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HPE Lifts Sales Forecast, Snowflake Jumps on Revenue, Broadcom Slips
Description
Today's biggest winners and losers in the stock market.
On this episode of Stock Movers:
- HPE (HPE) boosted its sales outlook for this fiscal year and next, saying artificial intelligence workloads are driving demand for servers and networking gear. The shares were little changed in extended trading after closing at $51.82 in New York. The stock has more than doubled this year.
- Snowflake (SNOW) gained in extended trading after the company raised its outlook for annual sales, topping analysts’ estimates, and touted rapid adoption of its AI-assisted coding tool. The shares jumped more than 20% in extended trading after closing at $305.84. The stock had climbed 39% this year through the close.
- Broadcom (AVGO) predicted a boom in artificial intelligence chip sales over the next two years, helping renew optimism that it can challenge Nvidia Corp.’s dominance in the lucrative market. AI chip revenue will double to about $115 billion in fiscal 2027 and soar to $230 billion the following year, Chief Executive Officer Hock Tan said during a conference call. The company also is on track to top earnings of $30 a share in fiscal 2028, outpacing Wall Street estimates. The shares rebounded from an earlier decline after Tan gave the guidance.
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