Top Stories This Morning: Iran Attacked U.S. Bases in Kuwait; Broadcom Expects to Double Its AI Revenue
Broadcom's AI revenue tripled—faster than Nvidia's / Photo: Sundry Photography / Shutterstock.com
The Kuwaiti military reported that it had repelled Iranian missile and drone attacks targeting U.S. bases. U.S. President Donald Trump stated that the war with Iran would not last “too long.” Broadcom projected that its AI revenue would double to $115 billion in fiscal year 2027 and double again to $230 billion in 2028. Read about these and other topics in our roundup of key events as of the morning of September 3.
Kuwait reported Iranian attacks on U.S. bases
The Kuwaiti military said it had repelled attacks by Iranian missiles and drones, according to CNBC. According to Iranian state television, the strikes targeted U.S. bases in the country.
Yesterday, U.S. President Donald Trump stated that, in his opinion, a war with Iran would not last “too long,” but that Washington is prepared for new strikes. Trump’s advisers, including Vice President J.D. Vance and Secretary of State Mark Rubio, are trying to prevent the conflict from escalating before the November midterm elections, Reuters reported, citing sources.
According to a University of Massachusetts Amherst survey cited by CNBC, more than two-thirds of Americans disapprove of Trump's actions in the war with Iran.
Broadcom Forecasts a Doubling of Revenue from AI
Broadcom expects its AI revenue to double to $115 billion in fiscal year 2027 and to double again in 2028, reaching $230 billion, according to CNBC. The company is counting on growth in chip shipments to AI giants, including its own OpenAI processors—called Jalapeno—and TPUs for Google and Anthropic.
In the third quarter, Broadcom’s total revenue rose 86% to a record $29.6 billion; however, analysts had forecast an average of $35.1 billion, with some estimates exceeding $36 billion, according to Bloomberg. Net income more than tripled, exceeding $13 billion. Adjusted earnings per share came in at $3.32, compared with the expected $3.24.
Google has released a new Gemini model
Google has introduced Gemini 3.8 Flash—the third Flash model in six weeks—as well as a new model for cybersecurity. Gemini 3.8 Flash is designed for programming and agent tasks, and its pricing remains the same as the previous version—$0.75 per 1 million input tokens and $3.75 per 1 million output tokens.
Snowflake shares soared more than 23% following the earnings report and an upward revision to its forecast
Snowflake shares rose more than 23% in after-hours trading following quarterly results that beat expectations, according to CNBC. The company’s revenue increased by 35% to $1.55 billion, and adjusted earnings per share came in at $0.62, compared with a consensus estimate of $0.45. The net loss narrowed to $191.7 million.
Snowflake raised its full-year revenue forecast for its products from $5.84 billion to $6.07 billion. The company also reported that the number of customers for its AI-powered programming agent, CoCo, grew by more than 2,000 during the quarter, reaching 9,100.
What's Happening in the Markets
— Japan's broad-based Topix index rose 0.9%, while the Nikkei 225 rose 0.2%.
— Hong Kong's Hang Seng Index fell 0.1%, while mainland China's CSI 300 Index rose 0.2%.
— In South Korea, the KOSPI jumped 1.3%, while the KOSDAQ fell 0.3%.
— Australia's S&P/ASX 200 rose 0.4%.
— Futures on the S&P 500 and Nasdaq 100 were virtually unchanged, while futures on the Dow Jones Industrial Average rose 0.1%.
This article was AI-translated and verified by a human editor
