Stock Futures Mixed; Dow Points Up, S&P 500 Ticks Lower After Setting Closing Highs; Nasdaq Falls as AI Bubble Fears Remain

Broadcom Turned In Strong Earnings. But Will They Revive the AI Trade?

4 minutes ago

The AI trade has sputtered lately. Investors looking for Broadcom’s latest quarterly results to get it running again have been disappointed so far.

Shares of chipmaker Broadcom (AVGO) first jumped in extended trading Thursday, rising after it posted results that topped analysts’ estimates on growing AI demand. That was welcome for bullish investors who saw the Nasdaq and many of the Dow’s tech-focused components left out of today’s market surge.

Not long after, however, they were in the red again, extending losses from the regular session—and suggesting that the latest tech selloff, led by database giant Oracle (ORCL) after it failed to impress investors with its own results, might not be done.

Oracle slightly missed Street sales estimates. But Broadcom topped forecasts with a 28% year-over-year jump in quarterly revenue to a record $18.02 billion. It also posted adjusted earnings per share of $1.95 for the fiscal fourth quarter, above the $1.88 analysts surveyed by Visible Alpha were looking for.

CEO Hock Tan said the supplier for Meta (Meta) and Alphabet’s (GOOGL) Google sees that momentum continuing in the current quarter, and projected first-quarter revenue of $19.1 billion, ahead of analysts’ estimates.

Read the full article here.

–Kara Greenberg

Stock Futures Mixed to End Week

24 minutes ago

Futures contracts connected to the Dow Jones Industrial Average pointed 0.2% higher.

S&P 500 futures ticked 0.1% lower.

Nasdaq 100 futures pointed down 0.5%.