Weekly Market Pulse: June 1

Week in Review

It was a week of two halves. Computex Taipei dominated the first half, with Nvidia, AMD, Intel, and Qualcomm all unveiling major product roadmaps. But the euphoria faded fast. Broadcom’s Q2 earnings on Thursday missed on guidance, triggering a sector-wide semiconductor selloff (SOX -2%). Then Friday’s stronger-than-expected May payrolls data crushed the rate-cut narrative and slammed tech: S&P 500 dropped 2.64% to 7,383.74, Nasdaq plunged 4.2% to 25,709.43, snapping the S&P’s 9-week winning streak. The Dow hit a record 51,561.93 on Thursday before reversing on Friday.

AI Semiconductors

NVIDIA (NVDA)

Computex bombshell: Jensen Huang unveiled RTX Spark, an Arm-based consumer PC superchip using the Grace N1X — Nvidia’s first serious entry into the PC CPU market, delivering 100+ TOPS
Initial rally faded as investors weighed margin implications and new competition dynamics; stock closed Friday at $210.04 (-3.6%), now 12.6% below its May 52-week high of $235.74
Analysts remain bullish on the long-term AI data center trajectory, but near-term questions around PC chip profitability persist

Broadcom (AVGO)

Q2 FY2026 earnings miss on forward guidance triggered a sector selloff on Thursday. The SOX index fell 2% as investors reset expectations for networking/ASIC demand
Soft guidance compounded concerns about AI chip demand peaking in the near term, though most analysts view this as a buying opportunity given Broadcom’s entrenched position in custom ASICs (TPU, Apple) and networking

Marvell (MRVL)

Major Computex moment: Jensen Huang’s keynote featured a slide calling Marvell part of a “trillion-dollar” AI networking opportunity, sending shares sharply higher
The company is positioned as the primary beneficiary of AI interconnect expansion (800G/1.6T optics, PCIe retimers)

AMD (AMD)

Partnership with OpenAI for 6GW MI450 inference deployment, with first 1GW coming online in 2H2026
Shares came under pressure from Nvidia’s PC chip announcement, which extends the competitive battlefield beyond data center GPUs into AMD’s traditional x86 stronghold

Qualcomm (QCOM)

Hardest hit by RTX Spark: Stock dropped 7.5-8.8% on June 1 after Nvidia’s 100+ TOPS PC chip directly challenged the Snapdragon X Elite (45 TOPS)
Fought back at Computex with “Dragonfly,” a new brand for data center AI inference chips, signaling a full-scale pivot beyond mobile
Bounced 5.34% on June 3 as the market digested the strategy; Investor Day set for June 24
Closed the week at ~$228.99, still nursing the Monday gap down

ARM Holdings (ARM)

Stunning week: Surged 14-18% on June 1 after the RTX Spark reveal confirmed Arm’s PC architecture win — the Grace N1X is co-developed with MediaTek on an Arm reference design
Mizuho raised target to $500 on June 4, citing Arm’s expanding TAM from mobile to PC to data center
Up ~240-250% YTD — the market is pricing in a multi-year architecture licensing super-cycle

Memory & Storage

Micron (MU)

Earnings catalyst ahead: Reports Q3 FY2026 results on June 24; expectations are elevated after HBM3e pricing improved through the quarter
Hedge fund activity: Billionaire Robert Citrone reportedly sold AVGO to add MU, betting on the HBM/memory recovery cycle
Broadcom selloff created broader risk-off tone in semis, but MU’s fundamentals remain intact

Western Digital (WDC)

Declared a 20% dividend increase, marking continued confidence in HDD demand recovery amid AI data center storage buildout
Ex-dividend on June 5 contributed to a 9.41% drop on Friday, though the broader macro selloff was also a factor

Foundry & Equipment

TSMC (TSM)

Raised 2026 revenue guidance on surging AI chip demand, with advanced packaging (CoWoS) capacity fully booked through 2027
Maintained its structural pricing power as the sole manufacturer of Nvidia, AMD, and most ASIC chips

ASML (ASML)

Raised 2026 revenue outlook to €36-40B, driven by high-NA EUV adoption for 2nm and below
The upgrade signals sustained CapEx from foundry customers, making ASML the definitive pick-and-shovel play

Intel (INTC)

Dropped 4.67% on the week (close $109.33) despite a strong Computex showing featuring Xeon 6+ and 18A process node plans
YTD performance is still a remarkable +250% , driven by foundry narrative and government CHIPS Act funding
Multiple banks raised price targets after Computex, but the stock suffers from the “show me” problem around 18A execution

SMCI (SMCI)

Rose 5% on June 2 after Mizuho raised its price target to $44 from $36
Q3 earnings on June 17 will be the next catalyst as the company navigates liquid-cooling adoption and Dell/Supermicro competition for AI server racks
Closed the week around $41.79, down ~10% from prior week’s close on Friday’s macro selloff

Applied Materials (AMAT), Lam Research (LRCX), KLA (KLAC)

All three equipment makers are trading below their 200-day moving averages, reflecting the broader SOX weakness
ASML’s raised guidance provides a floor — if EUV orders are accelerating, wafer fab equipment demand will follow

Cloud & Hyperscaler

Google / Alphabet (GOOG)

$80B stock sale announced on June 1 to fund AI infrastructure, with Berkshire Hathaway contributing $10B
Stock dipped only 0.95% on the news, suggesting the market views the capital raise as a necessary investment in Google’s AI position rather than a signal of weakness

Microsoft (MSFT)

Returned $13B to shareholders in Q2 via dividends and buybacks, demonstrating the cash generation that funds Azure/AI expansion
Quiet week on the news front, but Copilot adoption continues as the enterprise AI revenue stream matures

Amazon (AMZN)

Bank of America reiterated positive on AMZN, calling it at a “tipping point” with YTD +14.63%
AWS remains the revenue anchor, with AI workload migration providing incremental growth

Oracle (ORCL)

Earnings preview: Reports on June 10; BNP Paribas expects a capex raise for cloud/AI buildout
Downgraded to Hold on June 2 by multiple analysts after the stock had run up ahead of earnings
Shares fell 6.44% on Friday as part of the broad tech rout

Platform & Silicon

Meta (META)

Equity raise rumors rocked the stock: Multiple outlets reported on June 5 that Meta is considering a multi-billion dollar stock offering to fund AI data center expansion, following Alphabet’s $80B precedent
Shares fell 5-7% on Friday as the market priced in dilution risk
The capital raise debate underscores a broader theme: every hyperscaler needs more AI infrastructure, and shareholders are increasingly forced to fund it

Apple (AAPL)

YTD +15.6%, relatively resilient compared to peers
Vision Pro reportedly being de-emphasized in favor of smart glasses (AR wearable) — the Apple Glasses pivot could be previewed at WWDC
WWDC anticipation kept the stock steady through the week, though Friday’s selloff dragged AAPL lower

The Week Ahead

Date	Event
June 8	Apple WWDC keynote (Vision Pro → smart glasses pivot?)
June 10	Oracle (ORCL) Q4 FY2026 earnings
June 11	Consumer Price Index (CPI) — inflation data that could shift rate expectations
June 12	Producer Price Index (PPI)
June 17	Super Micro (SMCI) earnings
June 18	FOMC rate decision — dot plot and rate path guidance
June 24	Micron (MU) Q3 FY2026 earnings + Qualcomm Investor Day

Key themes to watch: The FOMC meeting is the dominant macro catalyst. If the June 5 jobs report shifts the dot plot higher, the tech selloff could deepen. On the earnings front, Oracle and SMCI will set the tone for AI infrastructure spending, while MU’s HBM commentary will be the bellwether for memory cycle health.

All prices and data sourced from Yahoo Finance, CNBC, SEC filings, and company announcements. This is not financial advice — do your own research.

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Weekly Market Pulse: June 1–5