Research notes · September 3, 2026

Eight research notes from six publishers: Broadcom's $230B AI guide splits Wall Street, Snowflake's flywheel accelerates, and gold sits at a bull/bear fork

On 2026-09-03 six paid research publishers tracked here published eight pieces. Two were earnings reactions -- FundaAI's review of Snowflake's fiscal second quarter and TMT Breakout's morning wrap covering Broadcom, Snowflake, HPE and NetApp -- and a separate TMT Breakout close-of-day macro wrap covered the same session's broader rally. FundaAI also published a long-form enterprise-AI-adoption report built on nineteen anonymized company interviews. Simon's Substack laid out a technical bull/bear split for gold, Cassandra Unchained published a trading-diary reaction to Lululemon's post-earnings drop, James Bulltard logged an options-flow trading diary centered on Broadcom, and Capital Wars' weekly liquidity update arrived without its underlying data. Every statement below is attributed to the publisher that made it; Quant Data did not verify these numbers and takes no view.

What was published

"Points extracted" counts the discrete claims (numbers, theses, risks, catalysts, falsification points) pulled from each piece during ingestion. It measures how much a piece asserts, not how good it is.

What each piece said

Directional statements on the record

Each row is a dated fact: a named source expressed a direction on a named ticker. Where a publisher was relaying a broker's rating change, the originating voice is in the "via" column. None of this is a recommendation from Quant Data.

Numbers the publishers put on the record

• Cassandra Unchained · LULU: Fell roughly 20% after-hours after earnings; author's buy-aggressively threshold is below $100.
• FundaAI: Subscription/API spend split moved from roughly 90/10 a year ago to about 50/50 today, per a cross-client advisor.
• FundaAI: 'Hours-saved threshold' of about 30% needed before efficiency gains convert to reallocable capacity; 5-10% scattered savings do not lower project cost, per one professional-services firm.
• FundaAI · SNOW: Fiscal Q2 product revenue +37% y/y, beating sell-side consensus by 5.2 points; full-year guide raised from 31% to 36%; non-GAAP operating margin 15.3%, up 400bp+ y/y.
• FundaAI · SNOW: Cortex Code accounts exceed 9,100 (2,000+ net new this quarter); CoWork accounts 5,800, up nearly 11% sequentially.
• James Bulltard · AVGO: 2028 EPS guidance raised to $30, about 10x the current share price, even as the stock fell 6% the same day; 7,000 $290 Nov puts sold at 4.28.
• James Bulltard · SPY: Key level $775.30, the high from five sessions back; author wants a close above it to invalidate the current series of lower highs.
• Simon's Substack · GLD: Recent rally high $4,700; prior high (bull-case confirmation level) $4,772, unbroken for 7 months; confirmation window about 9 trading days (roughly September 15-17).
• TMT Breakout · AVGO: Q3 revenue $29.59B, +85.5% y/y; first FY27/FY28 AI revenue guidance of $115B and $230B combined; F4Q gross margin guided to 73.0%, down ~200bp q/q.
• TMT Breakout · SNOW: FQ2 product revenue +36.8% y/y (vs +33.9% prior quarter); FQ3 guide of +37-38% y/y versus ~30% street expectation.
• TMT Breakout · HPE: F3Q non-GAAP gross margin 40.4%, called a 'high-water mark' by management, who guided Cloud & AI operating margin down from 17% to about 13% in FY27.
• TMT Breakout · NTAP: FY27 guidance implies only about +9% H2 revenue growth, down from H1; all-flash-array revenue hit a record $1.31B, +47% y/y.
• TMT Breakout · CLS: Shares up 11.5% the day of AVGO's AI guide as a designated partner on OpenAI's 'Jalapeño' project, though AVGO's call disclosed no new CLS orders.
• TMT Breakout · HOOD: Shares +16%; Robinhood Chain reported $3.8M in single-day network revenue on 9/1, first among all chains and about 38% of total volume, per Messari data cited.

Reproduced as stated by each publisher. Not verified by Quant Data.

What would prove them wrong

Several publishers name the observation that would falsify their own view. Those are the most useful sentences in any research note, so they are collected here.

• Cassandra Unchained · LULU: If no private-equity buyout approach or rumor emerges within weeks to months, and if the new CEO's arrival this month brings no observable strategic or guidance turnaround, the author's fallback thesis fails.
• FundaAI: Whether the ~30% hours-saved threshold for reallocable capacity recurs across more company samples in future rounds (so far reported by only one firm).
• FundaAI · SNOW: Whether FY27Q3 product revenue lands in the 37-38% guided range (about 42% with a typical beat), and whether Core Data Warehouse's 3-4% underlying acceleration shows up as a more visible acceleration next quarter.
• James Bulltard · SPY: Whether SPY closes above the $775.30 five-session high to invalidate the current lower-highs pattern.
• James Bulltard · DELL: Whether DELL holds above $390 through the November expiry, which determines whether the author's 390/380 put spread captures its modeled 23% return.
• Simon's Substack · GLD: If gold fails to close above $4,772 within about 9 trading days (around September 15-17), the bull case is invalidated and the bear case (continued weakness) is confirmed.
• TMT Breakout · AVGO: Whether the $20-30/GW revenue-per-GW figure -- clarified on the earnings call as a general industry framework, not AVGO-specific content -- keeps getting mechanically extrapolated by analysts; also whether AVGO's F4Q gross margin comes in at or below the guided 73.0%.
• TMT Breakout · NTAP: Whether actual H2 revenue growth comes in meaningfully above the ~9% implied by guidance, given management's claim of a roughly 50/50 first-half/second-half split.
• TMT Breakout · TTD: The Google AdTech antitrust remedy ruling, expected within about 30-60 days, will determine whether TTD's estimated share-migration revenue materializes.
• TMT Breakout: The September 16 FOMC decision (currently priced near 50/50 for a hike) will confirm or reverse the dovish-Fed read from Governor Waller's comments; the CLARITY Act's Senate cloture vote on September 15 will test the crypto/fintech rally's regulatory catalyst.

Where Quant Data's own data touches the same tickers

For tickers named above that have a stock page on this site, the settled options positioning from the same period. These are Quant Data's computations from end-of-day open interest, dated to the settlement shown, and are unrelated to what any publisher said.

Common questions

Sources: paid research publishers accessed through the GeoScope aggregator under a licence that permits redistribution. Statements and figures are attributed to their publishers and reproduced as stated; Quant Data has not verified them and expresses no view on them. Educational only: not investment advice, not a recommendation, not a forecast.