381 billion cash pile, so this purchase will be closely watched as a test of how actively Abel plans to deploy capital. For investors, the key takeaway is that Berkshire’s core strategy remains intact: patient, cash-rich, and willing to move quickly when the right deal appears.
“Many times in Berkshire’s history, some observers have suggested that our substantial cash position signals a retreat from investing. It does not.”
Computex Taipei Puts AI Hardware in the Spotlight
Souce: Computextaipei.com
The four-day Computex Taipei event begins this week, with the conference positioning itself as an AI-first showcase across chips, PCs, data centers, edge computing, and robotics. The event will feature a heavyweight lineup of semiconductor leaders, including Qualcomm CEO Cristiano Amon, Intel CEO Lip-Bu Tan, Arm CEO Rene Haas, and Marvell CEO Matt Murphy.
Nvidia will have one of the biggest presences of the week, effectively co-branding its participation as “NVIDIA GTC Taipei at COMPUTEX,” with CEO Jensen Huang set to deliver a high-profile keynote. Cisco is also expected to have a major presence, adding to the focus on AI networking and infrastructure.
For investors, Computex will serve as a key checkpoint on the next phase of the AI buildout – from chips and servers to networking, edge devices, physical AI, and robotics. Markets will be watching for new product launches, partnership announcements, and commentary on whether AI demand is broadening beyond hyperscale data centers.
“Nvidia CEO Jensen Huang, who is in Taiwan for the Computex conference, said on the Monday that the RTX Spark PC chip is part of Nvidia's effort with Microsoft, opens new tab to "reinvent the PC" for the AI era after three years of collaboration between the companies.”
US-Iran Deal Watch Remains a Market Risk
Source: Morganstanley.com
Markets continue to watch for further details on a potential U.S.–Iran agreement, but momentum appears to be slowing again. After suggesting last weekend that a deal could be announced “shortly,” President Trump now says he is “in no hurry” and warned that if the U.S. does not get what it wants, it could “end it in a different way.”
The shift in tone keeps investors cautious as the Iran War reaches day 93, with energy markets still sensitive to any headlines around diplomacy, sanctions, and shipping access through the Strait of Hormuz.
A key question this week is whether negotiations produce a credible framework – or whether the delay raises the risk of renewed escalation. A deal could ease oil prices and support risk assets, while another breakdown would likely bring the geopolitical risk premium back into focus.
“Secretary of State Marco Rubio spoke with Lebanese President Joseph Aoun and Israeli Prime Minister Benjamin Netanyahu regarding ongoing negotiations between the two countries, a U.S. official told ABC News, and as Israel expanded its offensive against the Iran-backed Hezbollah militia in southern Lebanon.
The U.S., the official said, proposed that Israel would refrain from escalation in the Lebanese capital Beirut in exchange for Hezbollah's halt of all attacks on Israel. That step, the official said, "would create space for gradual de-escalation and an effective cessation of hostilities."
Aoun "tried to advance this proposal and secure an agreement," the U.S. official said, but was stymied by Lebanese Parliament Speaker Nabih Berri -- the head of the Shiite Amal Movement and a longtime political ally of Hezbollah.”
Major Economic Events:
May jobs report will be released and a look at ISM manufacturing PMI.
Monday (6/1): ISM Manufacturing PMI, Construction Spending, Auto Sales
Tuesday (6/2): JOLTS Job Openings, Fed Speakers
Wednesday (6/3): ADP Employment, ISM Services PMI, Fed Beige Book, Factory Orders
Thursday (6/4): Initial Jobless Claims, U.S. Productivity
Friday (6/5): U.S. Employment Report, Unemployment Rate, Hourly Wages, Consumer Credit
What We’re Watching:
ISM Manufacturing PMI
The ISM Manufacturing PMI held steady at 52.7 in April, matching its highest level since August 2022 but slightly missing expectations for 53.0. The reading still signals expansion in factory activity, with new orders improving to 54.1, suggesting demand remains resilient despite geopolitical and trade uncertainty.
Under the surface, the report was more mixed. Production expanded at a slower pace, while employment fell to 46.4, the sharpest contraction in four months. Supplier deliveries lengthened further, and prices surged at the fastest pace since late 2021, driven by higher oil and diesel costs tied to the Middle East conflict.
Sentiment among manufacturers remained cautious in the second month of the Iran War. According to ISM’s Susan Spence, 69% of panelist comments were negative, with the war mentioned in nearly half of responses and tariffs cited in 18%.
Economists expect the following this week:
ISM Manufacturing PMI: 52.7 vs. 52.7 prior
New Orders: 54.1 vs. 53.5 prior
Prices Paid: Fastest pace since late 2021
“Looking at the manufacturing economy, 19 percent of the sector’s gross domestic product (GDP) contracted in April, compared to 16 percent in March, and the percentage of manufacturing GDP in strong contraction (defined as a composite PMI® of 45 percent or lower) decreased to 2 percent, compared to 4 percent in March. The share of sector GDP with a PMI® at or below 45 percent is a good metric to gauge overall manufacturing weakness. Of the six largest manufacturing industries, four (Transportation Equipment; Machinery; Computer & Electronic Products; and Chemical Products) expanded in April.”
Non-Farm Payrolls
The U.S. economy added 115,000 jobs in April, down from March’s upwardly revised 185,000 gain but well above expectations for just 62,000. The report points to a labor market that is cooling from stronger levels, but still holding up better than feared.
Job gains were led by health care (+37K), transportation and warehousing (+30K), and retail trade (+22K). Weakness was concentrated in information (-13K), federal government employment (-9K), and manufacturing (-2K), reflecting continued pressure in more rate-sensitive and policy-exposed areas.
Revisions were slightly negative overall, with February revised lower by 23,000 and March revised higher by 7,000. Still, April marked the first back-to-back monthly payroll gain in nearly a year, reinforcing the view that the labor market is gradually cooling – not breaking.
Economists expect the following this week:
Nonfarm Payrolls: +115K vs. +62K expected
Prior Month Payrolls: +185K vs. +178K previously reported
Federal Government Employment: -9K
“The U.S. labor market entered May on a strong footing. April nonfarm payrolls rose 115K, while February was revised down by 23K to -156K and March was revised up by 7K to +185K, leaving the two prior months a combined 16K lower than previously reported. The three-month average now sits at 48K.”
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Cover Image Source: Tekedia
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