All three major US stock indexes were down in late-morning trading Thursday, as investors continue to monitor developments in Iran and their effect on oil prices.

In company news, Broadcom (AVGO) reported fiscal Q1 adjusted earnings late Wednesday of $2.05 per diluted share, up from $1.60 a year earlier and above the FactSet consensus analyst estimate of $2.03. Fiscal Q1 revenue was $19.31 billion, up from $14.92 billion a year ago and above the FactSet consensus of $19.26 billion. For fiscal Q2, the company said it expects revenue of about $22 billion, above the FactSet consensus of $20.50 billion. President and Chief Executive Han E. Tock said on a call with analysts that Broadcom could achieve AI revenue growth of about $100 billion in 2027 from chips, according to a transcript. The company also authorized the repurchase of up to $10 billion of its common stock through Dec. 31. Broadcom shares were up 4.7% around midday.

Trade Desk (TTD) and Microsoft-backed (MSFT) OpenAI had early discussions to form a partnership to help OpenAI sell its ads, The Information reported late Wednesday, citing three unnamed sources familiar with the talks. Trade Desk shares were up nearly 17%, while Microsoft shares were up 0.2%.

Berkshire Hathaway (BRK.A, BRK.B) said Thursday in a regulatory filing that it began repurchasing shares of its common stock on Wednesday. In a separate filing, CEO Greg Abel disclosed he bought 2,289 Class B shares and a spouse, acting as a custodian for a child, bought 74 Class B shares, for a total of about $15 million. In an interview with CNBC on Thursday, Abel said Berkshire has no current plans to sell its stake in Kraft Heinz (KHC) after the company deferred its split into two public companies. Berkshire's Class A and Class B shares were each up 1.5%, while Kraft Heinz shares were up 0.7%.

Alibaba Group (BABA) has formed a new internal task force led by CEO Eddie Wu to coordinate company-wide resources and accelerate development of its AI models, the South China Morning Post reported Thursday, citing an internal letter it viewed. Separately, Alibaba, Tencent and ByteDance are among a group of Chinese technology companies turning to domestic chipmakers to help meet demand amid a global shortage of memory chips, The Information reported Thursday, citing four people with direct knowledge of the matter. Alibaba shares were down 3%.

Morgan Stanley (MS) is laying off about 3% of its workforce, or around 2,500 employees, The Wall Street Journal reported Wednesday, citing people familiar with the matter. The job cuts will impact workers in the bank's investment banking and trading, wealth management and investment management divisions, according to the report. Morgan Stanley shares were down 2.5%.

Price: 332.52, Change: +14.99, Percent Change: +4.72