#分享美股交易赢英伟达股票 Broadcom drops out of the sky, but the AI money is still on the table

Last night’s rally in US stocks was triggered by Broadcom.
1️⃣ On June 3, after the market close, Broadcom released its Q2 earnings report. The numbers themselves look quite impressive: total revenue was $22.2 billion, up 48% year over year; AI semiconductor revenue was $10.8 billion, up 143% year over year; and free cash flow was $10.26 billion. In the earnings call, CEO Hock Tan reiterated the full-year AI semiconductor revenue target of $56 billion and also said that by 2027 it could exceed $100 billion.
The issue is that the market has already priced in even higher figures. When your performance is “very good,” but what the market expects is “mind-blowing,” the drop is the gap between “very good” and “mind-blowing.” Broadcom closed down 12.59%, at $418.91, with trading volume more than three times its usual level. Overnight, the market value that evaporated was enough to buy several unicorns.
Broadcom’s plunge dragged the entire semiconductor industry chain down with it. Micron, SanDisk, and even the entire chip sector bowed under selling pressure. On the day, the tech sector was the only one among the 11 S&P sectors to record a decline.
2️⃣ But the money doesn’t disappear out of thin air. Funds flowing out of chips surged into healthcare, finance, and real estate. The healthcare sector rose 3.14%, finance gained 2.67%, and real estate was up 1.87%. UnitedHealth Group rose 5.2%, while Morgan Stanley raised its target price; JPMorgan rose 3%, Goldman Sachs was also up, and even Walmart climbed by nearly 1%. Eli Lilly rose more than 4%, and Costco rose by about 1%. This is textbook “sector rotation.” In the Dow’s 30 blue-chip stocks, 23 finished higher—on an afternoon when even the most traditional index couldn’t avoid breaking a new record despite setbacks to the AI narrative.
3️⃣ Another main character is Quantinuum, the star company in quantum computing—the combination of Honeywell’s quantum unit and UK’s Cambridge Quantum. It listed on the Nasdaq on June 4, with an IPO priced at $60. The stock jumped straight to $68 at the open, raising $1.68 billion in proceeds, and valuing it at about $17.6 billion. But by the close, the share price had already fallen back to near the offering price. Quantum computing sounds like science fiction, but the label the market has put on it is still “we like you, but we’re not willing to bet big.”
4️⃣ Another giant that can’t be ignored is moving closer: SpaceX.
On June 3, SpaceX officially disclosed its IPO pricing: $135 per share, with 555.6 million shares to be issued, a valuation of $1.77 trillion, and $75 billion to be raised. If completed, it would be the largest IPO in human history, three times the record set by Alibaba in 2014. Through a dual-class share structure, Musk retains more than 82% of voting rights. Underwriters include Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and J.P. Morgan. Retail investors can apply through Robinhood, Fidelity, and Charles Schwab, with about 30% of the allocation reserved for individual investors. But Morningstar analysts’ valuation is $780 billion—less than half of the offering price. The market’s divergence is as wide as the gap between SpaceX’s rocket and its landing test. HOOD rose 6.61% that day, and part of that was due to retail investors’ enthusiasm for SpaceX’s IPO. SpaceX is expected to list on Nasdaq on June 12 under the ticker SPCX.
5️⃣ Now let’s look at Nvidia. The stock rose 1.94% to $218.66, bucking the trend on a day when the chip sector suffered across the board. June 4 happened to be its ex-dividend date: the quarterly dividend jumped from 1 cent per share to 25 cents per share—a 2400% increase. Nvidia is shifting from a “pure growth story” toward a hybrid “growth plus dividends” model. It wants to tell the market: the money I earn is enough not only to burn, but also to share.
6️⃣ There are also signals in the shadows. Blackstone’s flagship private credit fund BCRED, with $79 billion in assets under management, has imposed redemption limitations for the first time. In Q2, the number of redemption requests reached 10% of the outstanding units, but the fund only paid out 5%. This is the first truly meaningful “closing the doors” moment since BCRED was established. In the previous quarter, redemption requests were 7.9%, and Blackstone filled the hole with employees’ own money. This year, private credit funds have seen net capital outflows—an outcome unprecedented in the history of this asset class.
7️⃣ Over at Google, though, it got some relief. GOOG rose 3.82%. It had fallen for two straight days earlier after announcing an $84.75 billion follow-on financing (including Berkshire Hathaway’s $10 billion subscription). After the market digested the dilution shock, attention shifted back to AI infrastructure and the new data center in Texas.
8️⃣ On the macro front, ADP data showed that in May, the private sector added 122,000 jobs, exceeding expectations of 117,000 and reaching the highest level since January 2025. Combined with earlier JOLTS data showing that April job openings hit a new high since November of last year, the job market’s resilience looks stronger than expected. The 10-year US Treasury yield is hovering around 4.47%. The market currently prices an 85% probability of a 25 basis point rate hike before year-end; a week ago, that figure was only 60%.
9️⃣ Tonight’s Non-Farm Payrolls. The market expects about 125,000 jobs added in May, while the unemployment rate stays at 4.3%. ADP has already set the stage—if Non-Farm Payrolls also come in above expectations, rate-hike expectations will be further stoked $NVDA $GOOGL ‌ ‌