Broadcom beat EPS ($2.44 adj. vs. $2.40 est.) but slightly missed revenue ($22.19B vs. $22.27B est.) and — critically — CEO Hock Tan refused to raise full-year AI revenue guidance above "in excess of $100B," while Q3 AI chip guidance of ~$16B landed well below the $17.2B street consensus. The two-session selloff erased roughly $320B in market cap, making it the third-worst single-event market cap destruction in U.S. public market history. The fallout dragged NVDA, ARM, AMAT, and the SOXX index sharply lower.
Nvidia dropped 6% on Friday as the Broadcom guidance miss and a hotter-than-expected June jobs report — which revived Fed rate-hike speculation — hit simultaneously, briefly pushing the market cap below $5 trillion. Shares were near $214.75 heading into Monday. All 18 covering analysts maintain Strong Buy ratings with an average target of $328.61; Baird holds a $500 target.
At today's Worldwide Developers Conference, Apple confirmed that Siri is being rebuilt on Google's 1.2-trillion-parameter Gemini model under a multi-year licensing deal estimated at approximately $1B per year. Users will be able to choose between Gemini, ChatGPT, and Claude as the underlying AI engine. For Apple, it repairs the Siri credibility gap; for Alphabet, it validates Gemini as enterprise-grade with a marquee partner covering every iPhone in the world.
S&P Dow Jones Indices announced Marvell will replace PoolCorp in the S&P 500 effective June 22, clearing the profitability threshold after an AI-fueled revenue surge. The news landed on the heels of Jensen Huang publicly calling Marvell "the next trillion-dollar company," and the AI Switch product launch — combining for a 28.5% weekly gain. Passive funds must now accumulate shares ahead of the effective date, creating a structural bid.
Oracle fell ~9.6% to $213.68 Friday with no specific catalyst, interpreted as investors reducing exposure ahead of Q4 results due Tuesday, June 10 post-close. The stock has rallied over 54% since its last earnings report, setting a high bar: street consensus is $1.96 EPS (+15.3% YoY) and $19.1B revenue (+20% YoY). Options traders are pricing a 13% move in either direction; OCI growth and FY2027 cloud capacity guidance will be the swing factors.
SpaceX entered a Google Cloud agreement reportedly worth $920M per month, one of the largest hyperscaler contracts on record and a major GCP competitive win against AWS and Azure. In the same week, Alphabet announced an ~$80B equity raise to fund AI infrastructure buildout, which initially pressured shares on dilution concerns before the SpaceX contract news provided a partial offset.
Arm Holdings surged more than 15% after Nvidia unveiled a new AI chip for Windows PCs built on ARM architecture — then surrendered a large portion of those gains as it became one of the top two decliners in a chip rout that left the SOXX index down more than 10% over two sessions. The swing illustrates how tightly ARM's fate is coupled to the broader AI semiconductor sentiment cycle.
Meta dropped 5% Friday after reports that the company is considering a significant equity capital raise to fund AI infrastructure, following Alphabet's $80B move earlier in the week. Analysts have been upgrading into the weakness, noting that strong reels monetization and ad pricing are absorbing heavy capex without meaningful margin compression — a better story than the dilution-fear headlines suggest.
Super Micro Computer surged 7% after unveiling support for AMD's next-generation Helios platform, powered by AMD's EPYC "Venice" processors on TSMC's 2nm process node. The move extends SMCI's 61% year-to-date gain, making it one of the top-performing large-cap AI infrastructure names of 2026.
Nvidia and TSMC announced a collaboration deploying Nvidia accelerated computing and AI within TSMC's semiconductor manufacturing lifecycle — targeting yield improvement, faster turnaround times, and reduced fab energy consumption. TSMC consensus projects another ~30% revenue growth year in 2026 as it remains the primary foundry beneficiary of the global AI buildout.
