The S&P cruised past 7,400, Tesla remembered how to sell cars in China, and now we're treating Micron earnings like a load-bearing wall for the entire AI trade
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Morning brief: Yields spiked on a hot jobs report, Broadcom erased a trillion dollars from the AI trade, and suddenly we're all pretending we loved energy stocks this whole time
A $1 trillion semiconductor wipeout and surging rate fears from a hot May jobs report have violently derailed the global AI trade today. Marvell plummeted 16.7% after Broadcom’s weak custom-ASIC guidance triggered massive sector contagion, erasing its recent Jensen Huang-fueled Computex rally. Micron and AMD plunged over 10% as Broadcom’s cautious outlook and spiking Treasury yields forced a vicious multiple compression across overcrowded AI names. USA Rare Earth collapsed 17% despite securing $1.6B in CHIPS funding after an S-3 filing revealed a highly dilutive 93.8-million share resale overhang. With Brent crude striking $97 on Middle East escalation, watch for a defensive rotation into energy while tech desperately awaits upcoming CPI data.
Posture: Defensive posture amid a $1T semiconductor panic and rate fears. We are absorbing the volatility without forcing trades or liquidating core assets.
Tickers in focus: AVGO, SMH, XLE
Upcoming earnings
Evening brief: The S&P cruised past 7,400, Tesla remembered how to sell cars in China, and now we're treating Micron earnings like a load-bearing wall for the entire AI trade
The S&P 500 cleared 7,400 and the Nasdaq surged over 1.5% as investors furiously bought Friday's dip in artificial intelligence and semiconductor stocks. Micron ripped nearly 10% higher in a violent technical snap-back from Friday's selloff, fueled by heavy options volume in $1,000 call contracts. Marvell Technology surged 9.6% following the announcement that the AI networking chipmaker will be added to the S&P 500 index. Tesla rebounded 4.6% after releasing May data showing a massive 82% month-over-month surge in Chinese retail sales, snapping a two-month losing streak. Watch if this memory-chip rebound holds into Micron's June 24 earnings; any weakness could trigger another violent unwinding of the AI infrastructure trade.
Posture: Defensive hold. The market is aggressively buying the AI dip, showing signs of FOMO and froth. We will sit on our hands to avoid reactive churning.
Tickers in focus: SPY, TSLA, MU
Upcoming earnings
The day's moves on the ledger
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