How Ramp’s CEO hyperscaled his startup—and himself

• Nvidia (No. 31) announced a $5 billion investment in struggling chipmaker and competitor Intel (No. 86). The move comes just a month after the federal government took a nearly 10% stake in Intel. Nvidia CEO Jensen Huang praised the deal for bringing the companies’ products closer together.
• Oracle (No. 87) is among a consortium of investors included in a potential deal to acquire TikTok’s U.S. operations discussed by U.S. President Donald Trump and Chinese President Xi Jinping this week. If the deal is approved, Oracle, alongside private equity firm Silver Lake Management and Andreessen Horowitz, would be stakeholders in the new U.S. business.
• Apollo Global Management (No. 163) is considering selling AOL, the legacy internet company it purchased alongside Yahoo for $5 billion in 2021, according to the Wall Street Journal. Sources told the Journal that a potential deal could be worth about $1.5 billion.
• Deliveroo announced this week that CEO Will Shu, as well as the company’s entire board, will step down once it is officially acquired by competitor DoorDash (No. 394). The £2.9 billion ($4 billion) deal is expected to close Oct. 2.
• Workday (No. 455) agreed to acquire Sana, a Stockholm, Sweden-based developer of agentic AI technology, for around $1.1 billion in cash. In conversation with Fortune’s Sheryl Estrada, Workday CFO Zane Rowe highlighted the prospect of integrating Sana’s AI learning tools and user interface with Workday.

• FedEx (No. 49) exceeded analyst expectations with $824 million in net income, up from $790 million in the same quarter last year. CEO Raj Subramaniam noted that most of the headwinds from the quarter came from President Trump’s termination of the “de minimis” exemption earlier this year, which omitted shipments under $800 from import duties, leading the company to increase shipping fees.
• Lennar (No. 129) reported $8.8 billion in total revenue, a 6% year-over-year decline, swayed by a 9% drop in home sales as the homebuilder continues to struggle with a soft housing market. Co-CEO Stuart Miller expressed optimism, however, following the Fed’s rate cut this week.
• Ferguson Enterprises (No. 146) posted $8.5 billion in net sales, up 6.9% from the same quarter last year. However, the plumbing and HVAC product supplier’s CEO, Kevin Murphy, noted “weakened new construction starts and permit activity, as well as soft demand in repair, maintenance, and improvement” on the residential side, leading to flat residential revenue between Q3 and Q4.
• General Mills (No. 216) generated net sales of $4.52 billion, a 6.8% drop year-over-year, as the company continues its efforts to lower prices to counter “cautious consumer behavior connected to economic uncertainty, global conflicts, and changing food policy regulations.” CEO Jeff Harmening expressed confidence during the company’s earnings call that General Mills can reinvigorate organic sales, citing new products and product innovation as one path toward long-term growth.
• Darden Restaurants (No. 370) met analyst expectations with $3.04 billion in quarterly revenue, a 10.4% jump year-over-year. During the company’s earnings call, CEO Rick Cardenas highlighted an “increase in visits year-over-year from guests across all income groups, but specifically those in higher-income groups.” The company also raised its guidance for fiscal 2026, now projecting 7.5% to 8.5% revenue growth.

Earnings to watch next week include: Micron Technology (No. 170) and AutoZone (No. 227) on Sept. 23; Thor Industries (No. 415) and Cintas (No. 427) on Sept. 24; Costco Wholesale (No. 12), TD Synnex (No. 73), Jabil (No. 148), CarMax (No. 151), and Concentrix (No. 426) on Sept. 25; and others.

Will quarterly earnings calls soon be a thing of the past? In a Truth Social post this week, Trump voiced his support for changing the reporting schedule to twice annually, touting that the change “will save money, and allow managers to focus on properly running their companies.” The move would have to be cleared with the SEC, but public companies have been asking to report less frequently for decades. Read more from Fortune’s Jessica Mathews on the implications of this potential paradigm shift: Tech investing is already a wild ride. Abandoning quarterly reports could make it even wilder