#分享美股交易赢英伟达股票 Broadcom plummeted from the sky, but the money for AI is still on the table

Last night’s U.S. stock market rally was triggered by Broadcom.
1️⃣ On June 3rd after the market close, Broadcom released its Q2 earnings report. The numbers themselves are quite impressive: total revenue of $22.2 billion, up 48% year-over-year; AI semiconductor revenue of $10.8 billion, soaring 143% YoY; free cash flow of $10.26 billion. CEO Hock Tan reiterated the full-year AI semiconductor revenue target of $56 billion during the conference call, and also said that by 2027, it could exceed $100 billion.
The problem is, the market has already priced in higher numbers. When your performance is “very good” but the market expects “mind-blowing,” the decline is the gap between “very good” and “mind-blowing.” Broadcom closed down 12.59%, at $418.91, with trading volume more than three times the usual. The market cap evaporated overnight, enough to buy several unicorns.
Broadcom’s fall dragged the entire semiconductor supply chain down with it. Micron, SanDisk, and even the entire chip sector are under selling pressure. The tech sector was the only one among the 11 S&P sectors to record a decline that day.
2️⃣ But money doesn’t disappear into thin air. Funds flowing out of chips flooded into healthcare, finance, and real estate. The healthcare sector rose 3.14%, finance up 2.67%, and real estate up 1.87%. UnitedHealth Group gained 5.2%, with Morgan Stanley raising its target price; JPMorgan rose 3%, Goldman Sachs also gained, and even Walmart increased nearly 1%. Eli Lilly rose over 4%, Costco about 1%. This is textbook “sector rotation.” Of the 30 blue-chip stocks in the Dow, 23 closed higher, a traditionally conservative index setting a new record on an afternoon when the AI narrative was setback.
3️⃣ Another star is Quantinuum, a leading company in quantum computing, formed by Honeywell Quantum and UK’s Cambridge Quantum. It went public on Nasdaq on June 4th, with an IPO price of $60, jumping straight to $68 at opening, raising $1.68 billion, with a market cap of about $17.6 billion. But by the close, the stock had retreated near the offering price. Quantum computing sounds like science fiction, but the market’s label for it remains “optimistic but cautious about heavy investment.”
4️⃣ And a giant that must be mentioned is approaching: SpaceX.
On June 3rd, SpaceX officially disclosed its IPO pricing: $135 per share, 555.6 million shares issued, valuation of $1.77 trillion, raising $75 billion. If completed, this will be the largest IPO in history, three times the record set by Alibaba in 2014. Musk retains over 82% of voting rights through a dual-class share structure. Underwriters include Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and J.P. Morgan. Retail investors can subscribe via Robinhood, Fidelity, and Charles Schwab, with about 30% of the shares reserved for individual investors. But Morningstar analysts’ valuation is only $780 billion, less than half of the IPO price. The market’s disagreement is as vast as the gap between SpaceX’s rocket and its crash test. HOOD rose 6.61% that day, partly driven by retail enthusiasm for SpaceX’s IPO. SpaceX is expected to list on Nasdaq on June 12th, ticker SPCX.
5️⃣ Let’s look at Nvidia. Its stock rose 1.94% to $218.66, defying the trend on a day when the chip sector was collectively suffering. June 4th was its ex-dividend date, with the quarterly dividend skyrocketing from 1 cent to 25 cents per share, a 2,400% increase. Nvidia is shifting from a “pure growth story” to a “growth plus dividend” hybrid company. It wants to tell the market: the money I make is not only enough to burn but also enough to share.
6️⃣ There are signals in the shadows. Blackstone’s flagship private credit fund BCRED, with $79 billion AUM, has imposed redemption restrictions for the first time. In Q2, redemption requests reached 10% of outstanding shares, but the fund only paid out 5%. This is the first real “closure” since BCRED’s inception. In the previous quarter, redemption requests were 7.9%, and Blackstone covered the gap with employee contributions. Private credit funds have experienced net capital outflows this year, a first in the history of this asset class.
7️⃣ Google took a hit. GOOG rose 3.82%, after falling for two days following the announcement of an $84.75 billion secondary offering (including Berkshire Hathaway’s $10 billion subscription). After digesting the dilution impact, focus shifted back to AI infrastructure and the new data center in Texas.
8️⃣ On the macro front, ADP data showed 122k new private sector jobs in May, exceeding the expected 117k and reaching the highest since January 2025. Coupled with the recent JOLTS data showing job openings in April hitting a new high since November last year, the resilience of the job market is stronger than expected. The 10-year U.S. Treasury yield hovers around 4.47%. The market is currently pricing in an 85% chance of a 25 basis point rate hike before the end of the year, up from 60% a week ago.
9️⃣ Tonight’s non-farm payroll report is expected to show about 125k new jobs in May, with the unemployment rate holding at 4.3%. ADP has already set the stage; if the non-farm data also exceeds expectations, the rate hike expectations will heat up further.