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Alphabet Inc. (Class C)

Alphabet Inc. (Class C)

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NASDAQTechnology

425 stories mentioning Alphabet Inc. (Class C)Updated 2d ago

Alphabet's Google announced a $1.5 billion 2026-27 expansion of its Alabama data center campuses, funding its own power and infrastructure costs.

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Wire

Market Chatter: Anthropic, OpenAI Take Different Positions on Massachusetts AI Safety Bill

Amazon-backed (AMZN) Anthropic is supporting AI-safety language in a Massachusetts Senate bill that would require major artificial intelligence developers to undergo independent evaluations of catastrophic risks from their models, putting the company at odds with Microsoft-backed (MSFT) OpenAI and Alphabet's Google (GOOG, GOOGL), The Information reported Thursday.The proposal, included in a broader economic development bill, would require independent assessments of AI models every four months. A conference committee is working to reconcile the Massachusetts House and Senate versions before determining whether the provision remains in the final legislation, the report said.OpenAI has opposed the Massachusetts provision, urging lawmakers to consider requirements more closely aligned with the Illinois law and warning that differing state rules could create fragmented oversight, according to the report.Google has also raised concerns about additional state testing requirements, citing uncertainty over how model evaluations would be conducted, the report said, citing a person familiar with the company's position.Anthropic, OpenAI and Google did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $257.53, Change: $+2.55, Percent Change: +1.00%

$AMZN$GOOG$GOOGL$MSFT
Snowflake Raises Full-Year Product Revenue Outlook Following Fiscal Second-Quarter Beat
US Markets

Snowflake Raises Full-Year Product Revenue Outlook Following Fiscal Second-Quarter Beat

Snowflake (SNOW) shares jumped early Thursday as the cloud-based data platform lifted its full-year product revenue outlook and reported fiscal second-quarter results above Wall Street's expectations.Product revenue, which accounts for most of the firm's total revenue, is now expected to reach $6.07 billion for fiscal 2027, representing annual growth of 36%, Snowflake said late Wednesday. The company previously projected the key metric at $5.84 billion, while the current FactSet consensus is $5.99 billion."Given the strength we've observed, both in our core data platform business and (artificial intelligence) business, we're raising our product revenue guidance for the year," Chief Financial Officer Brian Robins said during an earnings call, according to a FactSet transcript.The company expects to maintain strong growth while continuing to expand its margins over the long term, Chief Executive Sridhar Ramaswamy said during the call.Snowflake's stock spiked 25% in the most recent premarket activity.In an emailed client note, Truist Securities said AI is driving direct monetization and incremental platform consumption for Snowflake, with AI products accounting for about 50% of the recent growth acceleration. The brokerage expects the company to see "sustained growth acceleration" as AI expands its "relevance" and generates new workload adoption.Snowflake's adjusted earnings came in at $0.62 a share for the three-month period ended July, up from $0.35 the year before, ahead of the Street's view for $0.45. Revenue advanced 35% to $1.55 billion, topping the average analyst estimate of $1.48 billion.Product revenue increased 37% to $1.49 billion, exceeding the market's forecast of $1.42 billion. "(The second quarter) marks our third consecutive quarter of product revenue growth acceleration, driven by strength in both our core data platform and a meaningful step-up in AI revenue," Robins said in the earnings release.The net revenue retention rate was 126%, while remaining performance obligations, or RPO, grew 30% year over year to $9 billion, according to the company.For the third quarter, Snowflake projects product revenue between $1.588 billion and $1.593 billion, representing year-over-year growth of 37% to 38%. The Street is looking for $1.57 billion.The guidance implies "a strong case for sustained growth acceleration," Truist said.In July, Amazon.com (AMZN) reported better-than-expected second-quarter results buoyed by robust gains in its Amazon Web Services cloud-computing platform.Alphabet's (GOOG, GOOGL) second-quarter revenue topped market estimates, as the Google parent recorded an 82% surge in cloud revenue.

$AMZN$GOOG$GOOGL$SNOW
Wire

Update: Judge Rejects US Bid to Force Google to Divest Ad Exchange

(Updates with Google's response to a request for comment in the penultimate paragraph and the Justice Department's Antitrust Division's statement in the final paragraph.)A judge in federal district court in Virginia on Wednesday rejected the United States' proposed structural remedies that would require Alphabet's (GOOG, GOOGL) Google to sell AdX, its advertising exchange, according to court documents.The US' proposal also included the open-sourcing of DFP's final auction logic and the contingent divestiture of the DFP Remainder, which were also rejected."We're very pleased the Court rejected the DOJ's proposal to break apart tools that help small businesses reach new customers and grow, said Lee-Anne Mulholland, Google vice president, regulatory affairs, in a statement to."The Antitrust Division is pleased that the court ordered substantial relief in the Google Ad Tech case. We are one step closer to restoring competition and bringing relief for the American people in online advertising markets. The Department is evaluating appropriate next steps," the Justice Department's Antitrust Division said on X.Price: $334.83, Change: $+2.80, Percent Change: +0.84%

$GOOG$GOOGL
Wire

SpaceX AI Revenues, Use Cases Accelerating Faster Than Expected, Oppenheimer Says

SpaceX (SPCX) artificial intelligence revenues and use cases are accelerating faster than expected, with new applications like agentic coding and Grok Bot driving a 3x increase in direct AI revenue and more indirectly, Oppenheimer said in a Wednesday note.SpaceX is the only vertically integrated AI company, enabling it to build and manufacture around bottlenecks at a time when pricing for AI compute is rising. Alphabet's Google (GOOG, GOOGL) is paying the company $11 per GPU-hour, roughly double the average rates observed a year ago, according to the note.Oppenheimer expects a one-year payback for new Nvidia (NVDA) Rubin chips, as AI productivity and usage continue to exceed expectations while infrastructure remains a bottleneck.The brokerage raised its long-term revenue estimate by about 10% on stronger AI compute pricing, supported by rapid improvements to SpaceX's AI model and platform, as well as channel checks and third-party large language model benchmarks.Oppenheimer raised its price target to $280 from $250, with an outperform rating.Shares of SpaceX were down 1.3% in Wednesday trading.Price: $140.37, Change: $-1.86, Percent Change: -1.31%

$GOOG$GOOGL$SPCX
Wire

Judge Rejects US Bid to Force Google to Divest Ad Exchange

A judge in federal district court in Virginia on Wednesday rejected the United States' proposed structural remedies that would require Alphabet's (GOOG, GOOGL) Google to sell AdX, its advertising exchange, according to court documents.The US' proposal also included the open-sourcing of DFP's final auction logic and the contingent divestiture of the DFP Remainder, which were also rejected.Google did not immediately reply to a request for comment from.Price: $333.79, Change: $+1.76, Percent Change: +0.53%

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Wire

Judge Rejects US Bid to Force Google to Divest Ad Exchange

Judge Rejects US Bid to Force Google to Divest Ad Exchange

$GOOG$GOOGL
Wire

Update: Fervo Signs 396 Megawatt Power Purchase Agreement With Google

(Updates with Google's response in the sixth paragraph and the most recent stock move in the last paragraph.)Fervo Energy (FRVO) has signed a 396-megawatt power purchase agreement with Alphabet's (GOOG, GOOGL) Google, the company said on Tuesday.Under the agreement, Google will purchase energy from Fervo Energy's Cape Station geothermal project to power a potential data center in Utah, according to the company.Fervo Energy said that the agreement includes an option for Google to expand its offtake by about 600 megawatts, for a total capacity of nearly 1 gigawatt, by June 2030.Financial details related to the agreement were not disclosed.The Cape Station geothermal project is slated to come online in 2028, meanwhile, the potential data center remains subject to factors like engineering feasibility, state and local approvals, and commercial conditions, Fervo Energy said."Although several components of this project are not yet finalized, we want to build data centers the right way through an open and transparent dialogue," Google said in response to an inquiry by.Shares of Fervo declined more than 3% in recent Wednesday premarket activity.Price: $19.10, Change: $-0.65, Percent Change: -3.29%

$FRVO$GOOG$GOOGL
Wire

Alphabet's Waymo Launches in Denver, San Diego, Tampa

Alphabet's (GOOG, GOOGL) robotaxi unit Waymo said Tuesday it begun offering rides to the general public in Denver, San Diego, and Tampa.The company said it will gradually expand its presence across the 14 cities where it is operational.Price: $332.89, Change: $-2.52, Percent Change: -0.75%

$GOOG$GOOGL
Wire

Top Midday Stories: Anthropic Reportedly Agrees to $35 Billion Computing Deal With Lambda; GoPro to Merge With Starman Optical

All three major US stock indexes were down in late-morning trading Tuesday, as bond yields in the US and around the world rose in response to rising oil prices and inflation concerns.In company news, Amazon-backed (AMZN) Anthropic has agreed to a $35 billion computing deal with Nvidia-backed (NVDA) cloud provider Lambda, Bloomberg reported Monday, citing a person familiar with the matter. The project involves a Texas data center being developed by Hut 8, with Nvidia holding the lease, the report said. Amazon shares were down 2.0% around midday, while Nvidia shares were down 1.0%.GoPro (GPRO) and optical-photonics company Starman Optical said Tuesday they have signed a definitive merger agreement. Under the terms of the deal, GoPro shareholders will receive $1.14 per share, for a total of $285 million in cash and will retain a stake in the combined company of about 10%. GoPro's roughly $92 million of outstanding debt will be repaid in full at closing, the companies said. GoPro shares were up 43.8%.Chevron (CVX) is finalizing a deal for the operating rights to two giant oil fields in Venezuela's Orinoco Belt, Bloomberg reported Tuesday, citing people familiar with the matter. The two fields are located in the Carabobo region, which holds billions of barrels of heavy oil reserves, and are near a big field already operated by Chevron's PetroIndependencia joint venture with state-owned Petroleos de Venezuela, the report said, citing the people. Chevron shares were up 1.5%.Medtronic (MDT) reported fiscal Q1 adjusted earnings Tuesday of $1.45 per share, up from $1.26 a year earlier and above the FactSet consensus analyst estimate of $1.39. Fiscal Q1 revenue was $9.76 billion, up from $8.58 billion a year ago and above the FactSet consensus of $9.55 billion. For fiscal 2027, the company expects adjusted EPS of $5.94 to $6, compared with its previous guidance range of $5.90 to $6 and the FactSet consensus of $5.95. Separately, Medtronic said it formed a partnership with Cornerstone Robotics through which it will invest $700 million. Lastly, Medtronic will invest up to $80 million in Pi-Cardia and retain an option to acquire the company for up to $210 million if certain milestones are met, the companies said Tuesday. Medtronic shares were up 1.7%.Fervo Energy (FRVO) has signed a 396-megawatt power purchase agreement with Alphabet's (GOOG, GOOGL) Google, the company said Tuesday. Under the terms of the agreement, Google will buy energy from Fervo Energy's Cape Station geothermal project to power a potential data center in Utah, Fervo said. The agreement includes an option for Google to expand its offtake by about 600 megawatts by June 2030, the company said. Fervo shares were up 23.8%, while Google's Class C and Class A shares were down 0.7% and 0.9%, respectively.SpaceX (SPCX) has replaced several leaders responsible for building the company's data centers following some civil engineering concerns and reliability issues at facilities in Tennessee and Mississippi, The Information reported Tuesday, citing people familiar with the matter. The company has installed executives from its rocket and satellite internet businesses to oversee data center operations, the report said, citing the people. SpaceX shares were up 0.3%.Price: $1.25, Change: $+0.37, Percent Change: +42.78%

$AMZN$CVX$FRVO$GOOG$GOOGL$GPRO$MDT$NVDA$SPCX
Wire

Helios Technologies Adds Apple CarPlay, Android Auto to No Roads Platform

Helios Technologies' (HLIO) electronics segment expanded the No Roads platform with Apple's (AAPL) CarPlay and Alphabet's (GOOG, GOOGL) Android Auto capabilities, extending connected digital experiences beyond traditional automobiles, the company said Tuesday.The platform enables compatible original equipment manufacturer displays to provide access to supported smartphone features and applications through an integrated interface, the company said.The expanded platform targets OEMs across marine, powersports, overlanding and specialty vehicle markets, Helios added.Helios Technologies shares were down 2.1% in Tuesday trading.Price: $72.51, Change: $-0.51, Percent Change: -0.70%

$AAPL$GOOG$GOOGL$HLIO
Equities

Social Buzz: Wallstreetbets Stocks Decline Premarket Tuesday; Sandisk, Micron Technology to Open Lower

The most-talked-about stocks in the Reddit subforum Wallstreetbets were mostly lower hours before Tuesday's opening bell.Sandisk (SNDK) fell by 3% pre-bell, following a 5.5% rise at Monday's close.Micron Technology (MU) declined by 1.8% hours before market open, after a 2.8% increase from the previous session.Tesla (TSLA) was 1.1% lower premarket, swinging from a 5.5% increase at Monday's close.Nvidia (NVDA) declined by 1.2% in pre-bell activity, after a 1.5% rise from Monday's session.Meta Platforms (META) was 0.9% lower premarket, after closing Monday with a 1% decline.Amazon.com (AMZN) was down 0.8% in premarket hours, following a 2.5% fall from the previous session.Alphabet (GOOG) fell by 0.5% pre-bell, after closing Monday with a 2.2% decline.DTE Energy (DTE) declined by 0.3% in premarket activity, after a 0.2% decline at Monday's close.

$AMZN$DTE$GOOG$META$MU$NVDA$SNDK$TSLA
OpenAI's ChatGPT Ads Platform Hits $1 Billion in Annualized Revenue Run Rate
US Markets

OpenAI's ChatGPT Ads Platform Hits $1 Billion in Annualized Revenue Run Rate

OpenAI's ChatGPT Ads platform has reached $1 billion in annualized revenue run rate, the artificial intelligence lab said Monday as it continues to expand the feature globally.In February, the firm announced the start of advertisement testing on ChatGPT in the US to support broader access to the generative AI chatbot's features. Later in the year, OpenAI began testing and expanding the feature to several other countries, including the UK and South Korea."Advertising is one pillar of OpenAI's diversified business model, alongside consumer subscriptions, enterprise offerings, and usage-based (application programming interfaces)," the company said Monday, adding that the platform is used by "tens of thousands" of advertisers.ChatGPT has more than 1 billion weekly active users, the firm added.Advertisers can buy ChatGPT ads directly through Ads Manager in India, Europe, the Middle East and North Africa, effective Monday, according to OpenAI."Our next phase of growth will bring ChatGPT Ads to more markets and introduce additional formats, objectives, buying options, and measurement capabilities," the company said. "We will also explore new ways for businesses to interact with consumers in more native ways in ChatGPT."In February, rival AI startup Anthropic said its Claude chatbot will remain ad-free, instead generating revenue through enterprise contracts and paid subscriptions.Last month, Alphabet (GOOG, GOOGL) reported revenue of $81.63 billion in its Google advertising business for the second quarter, up from $71.34 billion a year earlier. Meta Platforms (META) recorded second-quarter advertising revenue of $59.36 billion, rising from $46.56 billion year over year.Earlier this month, OpenAI said Chief Revenue Officer Denise Dresser would leave, marking the latest executive departure at the ChatGPT maker.Earlier in the year, OpenAI and Anthropic confidentially filed for their respective potential initial public offerings in the US.Last week, news outlets reported that Anthropic plans to unveil its IPO prospectus after Labor Day, with a potential listing late next month or early October.Price: $334.43, Change: $-8.45, Percent Change: -2.46%

$GOOG$GOOGL$META
Softline Retailers to Continue Reaping Gains From AI Boom, UBS Says
US Markets

Softline Retailers to Continue Reaping Gains From AI Boom, UBS Says

US softline retailers should continue to benefit from the ongoing artificial intelligence boom, though recent consumer spending trends could weigh on the sector's performance, UBS Securities said Monday.The massive AI infrastructure buildout, which has fueled a rally in the stock market and growth of the world's biggest economy this year, should also help boost consumer demand for softgoods, UBS analysts, including Jay Sole, said in a note to clients.At the same time, softline companies' AI adoption is driving sales growth and making them cost efficient, they said. "We believe we are more bullish than the consensus is in both areas," the analysts wrote.Hyperscalers such as Amazon.com (AMZN), Meta Platforms (META), Microsoft (MSFT), and Alphabet (GOOG, GOOGL) are spending enormous sums to expand their AI infrastructure footprints globally amid growing demand for AI and cloud services.UBS continues to project a low-double-digit percentage growth in earnings per share this year for the "median industry stock" and deems Wall Street's 2026 forecasts to be "generally too low."However, the brokerage remains cautious on the sector given what appears to be muted consumer spending."August survey data show the current US consumer spending environment is similar (month over month) and this dampens our enthusiasm for softline stocks," the analysts said. "We believe the market needs to see the industry's sales growth rate accelerate in order to catalyze near-term stock buying."Last week, a survey by the University of Michigan showed that US consumer sentiment dropped in August amid concerns that inflation will continue to be high for the "foreseeable future." A separate survey by the Conference Board showed that consumer confidence fell this month amid a decline in the expectations index, with a "more pessimistic" outlook for business conditions and the labor market ahead."August survey results show moderate divergence of spending behavior between lower income and higher income consumers," UBS said Monday. "While lower-income consumers still report relatively resilient softgood spending intentions, most measures of financial well-being, confidence, economic optimism, and quality of life are weaker (versus) middle- and higher-income households."Price: $28.72, Change: $-0.13, Percent Change: -0.45%

$AMZN$BIRK$COLM$DDS$GIL$GOOG$GOOGL$KSS$M$META$MSFT$ONON$PLCE$REAL$SFIX
Wire

Broadcom Says AI Models From Google, Nvidia, Alibaba Cloud Validated to Run on VMware Cloud Foundation

Broadcom (AVGO) said Monday that artificial intelligence models from providers including Alphabet's (GOOGL, GOOG) Google, Nvidia (NVDA), Alibaba's (BABA) Alibaba Cloud and others, are validated to run on VMware Cloud Foundation.VMware Cloud Foundation provides an AI and Kubernetes-native platform that gives organizations across industries a production-ready path to deploy a variety of AI models, the company said.Price: $369.36, Change: $+0.57, Percent Change: +0.15%

$AVGO$BABA$GOOG$GOOGL$NVDA
Marvell Technology Issues Soft Quarterly Gross Margin Outlook on Greater Custom Mix, B. Riley Says
US Markets

Marvell Technology Issues Soft Quarterly Gross Margin Outlook on Greater Custom Mix, B. Riley Says

Marvell Technology's (MRVL) fiscal third-quarter gross margin outlook came in a bit soft amid a higher custom product mix, following "solid" results for its just-concluded quarter, B. Riley Securities said in a note e-mailed Friday.Late Thursday, the chip designer's second-quarter results rose above Wall Street's estimates amid a surge in data center revenue. For the ongoing quarter, the company expects non-GAAP gross margin between 57.5% and 58.5% versus 58.9% reported for the prior quarter."Revenue levels and product mix remain key determinants of gross margin in any given quarter, with the forecasted acceleration of our custom business creating the sequential headwind in the fiscal third quarter," Marvell Technology Chief Financial Officer Dan Durn said on an earnings conference call, according to a FactSet transcript.The company expects to maintain fourth-quarter gross margin "in this range," Durn said.The third-quarter gross margin outlook was below B. Riley's estimates amid "greater custom mix," analyst Craig Ellis said in a note to clients. "Overall, a solid (second) quarter in our view, with the diversifying data center base led by interconnect strength."Gross margin for the second half of fiscal 2027 is likely "a little below" on mix, while operating expenditures are a little higher on growth investments for Amazon (AMZN) Web Services Trainium, Alphabet's (GOOG, GOOGL) Google XPU, and Nvidia (NVDA) NVLink Fusion deals, Ellis said."While (operating margins) should still strongly enter the 38%-to-40% range in (the fourth quarter), that's a little below our prior forecast given (gross margin) action," the analyst wrote.B. Riley lowered its price target on the Marvell Technology stock to $315 from $345, with a buy rating.The company's shares were down 9.9% in Friday late-afternoon trade. The stock has jumped about 156% so far this year."We believe investors will get much more of the long-term growth outlook they'd like in six weeks at analyst day, with the model now defensively set on (gross margin) and OpEx," Ellis said. "We thus see a buy-the-dip opportunity, though acknowledged shares could trade sideways or even a bit lower into early (fourth quarter)."Earlier in the week, Morgan Stanley said chipmaking giant Nvidia offered a surprisingly strong fiscal 2028 revenue outlook, while its gross margin guidance provided clarity amid rising memory costs.Semiconductor manufacturer Broadcom (AVGO) is scheduled to report its fiscal third-quarter results Wednesday."Overall, (Marvell Technology's) leverage is dented a bit near term as large customer programs get going, though longer-term growth and EPS seem strongly on track to what could be $10 to $11 in (2029 EPS), and much greater thereafter," Ellis said.Price: $217.54, Change: $-23.91, Percent Change: -9.90%

$AMZN$AVGO$GOOG$GOOGL$MRVL$NVDA
Sectors

Sector Update: Tech

Tech stocks were lower Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.5% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 3.9%.The Philadelphia Semiconductor index was down 3.6%.In corporate news, Marvell Technology (MRVL) shares fell 10% after the company's stronger-than-expected fiscal Q2 results were overshadowed by investor concerns over the timing of revenue from its deal with Alphabet's (GOOGL, GOOG) Google.

$GOOG$GOOGL$MRVL
Wire

Update: Marvell Technology Shares Fall Pre-Bell on Google Deal Concerns Despite Fiscal Q2 Results Beat

(Updates with the latest stock move in the first paragraph and details on the Google deal in the fifth and sixth paragraphs)Marvell Technology (MRVL) shares were down about 8% in Friday's premarket activity after the company's stronger-than-expected fiscal second-quarter results were overshadowed by investor concerns over the timing of revenue from its Google (GOOG) deal.The company reported fiscal Q2 adjusted earnings of $0.94 per diluted share late Thursday, up from $0.67 a year earlier. Analysts polled by FactSet expected $0.93.Revenue for the three months ended Aug. 1 was $2.74 billion, up from $2.01 billion a year earlier. Analysts expected $2.72 billion.For fiscal Q3, the company expects adjusted EPS of $1.10, plus or minus $0.05, on revenue of $3.15 billion, plus or minus 5%. Analysts expect EPS of $1.08 on revenue of $3.04 billion.Harlan Sur, an analyst at JPMorgan Securities, said during Marvell's earnings call that, at full performance, the Google agreement could represent about $120 billion in cumulative revenue over roughly 6.5 years, or about $18.5 billion annually when annualized.However, Marvell CEO Matt Murphy said revenue from programs covered by the agreement through fiscal 2028 is already included in the company's outlook. He said the programs are expected to contribute much more significantly to custom revenue in fiscal 2029 and beyond.

$GOOG$MRVL
Marvell Technology Tops Second-Quarter Expectations on Data Center Revenue Surge
US Markets

Marvell Technology Tops Second-Quarter Expectations on Data Center Revenue Surge

Marvell Technology's (MRVL) second-quarter results rose above Wall Street's estimates amid a surge in data center revenue, while the chip designer expects artificial intelligence to drive revenue acceleration through fiscal 2028.Revenue climbed 37% annually to $2.74 billion, exceeding the FactSet-polled consensus of $2.72 billion. Non-GAAP earnings per share increased to $0.94 in the three months ended Aug. 1 from $0.67 a year earlier. Analysts expected $0.93.Data center revenue jumped 46% annually to $2.17 billion, while Street's view was $2.16 billion.The "communications and other" division grew to $567.8 million from $515.6 million. Analysts expected $559 million."AI-related bookings remain exceptionally robust, and we expect our revenue growth to accelerate further through the remainder of fiscal 2027," Chief Executive Matt Murphy said in a statement. "Given this strength, we are again raising our revenue outlook for both fiscal 2027 and fiscal 2028 compared with the guidance we provided last quarter."Marvell didn't provide an updated outlook for fiscal 2027 and 2028 in its second-quarter earnings release.In May, the company projected revenue growth of 40% and 45% year over year in fiscal 2027 and 2028, respectively. Analysts expect sales growth of 41% in fiscal 2027 and 46% in 2028."We are seeing broad-based strength across our data center portfolio, including strong demand in connectivity and a significant acceleration in our custom business beginning in the second half of fiscal 2027," Murphy said.For the fiscal third quarter, Marvell expects net revenue of $3.15 billion, plus or minus 5%. Wall Street expects $3.04 billion. The company forecasts non-GAAP earnings at $1.10 per share, plus or minus $0.05, compared with analysts' consensus of $1.08.The company's shares were down 1.3% in after-hours trading, and had gained about 184% this year through Thursday close.Oppenheimer expected the company to provide an upbeat third-quarter outlook after exceeding second-quarter expectations amid growing customer wins, according to a note sent last Friday.Marvell entered into a deal last week that would allow Alphabet's (GOOG, GOOGL) Google to purchase up to $12.18 billion of Marvell shares.UBS Securities recently raised its second-quarter estimates on Marvell, citing accelerated AI spending by major hyperscalers and strong demand for optical and networking products.Nvidia (NVDA) offered a surprisingly strong fiscal 2028 revenue outlook late Wednesday, while its gross margin guidance provided clarity amid rising memory costs, Morgan Stanley said in a note. The chip giant's fiscal second-quarter results more than doubled from a year ago and topped Wall Street expectations amid record data center sales.Semiconductor manufacturer Broadcom (AVGO) is scheduled to report fiscal third-quarter results Sept. 2.

$AVGO$GOOG$GOOGL$MRVL$NVDA
Meta Reaches Multi-Billion-Dollar Settlement With US States Over Social Media Addiction Allegations
US Markets

Meta Reaches Multi-Billion-Dollar Settlement With US States Over Social Media Addiction Allegations

Meta Platforms (META) has agreed to pay billions of dollars to settle a multistate lawsuit alleging, among other things, that the company's social media platforms negatively affect young users' mental health.A bipartisan group of 52 attorneys general across US states -- including California -- territories, and the District of Columbia joined the agreement, Meta said in a statement Wednesday. The proposed settlement includes a payment of up to $16.68 billion to the states over 10 years, a court document showed.The proposed settlement of the lawsuit, which centered on the alleged "harmful features" of Meta's Instagram and Facebook social media platforms, still requires court approval through a "consent judgement," California Attorney General Rob Bonta said in a separate statement.Meta is also required to take measures under the settlement deal, such as setting daily limits and nighttime blocks for teenage users of its social media platforms, providing muted notifications during school hours, and allowing new controls for parents."Today, we have secured a settlement with Meta that will make social media less dangerous for our kids and make a world of a difference for children and their families," Bonta said. "Meta has agreed to make massive transformations that will reduce the risk of harm from its platforms -- and will do it within months."Meta said the agreement includes a payment of about $18 billion, to be distributed in annual installments over a 10-year period. That includes about $12.7 billion to participating states.The remaining roughly $5.3 billion, according to Meta, will be released if Alphabet's (GOOG, GOOGL) YouTube and TikTok "implement a one-hour daily limit, night mode, and age assurance measures" and they each pay an amount equal to the 30% figure, "with half of the remaining funds tied to YouTube's payment and half tied to TikTok's.""Ensuring teens have a safe and productive experience on our platforms is an absolute imperative for Meta," the company said. "We want to get this right for parents and teens, and that's why we partnered with state attorneys general to set a new industry standard."Meta said it expects to "accrue a legal expense" of about $10 billion in the third quarter in connection with the settlement. The charge was not contemplated in the expense range provided on Meta's second-quarter earnings call, according to the company.Alphabet and TikTok's parent, ByteDance, didn't immediately reply to' requests for comment.Meta shares were up 1.8% in Wednesday afternoon trade, while Alphabet's class A and C shares were down more than 2% each.Price: $575.51, Change: $+5.46, Percent Change: +0.96%

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Wire

Top Midday Stories: Meta to Pay Up to $16.68 Billion to Settle Teen Harm Case With States; Victory Capital to Buy First Eagle for $7 Billion

All three major US stock indexes were down slightly in late-morning trading Wednesday, as market participants took in the latest inflation data and prepared for Nvidia (NVDA) to release its earnings results after markets close.The personal consumption expenditures index, a measure of inflation, rose by 0.2% in July, faster than the 0.1% gain expected in a survey conducted by Bloomberg as of 6:10 am ET and following a 0.1% drop in June. The July figure keeps the year-over-year rate at 3.7%. The core PCE index, which excludes food and energy prices, increased by 0.2%, as expected and following a 0.1% gain in June. The year-over-year rate remained at 3.3% in the month.Separately, US gross domestic product rose by 1.5% in Q2, unrevised from the advance estimate released last month and matching the consensus estimate from a Bloomberg survey as of 6:10 am ET.In company news, Meta Platforms (META) has agreed to pay a maximum of $16.68 billion to resolve claims brought by several US states that the tech giant used its platforms to "ensnare" youth and teens, according to a Wednesday filing in federal court. The consent agreement's injunctive relief also requires Meta to take several steps to regulate children's usage of its social media platforms, including daily limits and nighttime blocks. In a separate release, Meta said the agreement includes a payment of about $18 billion to be distributed in annual installments over a 10-year period. Plaintiff states will receive about $12.7 billion over the decade, while the remaining roughly 30%, or $5.3 billion, will be released if Alphabet's (GOOG, GOOGL) YouTube and TikTok "implement a one-hour Daily Limit, Night Mode, and Age assurance measures," and they each pay an amount equal to the 30% figure. Meta shares were up 2.1% around midday. Alphabet's Class C and Class A shares were down 1.1% and 1.2%, respectively.Victory Capital (VCTR) signed a definitive agreement to acquire First Eagle Investments from Genstar Capital and First Eagle employees for about $7 billion, Victory said Wednesday. Victory will pay about $4.4 billion in cash, $2 billion in newly issued shares and will assume $575 million of First Eagle's existing 7.25% senior secured notes due 2032, the company said. The deal is expected to close in Q1 2027, at which point Genstar will own a 14.6% stake in Victory, the company said. Victory Capital shares were up 6.3%.Intuit (INTU) reported fiscal Q4 adjusted earnings late Tuesday of $4.03 per diluted share, up from $2.75 a year earlier and above the FactSet consensus of $3.58. Fiscal Q4 revenue was $4.35 billion, up from $3.83 billion a year ago and above the FactSet consensus of $4.27 billion. For fiscal Q1, the company expects adjusted EPS of $2.44 to $2.48 on revenue of $4.29 billion to $4.31 billion. Analysts polled by FactSet expect $4.04 and $4.35 billion, respectively. For fiscal 2027, Intuit expects adjusted EPS of $22.88 to $23.12 on revenue of $23.28 billion to $23.51 billion. Analysts expect $27.34 and $23.70 billion, respectively. The company raised its quarterly dividend to $1.38 per share from $1.20, payable on Oct. 16. Intuit shares were down 4.5%.Boston Scientific (BSX) identified a cybersecurity incident that affected some of its IT systems and led to global disruptions in operations, the company said Wednesday in a regulatory filing. Boston Scientific shares were down 4.7%.Amazon (AMZN), Microsoft (MSFT) and Alphabet's Google are in talks with Chinese AI startup Moonshot AI over revenue-sharing deals for hosting Moonshot's Kimi K3 model, Reuters reported Wednesday, citing sources familiar with the matter. Separately, Amazon plans to expand fulfillment capacity, same-day delivery and its logistics network in Canada despite escalating trade tensions between the US and Canada, Business Insider reported Wednesday, citing internal company documents. Lastly, Amazon's AWS unit is acquiring DuckLabs, the Amsterdam-based company behind the open-source analytical database DuckDB, for an undisclosed sum, Amazon said. The deal is expected to close shortly, Amazon said. Shares of Amazon were down 0.6%, and Microsoft was up 0.7%.Price: $582.24, Change: $+12.19, Percent Change: +2.14%

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