#分享美股交易赢英伟达股票 June 5th U.S. stock market plunge analysis: The two sides of eating meat and taking a beating
June 5th (Eastern Time) U.S. stocks experienced a sharp decline, but fundamentally it was not a recession trade, but a typical AI asset valuation compression.
Currently, we have not seen: cloud providers cut AI capital expenditures (CapEx) or a noticeable slowdown in AI demand
Disruption in data center construction cycles
Therefore, this round of decline is more like the first major valuation correction in the AI bull market, rather than a reversal of industry trends.
I. Specific situation and basic qualitative analysis: Nasdaq fell 4.2% in a single day, the largest daily drop since the tariff turmoil in April 2025; S&P 500 declined 2.6%; Dow Jones dropped 1.4%, just after hitting a record high the previous day. Chip stocks led the decline, with Marvell plunging about 16%, Micron down about 13%, Intel and AMD each down about 11%, Broadcom falling over 7% after a large drop on Thursday.
Qualitative: This is not a macro stock market crash, but the first systemic squeeze of the AI asset bubble.
Because: Consumer staples rose instead / defensive sectors like Coca-Cola moved against the trend / mainly hitting semiconductor and AI-related stocks, this looks more like an amplified version of the AI stock correction in August 2024, rather than the start of a 2022 rate hike bear market.
What truly determines the next three months’ trend is not non-farm payrolls, but whether Microsoft, Google, and Meta will cut AI capital expenditures next. If CapEx does not decrease, then this sharp decline is likely just a process of de-bubbling and de-congestion within the AI bull market.
II. Causes of the plunge:
1. Broadcom triggered AI industry valuation re-pricing (catalyst) + Overcrowding in AI trading
Broadcom Q2 earnings report was released after market close on Wednesday, with revenue of $22 billion slightly below the expected $22.2 billion, but adjusted EPS exceeded expectations. The real trigger for selling was CEO Hock Tan’s refusal to raise the full-year 2026 AI semiconductor sales forecast, despite Q3 guidance of $29.4 billion exceeding expectations. The market interpreted this as a sign of slowing demand momentum.
Broadcom expects Q3 AI chip revenue of $16 billion, below analyst expectations of $17.2 billion. Although the figure is strong, it falls short of hyperscaler AI order expectations. Over the past six months, global funds have almost all been involved in the same trade:
High concentration of AI funds in: Nvidia / Broadcom / Micron / SK Hynix / TSMC; even the Korea KOSPI and Taiwan Weighted Index show clear signs of AI asset centralization. In this environment: just one negative catalyst could trigger:
CTA de-risking
Quantitative strategy de-risking
Hedge fund profit-taking
Leverage unwinding
Leading to rapid declines.
2. Strong non-farm data, long-term interest rates rise again (amplifier) The U.S. added 172k jobs in May, far exceeding analyst expectations, with the unemployment rate holding steady at 4.3%. This strong report almost eliminated the possibility of the Fed cutting rates soon, and the financial markets immediately priced in a 42.7% chance of a rate hike at the December FOMC. For high-valued, long-duration AI/semiconductor sectors, rising rates are a double blow: increased discount rates depress valuations, while funds rotate into defensive/financial sectors.
3. U.S.-Iran stalemate (background noise, but not to be ignored)
III. Follow-up analysis
Global version
Google / AVGO / SK Hynix / BESSI / TSMC / Tokyo Electron
China version
Zhongji Xuchuang / Tongfu Microelectronics / Yake Technology / Huatian Shares / Haohua Technology / Tuojing Technology
In the short term, AVGO is most at risk because this round of plunge was triggered by it. The market will reassess whether ASIC demand is overextended, whether large-scale client CapEx has peaked, with the greatest short-term pressure.
Next is Micron, as HBM accounts for a smaller portion of revenue, with higher DDR.
Generally risky: Hynix, because HBM has become one of the most crowded trading assets in the market. But the logic is stronger than DDR.
Relatively safe: Google, since Google does not sell XPU, but is an AI infrastructure user. The market is now starting to look for the real profit-makers in AI, with Google Cloud + TPU + inference business logic becoming stronger.
Impact on Chinese supply chain (pure fundamentals)
Optical modules (Zhongji Xuchuang)
Short-term follow-through, long-term logic unchanged. Because compute investment has not ended, only valuation compression.
Packaging chain (Tongfu, Changdian, Shentech) has limited impact, as advanced packaging orders come from long-term construction cycles, unlike GPUs which are traded daily.
Tuojing Technology is least affected, as it is based on domestic substitution logic, not AI sentiment.
IV. Follow-up recommendations
Short-term operations:
To cope with the impact of SpaceX IPO (starting June 12), reduce positions and switch to S&P 500. The real risk of SpaceX IPO is not on June 5, but over the next two weeks: listing on June 12 + forced allocation by passive funds + subsequent IPO pipeline of OpenAI/Anthropic. This combination will continue to exert marginal liquidity pressure on the tech/AI sectors throughout the second half of the year. If risk appetite is low, switch to stocks like 03441HK / Coca-Cola / Johnson & Johnson / VISA for dividends.
Long-term observation:
1. Watch data ahead of next week’s FOMC
The current Fed stance remains dovish, but the federal funds futures market is pricing in rate hikes, with a probability exceeding 50% before December 2026. If the June FOMC shifts to hawkish, it will be a second shock to the valuation of tech/semiconductor sectors, requiring proactive risk management in client expectations.
2. Key focus: Microsoft CapEx, Google CapEx, Meta CapEx, Nvidia order data
Impact of SpaceX IPO fund diversion
If CapEx continues to grow: this adjustment will become a window for re-layout in the AI industry chain.

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🇺🇸 BREAKING POLITICAL UPDATE | WAR POWERS DEBATE TAKES CENTER STAGE
The reported House vote shown in this graphic has ignited a nationwide discussion about presidential authority, congressional oversight, and the future of U.S. military decision-making.
According to the reported figures, the U.S. House of Representatives approved a War Powers Resolution by a narrow margin of 215-208, signaling concerns among lawmakers regarding continued military action involving Iran without direct congressional authorization.
📊 Reported Vote Results: ✅ YES: 215 ❌ NO: 208
One of the most notable developments highlighted in the vote was the reported support from 4 Republican lawmakers who joined Democrats, creating enough support for the resolution to pass. In today's highly polarized political environment, bipartisan votes on national security matters are relatively uncommon and often draw significant public attention.
This vote has intensified a long-running constitutional debate over war powers in the United States. While the President serves as Commander-in-Chief of the Armed Forces, Congress holds the constitutional authority to declare war and provide oversight for major military engagements.
Supporters of the resolution argue that military operations with potentially far-reaching consequences should receive clear congressional approval. They believe that decisions involving the use of force must reflect democratic accountability and the will of elected representatives.
Opponents maintain that the President must retain sufficient flexibility to respond quickly to emerging security threats and protect national interests without delays that could affect operational effectiveness.
Beyond the immediate political implications, this reported vote reflects broader questions about the balance of power within the U.S. government, the role of Congress in foreign policy, and how military decisions should be authorized in a modern geopolitical environment.
The close margin demonstrates that lawmakers remain deeply divided on issues involving military intervention, executive authority, and America's strategic role on the global stage. It also underscores how national security decisions continue to be among the most debated topics in Washington.
Political analysts note that votes of this nature often carry significance beyond their legislative impact. They can influence public opinion, shape future policy discussions, and send important signals regarding congressional sentiment on military operations and foreign affairs.
As discussions continue, many observers will be watching closely to see how policymakers address the ongoing debate surrounding constitutional war powers, executive authority, and congressional oversight.
Whether viewed as a defense of constitutional checks and balances or as a challenge to executive flexibility during international crises, the reported vote has become a major focal point in the national conversation about governance, accountability, and national security.
📌 The debate continues, but one message is clear: questions about war powers, congressional authority, and military engagement remain central to the future of U.S. policy and democratic decision-making.

#WinGoldBarsWithGrowthPoints
How to Win Gold Bars with Growth Points on Gate
Gate has introduced an exciting community engagement program that allows users to win physical gold bars and other valuable rewards through the Growth Points system. This comprehensive guide will explain everything you need to know about winning gold bars and maximizing your growth points.
Understanding the Growth Points Lucky Draw System
Gate regularly hosts Growth Points Lucky Draw events where participants can win incredible prizes including 10 gram gold bars. These events are designed to reward active community members who contribute to the Gate Square and Chat platforms. The system works on a simple principle where every 300 Growth Points earned equals one draw entry, with a maximum of 10 draws allowed per day.
The prize pool for these events typically reaches $20,000 in total value, featuring rewards such as 10 gram gold bars, exclusive merchandise like Inter Milan shirts and WCTC T-shirts, SHIB tokens, position vouchers, trading fee rebate vouchers, VIP plus one experience cards, and lucky bags containing tokens worth $200. The gold bar is undoubtedly the most coveted prize, representing both tangible value and prestige within the community.
Eligibility Requirements for Participation
To participate in the Growth Points Lucky Draw and have a chance at winning gold bars, users must meet several important requirements. First and foremost, identity verification must be completed before the event ends. This ensures fair participation and prevents fraudulent activities. Additionally, users need to maintain minimum trading activity with either $200 in spot trading volume or $500 in futures trading volume during the event period.
It is crucial to note that sub-accounts and multiple accounts sharing the same KYC information are treated as a single participant. This policy prevents users from gaining unfair advantages by creating multiple accounts. Users in restricted locations are unfortunately unable to participate in these events due to regulatory considerations.
How to Access and Participate
Participating in the Growth Points Lucky Draw is straightforward. Users need to access the Gate mobile application and navigate to the Square section, then proceed to the Community Center where all Growth Points activities are managed. The interface is user-friendly and allows participants to track their points, enter draws, and claim rewards seamlessly.
The draw system operates on a daily refresh basis, with Growth Points data updating every morning at 8:00 AM UTC. This regular refresh ensures that active participants can consistently earn new points and enter additional draws throughout the event period, which typically lasts for about two weeks.
How to Increase Your Growth Points
Earning Growth Points is the key to winning gold bars and other rewards. Gate has designed multiple ways for users to accumulate points through community engagement activities. The primary methods include posting content in Square, commenting on other users' posts, liking posts, and sending messages in Chat. Each of these activities contributes to your Growth Points balance, allowing you to earn entries into the lucky draw.
Content creation in Gate Square is one of the most effective ways to earn substantial Growth Points. Users who create high-quality posts that engage the community and provide valuable insights about cryptocurrency, trading strategies, market analysis, or educational content tend to receive more interactions, which translates to more points. The platform rewards meaningful contributions that help build a vibrant and knowledgeable community.
Commenting on posts is another excellent way to earn points while simultaneously learning from other community members. Thoughtful comments that add value to discussions, ask relevant questions, or provide helpful responses are particularly effective. Liking posts is the simplest activity, requiring minimal effort while still contributing to your point accumulation. Regular engagement through the Chat feature also helps build connections and earn points simultaneously.
Strategies for Maximizing Growth Points
To maximize your Growth Points and increase your chances of winning gold bars, consistency is essential. Daily participation across all available activities ensures steady point accumulation. Creating a routine where you check the Gate app each morning after the 8:00 AM refresh allows you to plan your engagement activities for the day.
Quality matters more than quantity when it comes to content creation. Posts that provide unique insights, timely market analysis, or helpful tutorials tend to attract more engagement, which results in more points. Building a following within the Gate community by consistently providing valuable content can create a compounding effect where your future posts receive even more attention.
Engaging with trending topics and popular discussions can also boost your visibility and point earnings. When major market events occur or significant announcements are made, participating in related discussions while the topic is hot can lead to increased interactions. However, it is important to maintain authenticity and avoid spamming, as the community and platform algorithms can detect low-quality engagement.
Understanding Reward Distribution
When you win prizes through the Growth Points Lucky Draw, understanding the distribution timeline helps set proper expectations. Position vouchers, tokens, and lucky bags are distributed within 30 working days after the event concludes. Physical merchandise, including gold bars, requires shipping and is typically delivered within 60 days after the event ends.
For physical prizes like gold bars, winners must provide accurate shipping addresses through the prize claim page. Failure to claim merchandise or provide shipping information results in forfeiture of the physical prize. In cases where delivery fails, Gate provides alternative compensation, with the 10 gram gold bar converting to a $10,000 position voucher, ensuring that winners still receive significant value.
Position vouchers won through the draw are valid for 7 days and are stackable, meaning multiple vouchers can be used together. Trading fee rebate vouchers provide 20 percent rebates and remain valid for 30 days, also stackable for maximum benefit. The VIP plus one experience card upgrades your account status for 7 days, providing enhanced trading benefits.
Important Considerations and Best Practices
Maintaining fair play is crucial for continued participation in Growth Points events. Any form of cheating, including using bots, creating fake accounts, or manipulating engagement metrics, results in immediate disqualification. Gate employs sophisticated detection systems to ensure fair competition for all participants.
The Growth Points program is an ongoing initiative, meaning new events and opportunities to win gold bars continue to emerge regularly. Staying active in the community even between major events helps maintain your engagement habits and keeps you ready for upcoming promotions.
Users should also be aware that events conclude once all prizes are claimed, so early and consistent participation increases your chances of winning before the prize pool is exhausted. The competitive nature of these events means that dedicated community members who engage daily have the best opportunities to win gold bars and other valuable rewards.
Conclusion
Winning gold bars through Gate's Growth Points system represents an excellent opportunity to earn tangible rewards while engaging with a vibrant cryptocurrency community. By understanding the point accumulation mechanics, maintaining consistent daily engagement, creating valuable content, and following all eligibility requirements, users can significantly improve their chances of winning these prestigious prizes.
The combination of community building, knowledge sharing, and reward earning makes the Growth Points program a unique feature that benefits both individual users and the broader Gate ecosystem. Start engaging today, build your Growth Points balance, and you could be the next lucky winner of a 10 gram gold bar.@Gate_Square