Nike faces job cuts and revenue decline; Broadcom secures AI chip funding

Nike (NKE) shares fell sharply as the company announced job cuts and a restructuring plan aimed at saving $2.5 billion over five years. The company expects a high-single-digit revenue decline this year, which is worse than the 2.3% drop forecasted by analysts. On October 2, 2026, Nike's stock dropped as much as 9.7% in New York. Meanwhile, Broadcom (AVGO) saw its shares move after reports indicated its Wall Street syndicate is gathering $60 billion in fresh AI chip financing to support Anthropic and other companies. Fair Isaac Corp. (FICO) shares rose following the launch of the FICO Mortgage Direct License Program. Bill Pulte, who signaled he was not targeting the company, may have contributed to the stock's increase on October 2, 2026. (Source: Bloomberg)