Broadcom reported fiscal 2025 third-quarter results with revenue of $29.59 billion, up 86% year over year, and adjusted EPS of $3.32, both ahead of expectations. The company’s next-quarter guidance came in below investors’ highly optimistic forecasts, pushing the stock down more than 3% in after-hours trading. The shares are up about 1% year to date, trailing the PHLX Semiconductor Index’s 64% gain.

Oracle shares are down more than 59% from their record high, even as demand for the company’s cloud infrastructure remains strong. The company plans to raise $40 billion and projects total revenue growth of about 34% in fiscal 2027, accelerating from 17% in fiscal 2026. A record $638 billion in remaining performance obligations offers unusually high revenue visibility. Oracle also recently signed $67 billion of AI infrastructure contracts, with prepayments and customer-supplied hardware lifting the combined value of those agreements to $75 billion.

ICE New York and London cocoa futures extended their sharp declines on Wednesday, with both contracts falling more than 4.5% for a second straight session. Ivory Coast port arrivals in the current marketing year rose 19% year on year to 2.14 million tonnes, and output from June 2025 to June 2026 climbed 30% to 2.06 million tonnes. Nigeria’s July cocoa bean exports increased 18% from a year earlier to 16,052 tonnes. The stronger supply backdrop has added pressure on prices.

Cotton futures fell 250 to 350 points early Wednesday morning, extending losses from the prior session. USDA weekly Crop Progress data showed 89% of the US cotton crop had set bolls and 29% had bolls opening as of Sunday. The good/excellent rating rose to 39%, while poor/very poor increased 3%, pushing the Brugler500 index down to 302 and Texas ratings down to 260. ICE certified cotton stocks held at 63,178 bales, and the Adjusted World Price was raised to 71.52 cents/lb.

Cocoa prices weakened as larger supplies from the Ivory Coast weighed on sentiment, with cumulative arrivals reaching 2.14 MMT in the current marketing year, up 19% from a year earlier. December ICE New York cocoa fell 2.97%, while December ICE London cocoa slipped 0.91% after retreating from an 11-month high. Ghana’s Cocoa Board estimates 2026/27 output at 650,000 MT, down 13% from 750,000 MT last year. Early assessments of the 2026/27 Ivory Coast crop put the season at an average 1.8 MMT, down 18% from about 2.2 MMT in 2025/26.

GameStop said fiscal Q2 net income jumped 72% year over year to $310 million, largely driven by unrealized gains on its 43.4 million-share stake in eBay. The fair value of that holding rose to about $4.95 billion by early August after the company converted derivative positions into a direct equity investment. The investment gains helped offset a $75 million loss tied to digital assets and related receivables. GameStop also expects Q2 revenue to decline year over year to between $780 million and $800 million.

Super Micro Computer reported FY26 revenue of $39.1 billion, up 78% year over year, while adjusted earnings per share rose 76% to $3.63. Management expects AI-related solutions to account for more than 80% of revenue over the next several quarters. Customer concentration increased sharply as a single customer group generated $5.6 billion in quarterly revenue, lifting its share from 28% to 50%. The number of customers producing more than $1 billion in annual revenue rose to nine from four, underscoring the company’s stronger standing in AI infrastructure.

US stocks fell across the board on Wednesday, with the S&P 500 down 0.5%, the Dow down 0.67%, and the Nasdaq 100 off 0.29%. Renewed clashes between the US and Iran after about a month of calm sent Middle East tensions higher, lifting WTI crude by more than 2% to a one-week high and driving the 10-year US Treasury yield up to a 19-month high of 4.76%. Markets also raised the probability of a Federal Reserve rate hike next month to 65%.

Cisco and Super Micro Computer are widening their roles in AI infrastructure, but the two companies carry sharply different risk profiles. Cisco reported fiscal 2026 revenue of $63.3 billion, up 12% year over year, and posted fiscal fourth-quarter revenue of $17.3 billion that topped the high end of its guidance. Cisco shares are up 60% over the past 12 months and trade at a forward P/E of 21.4, near the stock’s five-year average. Supermicro has a $23 billion market capitalization, and the analysis argues that the gap in risk could shape how investors weigh the two stocks.