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Broadcom is ending the week on a high note. On Thursday, September 4, the semiconductor and infrastructure software company announced its third-quarter financial results, including $15.95 billion in revenue. This figure was a 22% jump year-over-year (YOY) and beat Wall Streets predicted $15.83 billion, according to consensus estimates cited by CNBC. Broadcom anticipates this streak to continue, announcing an expected $17.4 billion in revenue for quarter-four, up from Wall Streets prediction of $17.02 billion. Broadcom also beat estimates for earnings per share, coming in at $1.69 adjusted, rather than $1.65 expected. ‘Demand for custom AI accelerators’ Unsurprisingly, the artificial intelligence boom factored heavily into Broadcom’s results. Revenue growth was driven by better-than-expected strength in AI semiconductors and our continued growth in VMware, Broadcoms president and CEO, Hock Tan, said in an earnings call. Demand for custom AI accelerators from our three customers continued to grow. However, Broadcom also announced that its bringing a fourth very significant customer into the mix. The mystery customer has ordered $10 billion worth of custom AI chips or XPUs. These should ship early next year, with Broadcom expecting a significant improvement to its fiscal 2026 AI revenue from its previous estimations. These positive announcements culminated in Broadcoms stock price (Nasdaq:AVGO) rising more than 15% after-hours and into premarket trading on Friday. Its a big turnaround from earlier this week when Broadcoms shares fell 2.1% alongside a 2.3% dip by fellow chipmaker, Nvidia. Last month, Apple also named Broadcom as one the suppliers its working with to accelerate American manufacturing.
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As the cost of electricity outpaces inflation and summers grow deadlier, consumer advocates are sounding alarms about the risks to low-income people who can’t afford consistent air conditioning in dangerous temperatures.While about half of U.S. states offer protections from utility shutoffs during extreme heat, the rest do not. In contrast, 41 states have “cold weather rules,” which forbid utility companies from shutting off household heat during extreme cold. The Low Income Home Energy Assistance Program (LIHEAP) provides funds for vulnerable groups who have trouble affording heating bills in the winter, but the program has less funding available to meet consumers’ increasing needs in the summer months.Shylee Johnson, 27, based in Wichita, Kansas, saw firsthand the protection that the local Low Income Energy Assistance Program (LIEAP) brought to her community during the three years she worked as a case manager for families who were behind on utility bills.“It was amazing at keeping people’s electricity on in the winter,” she said of the program, which subsidizes costs for households who can’t afford utility expenses. “Families would be deciding between paying their heating bill or another bill, and this took that decision away.”In the summer, though, Johnson said she’s seen how late or missed utility payments can result in the shutoff of electricity and the removal of vital services, despite air conditioning becoming increasingly essential to families’ health and well-being.“It’s terrifying,” she said. “There’s a ‘cold weather rule’ in freezing temperatures, your heat can’t be turned off. But there isn’t an equivalent for summer in Kansas.”The clients Johnson served were often the most vulnerable, including families with young children, pregnant people, and those with sick or disabled family members, including some who need electricity to operate essential medical equipment in their homes. LIHEAP also sometimes provides air conditioning units in the summer for households that can’t afford to purchase their own units.Recent studies show that extreme heat in the summer is now the leading cause of weather-related deaths, according to the U.S. Environmental Protection Agency (EPA). That’s ahead of deaths due to extreme cold in the winter or other weather emergencies, like hurricanes or tornadoes. The frequency, duration and intensity of extreme heat waves has significantly increased over the past several decades, according to the EPA, and insignificant support for low-income households contributes to the danger.In 2023, the death certificates of more than 2,300 people who died in the summer mention the effects of excessive heat, the highest number in 45 years of records, according to an Associated Press analysis of Centers for Disease Control and Prevention data. And that figure is only a fraction of the real death toll, according to coroner, hospital, and ambulance records, also analyzed by the AP.Nationally, the cost of electricity has risen at twice the pace of the average cost of living, exacerbating the problem.According to the National Energy Assistance Directors Association (NEADA), which represents state program managers of LIHEAP, almost 20% of very low-income families lack consistent access to cooling. Currently, 26 states and the District of Columbia offer assistance with summer energy bills, while 21 states plus D.C. have policies protecting low-income families from utility disconnections during summer months.Still, roughly 85% of LIHEAP resources are used for heating in the winter, leaving little support for households seeking cooling, according to Mark Wolfe, executive director of NEADA.“Rules that were written thirty years ago, that were adequate for winter, are not adequate for the summer,” he said. “How do we protect vulnerable households both during periods of extreme heat and extreme cold? The rules haven’t caught up.”Karen Lusson, senior attorney at the National Consumer Law Center who focuses on energy and utility affordability, said that many deaths from extreme heat in the summer months are preventable.“The impression we’ve all had is that weather is most dangerous in the wintertime,” she said. “Not any more.”While the Trump administration fired the entire staff of the LIHEAP program in April, Wolfe and Lusson are hopeful Congress will approve slightly more funding for the program in the fall compared to the previous fiscal year, they said.To protect households during increasingly hotter summers, Lusson recommends individuals seek information about their rights when it comes to utility shutoffs. State utility commissions, which regulate public utilities, dictate local rules. To find your relevant commission, consult the government site operated by the national association of regulatory commissions, which has a state-by-state look-up tool.Lusson also encourages people to look into whether their state protections are calendar- or temperature-based, which can make a difference in planning. While some states forbid shut-offs during certain months of the year, others base the protections on the temperature of a given day or the presence of a heat advisory. This LIHEAP site has a break-down of every state’s policies.Some state attorney generals’ offices also have public utility bureaus that advocate on behalf of consumers, Lusson said.Lastly, it can be helpful to determine if your utility company offers discount rates or percentage-of-income payment plans to help with electricity bills. Both commission and utility websites have specific information about how to access LIHEAP assistance and whether or not the utility company itself offers assistance. The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism. Cora Lewis, Associated Press
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Italian fashion designer Giorgio Armani’s work spanned the worlds of celebrity, fashion and power. His death announced Thursday at age 91 has elicited an outpouring of tributes. Ralph Lauren “I have always had the deepest respect and admiration for Giorgio Armani, not only as a designer who never strayed from his vision, but as a man who loved his family and friends, and his homeland in such a special way. Though he was an icon of the world of fashion, he lived with great humility and a love of living that inspired the way he worked and the way he lived. He created a world reflecting all the things he loved with a foreverness that will be his legacy.” the American designer, in a statement to The Associated Press. Anna Wintour “Giorgio Armani had such a clear force of personality and vision that you knew his work instantly, wherever you found it. He understood power and attitude and elegance as well as anyone ever has in fashion, and he understood women too: how they wanted to dress and what message they wanted to send as they asserted themselves through his rise in the ’70s, ’80s, and beyond. He also never confined himself to one field or one discipline, and understood that fashion can’t exist in a silo. For him fashion wasn’t one thing: It was also film, music, sport, art, design, and architecture, and he left his mark in all these worldsand everywhere he went.” the chief content officer for Condé Nast, in a statement. Mira Sorvino “I still can’t believe it. I mean, I was just told like 20 minutes ago that he had passed and I did not even know he was in ill health. And I did not think of him as that old, you know. For me, he was like eternal this brilliant, kind man who was so talented and created this whole kind of sophisticated, understated glamour that really defined the ’90s in a way. And he discovered me at the Venice Film Festival when “Mighty Aphrodite” premiered there and asked if I could, if he could dress me. And he started dressing me then. I wore his beautiful designs to most of my most important moments in my career and in my personal life. I will really miss him and I think the world will miss him.” the actor, in an interview with The Associated Press, recounting how Armani made her a retro-glam Oscar dress and her wedding dress. Jessica Chastain “Mr. Armani was such a visionary. Family is very important to him. His friends were very important to him. He was such an incredible artist. And his legacy will go on and on, through the beautiful thing he’s created.” the actor, in an interview with AP, recounting that she met her husband Gian Luca Passi de Preposulo at an Armani fashion show in Paris in 2012. Leonardo DiCaprio “Giorgio Armani was a visionary whose influence reached far beyond design. I first met him many years ago in Milan and I remember being blown away by his creativity and genius. He was a legendary force who inspired generations, and his legacy will continue to shape and uplift the world for years to come.” the actor, on his Instagram story. Donatella Versace “The world lost a giant today. He made history and will be remembered forever.” the Italian fashion designer, on Instagram. Julia Roberts “A true friend. A Legend.” the actor, adding a broken heart emoji, on Instagram. Morgan Freeman “On screen and off, in quiet moments and on the grandest stages, I have had the honor of wearing Armani. Today, we remember a man whose genius touched many lives and whose legacy of grace and timeless style will endure.” the actor, in a statement. Charles Leclerc “A great honour to have had the chance to meet and work with such an amazing person. You will be missed Giorgio.” the Ferrari F1 driver and an Armani ambassador, on Instagram. Giorgia Meloni “Giorgio Armani leaves us at 91 years old. With his elegance, sobriety, and creativity, he was able to bring luster to Italian fashion and inspire the entire world. An icon, a tireless worker, a symbol of the best of Italy. Thank you for everything.” the Italian prime minister, across her social media accounts and originally posted in Italian. Victoria Beckham “The fashion world has lost a true legend in Giorgio Armani a visionary designer whose legacy will live on forever. I feel honoured to have called him a friend.” the English fashion designer and former Spice Girl, on Instagram. Russell Crowe “Giorgio. 1997 at the Cannes film festival, after my bag was lost in transit, LA Confidential producer Arnon Milchan sent me to the Armani store with a credit card to get a suit for the premiere. That began a love affair with Armani suits that continues to this day. Mr. Armani has made a deep contribution, to fashion, to design, to popular culture. His energy, vision and finesse has made a mark acknowledged around the globe. I adored him. He was so kind. So many significant moments in my life, awards, wedding, Wimbledon all in Armani. I have been looking forward to seeing him, plans were in place for Milan at the end of this month. Alas What a life he had, from his beginnings to his glory.” the actor, on X. Samuel L. Jackson “Thank you, Mr. Giorgio Armani, for your countless years of friendship, collaboration and dedication to your visionary craft. May God bless you as you are welcomed into eternal peace.” the actor, on Instagram. Valentino Garavani “I mourn someone I have always considered a friend, never a rival. I can only bow to his immense talent, to the changes he brought to fashion, and above all, to his unwavering loyalty to one style: his own.” the Italian designer behind Valentino, on Instagram. Cindy Crawford “Heartbroken to hear about the passing of a legend. A true master of his craft.” the supermodel, on Instagram. Diane Von Furstenberg “Goodbye and rest in peace. Caro Giorgio! You have touched so many people with your elegance and will continue to inspire forever.” the Belgian designer, on Instagram. Michelle Pfeiffer “I am heartbroken to hear of Mr. Armanis passing. Kind, generous and loyal. A true pioneer of elegance. A global inspiration. And today, a massive loss for all. Thank you for everything Mr. Armani, it was an honor and privilege to ork with you on so many momentous occasions in my life and to witness your craft firsthand.” the actor, on Instagram. Diane Kruger Incredibly saddened to hear about the passing of Giorgio Armani. One of the nicest people and mentors I was lucky enough to meet and work with. Thinking about Roberta and his family and everyone who worked with him. the actor, on Instagram. Associated Press
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