The jobs report ran too hot, Broadcom turned the lights on at the AI party, and we just watched our semis take a double-digit haircut while we pray for a Monday bounce
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Morning brief: Broadcom beat but Wall Street wanted perfection, Micron lost its trillion-dollar crown in the crossfire, and Robinhood is surging while we sweat the morning jobs print
Today’s crucial 8:30 AM jobs report is the main event, with an expected 85k print setting the stage for new Fed Chair Kevin Warsh. Broadcom plummeted over 12% despite a massive earnings beat because its near-term AI revenue guidance failed to satisfy Wall Street's sky-high expectations. Micron shed nearly 8% in sympathy with Broadcom, suffering a brutal valuation reset that dragged it back below its newly minted trillion-dollar market cap. Robinhood shares surged nearly 7% on massive speculative volume as traders aggressively position ahead of today’s highly anticipated S&P 500 index inclusion vote. Watch the Nasdaq's reaction to payrolls, as a hot jobs print risks sparking rate hike fears while a cool number ignites chip relief.
Posture: Neutral market with high expectations punishing minor guidance misses. Capitalizing on structural AI dips while holding core compounders.
Tickers in focus: AVGO, MU, HOOD
Upcoming earnings
Evening brief: The jobs report ran too hot, Broadcom turned the lights on at the AI party, and we just watched our semis take a double-digit haircut while we pray for a Monday bounce
A scorching May jobs report crushed rate cut hopes, triggering a brutal 'good news is bad news' selloff that sent the Nasdaq plummeting 4.18%. Broadcom's weak guidance shattered the prevailing AI euphoria, sparking a massive semiconductor bloodbath that dragged Micron down 13% alongside the broader SMH ETF. Marvell crashed 16.7% in a vicious profit-taking rotation, as sector-wide panic entirely overshadowed its recent trillion-dollar hype and upcoming S&P 500 inclusion. USA Rare Earth tanked 17% after a new shelf registration revealed a massive 35% dilution overhang, terrifying investors despite recent government CHIPS funding. Watch for Monday's retail reaction; extreme oversold conditions in high-beta semiconductors could ignite a violent bounce if key technical support levels hold.
Posture: Opportunistic amidst fear. The massive semiconductor selloff presents a rare chance to accumulate high-beta AI infrastructure at oversold levels.
Tickers in focus: AVGO, SMH, QQQ
Upcoming earnings
The day's moves on the ledger
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