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Hi there, this is your daily ☕️ Finpresso.
In today's newsletter: ⚖️ Google avoids forced breakup of ad tech business 🍔 Delivery Hero backs Uber's $15B takeover ☁️ Microsoft finally unveils Azure's true scale 📉 Broadcom shares drop 5% on weak guidance 📈 Snowflake soars 22% on AI coding growth Plus: 🌍 11 macro news, 🏢 9 corporate news, and 📑 6 research & reports.
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📊 Before The Bell
 | Change over the last 24 hours · as of Sep 3, 2026, 7:54 AM ET |
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⚖️ Google avoids forced breakup of ad tech business
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- A federal judge spared Google from breaking up its advertising technology arm, rejecting the Justice Department's bid to force a sale of its AdX exchange, the marketplace linking publishers selling online ad space to advertisers.
- Judge Leonie Brinkema also declined to make Google open-source or divest DoubleClick for Publishers, instead accepting mostly behavioral fixes, the specifics of which remain sealed, after last year's finding that the company illegally monopolized ad tech.
- The ruling marks a partial win for Google following the DOJ's 2023 lawsuit, mirroring its search case where the company was found to hold an illegal monopoly in August 2024 but avoided being forced to sell off its Chrome browser.
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🍔 Delivery Hero backs Uber's $15B takeover
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- Delivery Hero's board has endorsed Uber's $15 billion takeover, urging shareholders to approve a deal that would create one of the world's largest on-demand food delivery platforms outside China.
- Uber, already Delivery Hero's biggest shareholder, needs acceptances of 50% plus one share; fellow major holder Prosus has agreed to sell its 17% stake, and the boards called the price "fair and adequate."
- The deal would double Uber's global footprint and strengthen its hand against DoorDash and Just Eat Takeaway, extending a wave of delivery consolidation that includes DoorDash's $3.87 billion purchase of the UK's Deliveroo.
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☁️ Microsoft finally unveils Azure's true scale
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- Microsoft will disclose Azure's actual quarterly revenue for the first time, giving investors a clearer view of the cloud unit that competes with Amazon's AWS and Google Cloud, as it cuts its reporting segments from three to two.
- Under the new structure, Azure revenue grew 42% to $29.42 billion in the June quarter, nearly a third of Microsoft's total sales, with management guiding to 44% to 45% growth this quarter, stripped of GitHub, security and healthcare cloud products.
- The AI boom has fueled Azure, with Stifel estimating in July that about half of its 2026 growth came from OpenAI, while paid Microsoft 365 Copilot seats topped 30 million, up from more than 20 million in April.
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📉 Broadcom shares drop 5% on weak guidance
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- Broadcom shares fell more than 5% in after-hours trading, to about $361.74 from a $367.24 close, even after posting record quarterly revenue of $29.59 billion, up 86%, with adjusted earnings of $3.32 beating estimates.
- The disappointment centered on guidance: Q4 revenue of roughly $34.8 billion trailed the $35.03 billion consensus, and while AI chip revenue jumped 221% to $16.7 billion, analysts said the roughly $300 million beat looked small against Nvidia's surprises.
- Management raised its fiscal 2027 AI chip revenue target to about $115 billion from $100 billion, still short of some investor forecasts above $150 billion, as reports that Google is expanding chip work with rival Marvell stoke competition worries.
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📈 Snowflake soars 22% on AI coding growth
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- Snowflake shares jumped 22% in extended trading yesterday after the data analytics firm posted quarterly results and raised its outlook, driven partly by momentum in its AI coding tools.
- Revenue climbed 35% from a year earlier in the quarter ended July 31, while the net loss narrowed to $191.7 million, or 55 cents a share, from $297.9 million, or 89 cents, a year ago.
- Snowflake raised its full-year product revenue forecast to $6.07 billion from $5.84 billion in May, and pointed to its CoCo AI coding agent, which added over 2,000 accounts in the quarter to reach 9,100.
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🌍 Macro News
- South Korean chip exports surged 209% to record $46.65 billion in August. LINK
- US private employers added just 38,000 jobs in August, below expectations. LINK
- Bank of Canada held rate at 2.25%, despite growing economic risks. LINK
- Dutch central bank moved 86 tons of gold to Bank England. LINK
- US stocks closed higher after Fed official signaled no urgent September hike. LINK
- Global bond sell-off drove borrowing costs to multiyear highs across major economies. LINK
- Qatar, UAE transferred three LNG cargoes ship-to-ship outside Strait of Hormuz. LINK
- India raised $127 billion from overseas Indians, boosting foreign-currency reserves. LINK
- Taiwan disclosed $20 billion in planned US investment without naming companies. LINK
- New Jersey asked Supreme Court to decide control of prediction-market sports betting. LINK
- CFTC urged dismissal of CME lawsuit challenging crypto perpetual-futures approval. LINK
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🏢 Corporate News
- Google reportedly plans to release coding-focused Gemini 3.8 Flash tomorrow. LINK
- Uber said it will cut 10% of workforce, simplifying management. LINK
- HPE beat forecasts and raised guidance as AI demand drives growth. LINK
- Trump administration backed OpenAI, arguing copyrighted training materials qualify as fair use. LINK
- Wonderful raised $550 million at a $5 billion valuation, more than doubling. LINK
- TabaPay agreed to acquire Transact Bank and rename it TabaBank. LINK
- Kraken parent Payward postponed potential US stock debut until 2027 at earliest. LINK
- Félix raised $200 million to expand stablecoin-powered payments beyond remittances. LINK
- Two Thai businessmen sued Tether over allegedly freezing $42.4 million USDT. LINK
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📈 Stocks
| ▲ Biggest winners | | CF Industries Holdings rose 3% after Q2 sales of $2.22 billion and Blue Point One groundbreaking. LINK | | CNH Industrial rose 9% after Q2 revenue of $4.80 billion topped Wall Street estimates. LINK | | Exelixis rose 3% after the U.S. Court of Appeals for the Federal Circuit upheld three patents covering CABOMETYX through January 15, 2030. LINK |
| ▼ Biggest losers | | Credo Technology Group Holding fell 20% after GAAP gross margin declined to 64.5% from 68.2%. LINK | | Pershing Square fell 5% after Bill Ackman blamed retail investors for the fund's poor performance. LINK | | Pacific Gas & Electric fell 5% after California lawmakers rejected Governor Newsom's $6 billion wildfire liability cap legislation. LINK |
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📑 Research & Reports
- Aleph's FP&A fitness score: scores your planning process and shows where it lags comparable finance teams. Get your free score
- Researchers say dollar reserve decline reflects a few large holders. LINK
- Autonomous AI could raise corporate cash-flow forecast accuracy to 90%, EY says. LINK
- Beige Book said data-center and AI investment supported US growth in August. LINK
- AI boom pushed emissions higher at major tech firms despite renewable gains. LINK
- EMVCo proposed safeguards letting banks verify AI shopping agents follow spending limits. LINK
- Bernstein initiated SpaceX at Outperform, citing AI prospects and 74% potential upside. LINK
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📅 Market Calendar
 | Earnings · Economic events |
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