ii Tech Focus: Uber, Snowflake, Micron Technology, Broadcom
With the US technology sector as hot as ever, ii’s head of investment brings you the latest news, most-bought tech stocks and upcoming results.
29th May 2026 09:25
by Victoria Scholar from interactive investor
The Uber logo at Kempegowda International Airport, in Bengaluru, India. Photo: IDREES MOHAMMED/AFP via Getty Images.
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Uber/Delivery Hero
Uber Technologies Inc has increased its stake in Delivery Hero SE to 36.83% from 25% by purchasing Aspex Management’s 14.6% holding. According to the Financial Times, Uber agreed to pay slightly below 40 euros per share (£34.69), valuing the German food delivery business at around 12 billion euros.
Over the weekend, the FT reported that Uber’s board met to discuss raising its offer for Delivery Hero after its recent takeover approach worth 38 euros per share was rebuffed. Delivery Hero shareholders are reportedly looking more than 40 euros.
Delivery Hero shares have rallied sharply over the last month, buoyed by M&A speculation.
London reclaims top spot for Euro tech
London has reclaimed its crown as Europe’s leading tech centre, overtaking Paris. According to Dealroom’s Global Tech Ecosystem Index 2026, strong venture capital investment and the creation of unicorn companies helped London’s tech sector raise $17.7 billion (£13.2 billion).
The British capital is now in fourth position globally behind the San Francisco Bay Area, New York and Boston, while Paris took the neighth spot. Reuters reported that London now has 138 unicorns (companies valued at over $1 billion) including Wayve, Granola, OLIX and ElevenLabs.
Snowflake
Shares in Snowflake Inc Ordinary Shares soared 36% in extended trading Wednesday after the cloud data storage platform raised its guidance, reported better-than-expected earnings, and announced a deal with Amazon Web Services.
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Snowflake reported fiscal first-quarter adjusted earnings per share of 39 cents on revenues of $1.39 billion, both ahead of forecasts. It upped its second-quarter product revenue forecast to between $1.415 billion and $1.42 billion, beating expectations for $1.37 billion. And its five-year, $6 billion AWS deal is expected to enhance its AI partnership with the tech giant. Snowflake also announced plans to acquire AI agent enablement start-up Natoma.
Many analyst teams raised their price target on Snowflake in light of this week’s update including at Morgan Stanley, Barclays, JP Morgan and Deutsche Bank.
20 most-bought tech stocks on the ii platform
Source: interactive investor, 26-28 May 2026.
Micron Technology
Micron Technology Inc is the most-bought tech stock on the ii platform so far this week, beating NVIDIA Corp, Microsoft Corp, Alphabet Inc Class A and Tesla Inc in popularity. Investors have been looking to get in on its incredible share price performance, with the chipmaker surging 225% since the start of January and more than 860% over the past 12 months.
Over the past week alone, shares have gained more than 25% thanks to a vote of confidence from UBS. The bank tripled its price target on the stock from $535 to $1,625 on Tuesday, pushing Micron into the $1 trillion market cap club for the first time. UBS said: “We believe the market will start to put a more ‘normal’ multiple on the stock and MU will continue to re-rate higher as more details emerge about the structural changes AI has driven to the entire memory complex.”
Micron has benefited from the rapid proliferation of artificial intelligence (AI) that has led to supercharged demand for memory chips as well as supply shortages and price increases.
Week Ahead
Broadcom
Broadcom Inc will release its second-quarter earnings on Wednesday 3 June.
After a challenging start to 2026 for its shares, Broadcom has rallied sharply since the end of March, gaining more than 40%, thanks to a shift back to positive sentiment towards AI and the recent surge in chip stocks. The PHLX Semiconductor index is up around 80% so far this year and is up roughly 50% over the past three months, underscoring exuberance in the sector.
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In March, Broadcom reported a strong set of first-quarter results – the company predicted more than $100 billion in AI chip sales next year as it makes headway in the semiconductor market, playing catch up with market leader Nvidia. Quarterly adjusted earnings per share hit $2.05 on revenues of $19.31 billion, both ahead of forecasts. For the second quarter, Broadcom forecast an adjusted profit margin of 68% on revenue of $22 billion.
Shares have gained more than 20% so far this year and are up around 80% over the past 12 months. According to Refinitiv, there is a consensus buy recommendation on the stock with an average price target of $471.36, up 13% from the current share price.
These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.
Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.