KPMG Australia’s chief operating officer, Eileen Hoggett, stepped aside from her executive role on June 3, 2026, amid widening allegations that the firm misused confidential client information to win audit work. Hoggett will remain an audit partner while external and internal probes continue. The move follows last week’s resignations of CEO Andrew Yates and head of audit Julian McPherson over the mishandling of an earlier internal investigation. Whistleblower claims — aired under parliamentary privilege by Senator Deborah O’Neill — allege partners took board papers from client Lendlease to support bids for audits of Westpac and Dexus; Lendlease has publicly confirmed misuse and plans to retender its audit next year. KPMG has engaged law firm Allens for a new external investigation and interim CEO Stan Stavros has warned staff to expect continued scrutiny. The Australian Securities and Investments Commission has opened a preliminary probe into three registered auditors and state governments are seeking assurances and reviewing contracts. A parliamentary hearing is scheduled for June 19.

Broadcom reported second-quarter fiscal 2026 results on June 3, posting $22.19 billion in revenue and non‑GAAP EPS of $2.44. Semiconductor revenue tied to AI accelerated 143% year‑over‑year to $10.8 billion. The company guided third‑quarter revenue of about $29.4 billion and forecast AI semiconductor revenue of roughly $16.0 billion for the quarter. Management said it expects to ship more than 10 gigawatts of AI compute in 2027 and reiterated a long‑range hardware target of $100 billion. Despite strong cash flow (operating cash flow and free cash flow in the roughly $10.3–10.5 billion range) and record margins, shares dropped sharply in after‑hours trading — falling more than 11–13% in some sessions — as investors parsed mixed signals versus high market expectations. Analysts noted intensifying competition from Nvidia and Marvell and flagged supply‑chain constraints at partners such as TSMC; Broadcom also acknowledged that major cloud customers like Google are diversifying suppliers. Reported valuation metrics include a market cap around $2.27–2.29 trillion and an elevated P/E near the mid‑90s; insider selling of roughly $356 million was also reported.

Bill Ackman’s Pershing Square is selling its remaining stake in Universal Music Group (UMG) after the music giant’s board rejected a takeover proposal earlier this year. Pershing is marketing roughly 80.6 million UMG shares in an overnight placing, with Bank of America offering a range of €17.66 to €18.62 per share — a sale that could raise about €1.5 billion at the top end. The move follows UMG’s unanimous conclusion that Pershing’s April non-binding bid, which valued the company at roughly €55.8–€56 billion, “fundamentally and materially undervalues” the business. Ackman first built a multi‑billion dollar UMG position beginning in 2021, briefly served on the company’s board and has previously sold tranches of stock; he had also pushed to move UMG’s primary listing to the U.S. The sale marks the latest chapter in a multi‑year activist campaign and comes after major shareholder Bolloré publicly urged the board to reject Pershing’s offer. UMG shares saw modest downward pressure in reaction to the news in European trading.

Palo Alto Networks reported stronger-than-expected fiscal Q3 results on June 2-3, 2026, driven by rising enterprise spending on cloud, identity and AI-driven cybersecurity. Revenue rose 31% year-on-year to $3.0 billion and non-GAAP EPS was $0.85; next-generation security annual recurring revenue reached $8.13 billion, up about 60%. Remaining performance obligations were $18.4 billion, up 36%. Management raised full-year revenue and adjusted EPS guidance (fiscal 2026 revenue roughly $11.415–11.425 billion; adjusted EPS $3.77–3.79) and flagged accelerating demand tied to AI-related threats. Operational highlights included 75.8% gross margins, $910 million adjusted free cash flow, nearly 40% growth in next-generation firewall bookings and Prisma AI customer growth to over 300. The company closed its Portkey acquisition to bolster AI gateway capabilities. Market reaction was mixed — Reuters reported a 7.4% after-hours jump, while other trading sessions saw some pullback — as analysts pushed price targets higher (Truist $375, Needham/Deutsche Bank $350, Morgan Stanley $320) even as valuation metrics (TTM P/E ~164x) and recent insider sales drew investor scrutiny.

Marvell Technology shares jumped sharply on June 2 after Nvidia CEO Jensen Huang, speaking onstage with Marvell chief Matt Murphy at Computex in Taipei, called the chip and networking firm the "next trillion-dollar company." The endorsement — coming after Nvidia's roughly $2 billion investment in Marvell earlier in 2026 — sent Marvell stock up about 24-32% in early trading across reports, lifting its market value by tens of billions and to record highs in intraday trade. Marvell last week forecast its custom chips business would exceed $10 billion in revenue by fiscal 2029. Huang and others highlighted Marvell's role in connectivity and optical interconnects that link processors across large AI data centres, a sector seeing heavy spending from major cloud providers. Analysts and data services noted both brisk analyst upgrades and warnings about steep valuations: some screens show the stock trading far above modelled intrinsic values. Nvidia shares also rose modestly on the news as markets digested the broader Computex announcements and AI-infrastructure momentum.

Nvidia Chief Executive Jensen Huang told more than 300 representatives of wealthy family offices and financial institutions at a private forum in Taipei on June 3 that returns on artificial intelligence investments have become “insanely profitable.” Speaking during a Computex week appearance at the Mandarin Oriental, Huang said the ROI picture was “completely reset” over the past six months and suggested skeptics now risk looking out of touch. The closed-door event, hosted by Era and Chailease, drew attendees from Hillhouse, PAG and DBS, among others. Huang praised companies across the AI supply chain — including TSMC, Micron, SK Hynix and Marvell — and reiterated infrastructure needs for AI: land, power and financing. His comments followed public remarks that helped lift Marvell shares and come amid a broader debate over whether the surge in data-centre spending and debt to build AI capacity will translate into sustainable profits. Huang also pushed back on claims that AI is the primary driver of recent corporate layoffs, urging clearer explanations from company leaders.