Nvidia shed more than $320 billion in market value in a single session this week, falling over 6% and dropping below the $5 trillion market cap threshold for the first time since May. A blowout May jobs report killed near-term rate-cut expectations and hammered growth stocks broadly, with Nvidia leading the damage. Separately, Jensen Huang formally declined an invitation from Sen. Elizabeth Warren to testify before the Senate Banking Committee today on Nvidia's China business and export-control compliance — Warren responded publicly that "the American people deserve answers in an open forum." Nvidia is down another ~2% in premarket this morning.
Broadcom posted record Q2 FY2026 results — AI semiconductor revenue of $10.8B (+143% YoY), total revenue of $22.2B — but Q3 AI chip guidance of $16B fell short of the $17.2B the Street had modeled, sending shares down 12% after hours. That single guidance miss was the proximate trigger for the broader chip sector selloff that knocked the Nasdaq roughly 5% off its June 2 record highs. For context: Q3 total revenue guidance of $29.4B still implies 84% year-over-year growth — extraordinary by any historical standard. The market simply had perfection priced in.
Oracle reports Q4 FY2026 results after the close today, and the entire AI infrastructure complex is watching whether the company's $553 billion remaining performance obligation — up 325% year-over-year — begins converting to recognized revenue. Street consensus is $1.96 EPS. Oracle has been burning $24.7B building GPU-heavy data centers, carrying a forward P/E of roughly 26x, and today's print is the single most immediate catalyst in the AI space on today's calendar.
Alphabet completed the largest equity raise in corporate history at $84.75 billion — upsized from an initial $80B — including a $10B Berkshire Hathaway private placement and a $40B at-the-market program, all to fund a $180–190B capex plan for 2026. Reports now indicate Alphabet is also backstopping Anthropic's $35B data center deal, making Google simultaneously a cloud provider, an AI lab backer, and a direct balance-sheet financier of AI infrastructure — a consolidation of roles that raises both antitrust and competitive-moat questions. GOOGL shares have been under dilution-overhang pressure for four weeks running.
The Financial Times reported Meta is weighing a mandatory convertible preferred stock offering of roughly $64 billion to fund a 2026 capex budget of $125–145B — approximately double last year's AI infrastructure spend. Meta called the reports "pure speculation" and said no banks had been hired, but shares dropped 5–7% on dilution fears anyway. If executed, this would be the second-largest equity raise in corporate history, mirroring the exact structure Alphabet just completed.
Super Micro Computer announced a $7 billion capital raise to fund surging AI server demand, but the dilution news landed squarely in the middle of the chip sector's worst week and the market punished it with a 13.62% drop. SMCI is a direct hardware beneficiary of hyperscaler AI buildouts, and the raise itself signals genuine ongoing demand — but timing is everything, and this week's timing was brutal.
Hewlett Packard Enterprise reported Q2 FY2026 with a massive beat: EPS of $0.79 versus a $0.53 estimate, revenue of $10.68B (+40% YoY), AI server orders of $2.1B, and networking revenue up 148% driven by the Juniper integration. HPE raised FY2026 guidance to 29–33% top-line growth with at least $3.5B in free cash flow, and the stock jumped 37% to a record $64.64. Coming right after Dell's similar post-earnings gap, HPE confirmed AI infrastructure hardware demand is still accelerating at the buildout layer.
A M D fell 10.86% on June 5, closing at $466.38, swept up in the Broadcom-triggered chip selloff. On the analyst front, the Street is split: Daiwa Capital downgraded AMD from Buy to Outperform while simultaneously raising its price target to $500, citing the stock's roughly 150% 60-day rally and a stretched 154x trailing P/E; Bank of America also raised its PT to $500 but held its Buy. As of this morning, AMD is down another ~3.5% in premarket.
Palantir's Q1 2026 results — reported in May and still driving the June narrative — showed revenue up 85% YoY, US commercial up 104%, adjusted EPS of $0.33 versus $0.27 estimated, and full-year guidance raised to ~$7.65B implying 71% growth. The Rule-of-40 score hit 145%, matched only by Nvidia, Micron, and SK Hynix. A Street analysis published yesterday pitted Palantir directly against Oracle heading into tonight's earnings, framing the choice as capital-light software versus balance-sheet-heavy infrastructure.
IonQ reported record Q1 2026 revenue with 755% year-over-year growth, driven by commercial adoption and international expansion, then raised its full-year guidance. The stock has been caught in the broader sector volatility, but 755% revenue growth is an extraordinary data point in any market environment — confirmation that commercial quantum computing adoption is moving faster than the base case assumed.
