The Week Ahead: Broadcom and Dell Test the AI Trade; Tesla's Robotaxi Reveal in Focus

US indices closed last week in positive territory — the S&P 500 rose 0.49% to 7,711.76, the Nasdaq Composite 0.85% to 26,402.42 and the Dow 0.53% to 53,559.99 — with Nvidia's strong quarterly report and raised guidance underpinning the AI trade, while Singapore's Straits Times Index edged up 0.19% to 5,699.93. This week the AI-capex story faces its next test as Dell and Broadcom report, with Tesla's Cybercab robotaxi reveal, Apple's CEO transition and US jobs data on the calendar.

Earnings calendar — the week's main event

Mon: no major reports
Tue: Medtronic (pre), Palo Alto Networks (post), Dell Technologies (post)
Wed: Broadcom (post), Snowflake (post)
Thu–Fri: no major reports

Consensus expects Dell to post US$4.43 earnings per share on US$44.5 billion of revenue and Broadcom US$2.55 on US$29.4 billion (per the calendar). Both are AI bellwethers — Dell in AI servers, Broadcom in custom chips and networking — and their guidance will be read as the latest check on AI capital spending. Medtronic reports before Tuesday's open, while cybersecurity firm Palo Alto Networks and data-cloud operator Snowflake follow after the close. The Singapore reporting calendar is quiet, with no major local names scheduled.

Economic calendar — heavy first half

Monday brings China's official manufacturing PMI (consensus 49.6 vs 49.2 prior), Japan's preliminary industrial production and the Dallas Fed's manufacturing gauge. Tuesday is the busiest day: the Caixin/S&P Global China manufacturing PMI (51 expected), the final US S&P Global manufacturing PMI, ISM manufacturing (55.2 expected vs 55.6 prior), JOLTS job openings (about 7.3 million expected) and the euro zone's August CPI, seen accelerating to 3.3% year on year from 2.9% — a hot print would put the ECB's easing path back in focus. The US August non-farm payrolls report and the G20 finance ministers' meeting are also reportedly on this week's agenda. Singapore has no top-tier releases, leaving the China PMIs as the main regional read.

US: what to watch

Broadcom and Dell are the swing factors: both report after the close, and both will be judged on whether AI-related demand is broad and durable enough to support the semiconductor complex's valuation. Nvidia's beat and raised guidance set a high bar. Two corporate events round out the week: Apple CEO Tim Cook is reported to step down on September 1, and Tesla is reported to unveil its Cybercab robotaxi in Austin on September 3. On rates, Fed Chair Warsh's Jackson Hole remarks — reiterating the 2% inflation target and warning of action if disinflation stalls — pushed the dollar higher on Friday while spot gold fell nearly 3% to about US$4,464, its worst session since early June.

Singapore: what to watch

The STI closed at 5,699.93, up 0.19% on the week and within reach of the 5,700 round level. With no local earnings or top-tier data scheduled, the index's direction this week will be set from outside: the China PMI prints on Monday and Tuesday, the US jobs report, and the reaction to Dell's and Broadcom's numbers across the region's technology-sensitive names. A soft China manufacturing reading would be the main external risk to the index's recent resilience, given Singapore's trade links to the mainland.

Risks to watch

The clearest risk is a Broadcom or Dell guidance miss reigniting concerns that AI capital spending is running ahead of demand — the same worry that has weighed on Alphabet and Meta, with Alphabet's market value reportedly down about US$692 billion over three months. Tesla's Cybercab event carries execution and cash-flow questions: Wall Street expects net cash outflows to widen through 2026–2028 as spending on the robotaxi and Optimus ramps up. On rates, further dollar strength after Warsh's hawkish tone would keep pressure on gold — Korean retail investors have already net bought about 114 billion won of gold ETFs in the past month — while higher Treasury yields would tighten financial conditions. Oil is a wildcard after President Trump said he would fill the US strategic petroleum reserve with Venezuelan crude, and US debt above US$40 trillion keeps fiscal worries in the background.

For information only; not investment advice.