Snowflake Jumps 20%, Broadcom Stalls, Dell Soars 16%
Snowflake jumps 20%, Broadcom stalls, Dell soars 16% — the market is paying for faster growth, not for beats
Snowflake beat by 38% and raised its forecast, and the stock surged 20% after hours. Broadcom beat too, fell 5% on its quarterly guide, then recovered most of it on a promise of $230 billion in AI chip sales by 2028. HPE beat and raised and still lost 5%. In the regular session Dell rose 15.8% and GitLab 10%, while MongoDB fell 13.5% and Palo Alto 9.3%. Stocks ended a three-day slide, the Nasdaq-100 closed under its 50-day line a second time, and gold got back above $400.
In this edition
The Morning 10 Thu, Sep 3, 2026 ~90 seconds 08:00 CET
The ten points
Three more earnings reports landed after Wednesday's close, and together they say the same thing this week has been saying in different words: the market is no longer paying companies for beating expectations. It is paying for growth that speeds up, and it is punishing everything else. Snowflake earned $0.62 a share against $0.45 expected, grew product revenue 37% for a third straight quarter of faster growth, raised its full-year forecast, and jumped 20% after hours. Broadcom beat on every line, said its AI chip revenue tripled, and still fell 5% the moment traders saw a quarterly revenue guide of $34.8 billion; only when the CEO put a number on the next two years, $115 billion of AI chip sales next fiscal year and $230 billion the year after, did the stock climb back to about 1% below its close. Hewlett Packard Enterprise beat, raised its outlook twice over and lost 5% after hours, because management said profit margins will come down as AI servers take a bigger share of sales.
The regular session graded Tuesday night's four reports the same way. Dell, which beat profit estimates by 43% after falling 7% before its report, rose 15.8% to 492, doubling its overnight gain. GitLab kept +10% of a 17% overnight pop. MongoDB, which had rallied into its report, fell 13.5%. Palo Alto Networks, up 13% into its numbers, lost 9.3% and broke its 50-day average. Credo, which had beaten on both lines, fell 20%. The stocks that were marked down before their results were rewarded; the stocks that ran up into them were sold. Those four scorecards get their final three-day grade at Friday's close.
Around the earnings business the market had a calmer day. The S&P 500 rose 0.46% and ended a three-day losing streak, ten of eleven sectors gained, and the VIX volatility gauge fell 7%. But the Nasdaq-100 closed under its 50-day trend line for a second straight day, software ETFs fell again while the chip ETFs rose behind a 3.2% gain in Nvidia, and the bond market only paused: the 10-year yield touched 4.82%, its highest since November 2023, before easing to 4.78%, and the 2-year sits at its highest since early 2025. Gold climbed back above $400 a day after losing it. ADP counted just 38,000 new private-sector jobs in August, the fewest since January. Zscaler and Samsara report tonight, and Friday brings the first jobs report of the Warsh Fed.
- Snowflake soars 20% — the biggest overnight reward of the season
- Broadcom: sold on the quarter, rescued by the two-year forecast
- HPE beats, raises its outlook, and drops 5% — margins outweigh orders
- Dell +15.8%, GitLab +10%, MongoDB −13.5%, Palo Alto −9.3%: Wednesday graded Tuesday night
- Chips up, software down for a second day — Nvidia +3.2%
- Stocks end a three-day slide, but the Nasdaq-100 stays under its trend line
- Bonds pause, gold reclaims $400, ADP counts just 38,000 jobs
- House indices lag the bounce; Money Temperature holds at 49
- Tonight: Zscaler and Samsara report. Friday: the first Warsh-era jobs report
- The Fed's Beige Book mentions data centers 25 times — two years ago it was once
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Snowflake soars 20% — the biggest overnight reward of the season
StructureSNOW
- What
- Snowflake earned $0.62 a share vs $0.45 expected, a 38% beat, on revenue of $1.55B vs $1.48B. Product revenue grew 37% to $1.49B, the third quarter in a row that growth got faster; the company raised its full-year product-revenue forecast to $6.07B from $5.84B and guided the current quarter to $1.59B vs $1.50B expected. The stock jumped 20% after hours, to about 367, from a 305.84 close that had fallen 4.4% on the day.
- If
- The gain survives to Tuesday's close (Monday is Labor Day), when the reaction gets its final grade — anything above 315.02 counts as a win.
- Why
- Faster growth is the one thing this market is still paying for, and Snowflake delivered it from a stock that had been marked down 8% in two sessions going in — the same setup that got Dell rewarded a night earlier.
- Then
- The scorecard shows five wins, one draw and four losses in ten reports; a hold makes it six wins in the eight reports since the stock turned in November 2024.
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Broadcom: sold on the quarter, rescued by the two-year forecast
StructureAVGO
- What
- Broadcom earned $3.32 vs $3.22 expected on revenue of $29.59B, up 86%, vs $29.24B; AI chip revenue tripled to $16.7B, above its own $16B target. The stock fell about 5% after hours on a fourth-quarter revenue guide of $34.8B, which sat above one Wall Street tally ($34.68B) and below another ($35.03B). On the call the CEO said AI chip sales will reach about $115B next fiscal year, up from an earlier 'more than $100B', and $230B the year after, with earnings above $30 a share by 2028 vs $25.86 expected — and the shares climbed back to roughly 1% below the 367.24 close.
- If
- Tuesday's close lands within 3% of 367.24 — that would be only the second draw in ten reports for a stock that normally moves hard either way.
- Why
- In June the company declined to raise the same two-year forecast and lost 17.2% in three days; last night it raised it, twice over, and that sentence, not the quarter, is what moved the stock.
- Then
- The scorecard's sign has flipped every quarter for a year: +10.0%, −16.0%, +8.9%, −17.2%. A win on Tuesday would extend the pattern; a loss breaks it. Watch whether the regular session buys the 2028 number or sells the quarterly one.
- Agentic Winners 40 Forty names positioned to win the agentic transition — tracked as a live index, daily. Open AW40 →
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HPE beats, raises its outlook, and drops 5% — margins outweigh orders
StructureHPE
- What
- Hewlett Packard Enterprise earned $1.11 vs $0.93 expected on revenue of $12.21B, up 34%, vs about $11.94B. It guided the current quarter above the street, raised its full-year earnings forecast to $3.75–3.85 from $3.35–3.45, said orders grew 42%, and announced a wider networking deal with Oracle. The stock still fell about 5% after hours, to around 49.15 from 51.86, after management said operating margins will decline as AI systems take a bigger share of sales and that supply limits are capping shipments.
- If
- The drop holds to Tuesday's close — anything under 50.30 counts as a loss on the scorecard.
- Why
- HPE came into the report up 116% this year and up 1.9% on Wednesday in Dell's slipstream; the reaction is about the price it started from and the margin line, not about the beat.
- Then
- Its record of four wins, four draws and two losses would take its first loss since the March 2025 miss — on the company's best quarter to date.
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