This content was published on
June 4, 2026 - 10:28
4 minutes
(Bloomberg) — US stocks fell after a disappointing outlook from Broadcom Inc. raised doubts that the blistering rally in technology shares had gone too far.Futures for the S&P 500 dipped 0.4%, while those for the Nasdaq 100 dropped 0.8%. Broadcom, which added around $150 billion in market value just this week, slumped 12% in US premarket trading after its quarterly forecast for artificial-intelligence semiconductor revenue fell short of expectations.The downturn extended to other corners of the tech trade, with cybersecurity firm Crowdstrike Holdings Inc. dropping 11% even after raising its revenue forecast. The sector also fueled losses in Asia, where South Korea’s Kospi index fell 1.8%. Europe’s benchmark rose 0.1% as software firms shielded the tech sector from weakness in hardware stocks.Concern over the AI trade threatens to dent a rally that has seen stocks shake off worries about the biggest disruption to oil markets in history. The risk-off tone comes even as Brent heads for its first daily drophc;pi of the week, trading 1% lower at about $96.80 a barrel.“Valuations are looking slightly frothy in pockets of the market which have seen the strongest gains over recent weeks,” said Wolf von Rotberg, equity strategist at Bank J Safra Sarasin. “A leadership change in equities is not unlikely at this point, with less powerful drivers than tech taking over.”Bonds steadied after Wednesday’s pullback, with the yield on 10-year Treasuries little changed at 4.49%. The dollar barely budged. Bitcoin briefly hit a four-month low as the cryptocurrency headed for its longest streak of losses since August.“The big issue is that as Bitcoin falls below its estimated mining cost ($60,000 to $70,000), the last obvious valuation anchor is disappearing,” said Ipek Ozkardeskaya, senior analyst at Swissquote. “Without earnings, cash flows or a production-cost floor to lean on, there is little standing between Bitcoin and a sentiment-driven meltdown.”Corporate Highlights:Broadcom Inc. shares fell in extended trading after the company delivered a disappointing forecast for artificial intelligence chip revenue, signaling its efforts to gain ground in the burgeoning industry are going more slowly than anticipated. Taiwan Semiconductor Manufacturing Co. Chief Executive Officer C.C. Wei said the company’s global chip supply will fall short of AI-fueled demand for years to come, sustaining revenue growth for the firm. Partners Group Holding AG said it is ready to gate other evergreen funds amid rising pressure from investors to access liquidity, a day after the announcement of a first such move prompted a slump in the Swiss firm’s stock. CrowdStrike Holdings Inc. shares fell after it projected second-quarter revenue that failed to impress investors who had bid up the stock in recent months amid concerns about the threat posed by hackers armed with powerful artificial intelligence tools. JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon plans to discuss the upcoming SpaceX initial public offering with thousands of the bank’s high-net-worth clients this week. Some of the main moves in markets:StocksThe Stoxx Europe 600 rose 0.1% as of 9:24 a.m. London time S&P 500 futures fell 0.4% Nasdaq 100 futures fell 0.8% Futures on the Dow Jones Industrial Average rose 0.2% The MSCI Asia Pacific Index fell 1.8% The MSCI Emerging Markets Index fell 1.8% CurrenciesThe Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1608 The Japanese yen rose 0.1% to 159.89 per dollar The offshore yuan was little changed at 6.7771 per dollar The British pound was little changed at $1.3430 CryptocurrenciesBitcoin fell 2.2% to $63,489.93 Ether fell 0.5% to $1,770.83 BondsThe yield on 10-year Treasuries was little changed at 4.49% Germany’s 10-year yield was little changed at 3.03% Britain’s 10-year yield declined one basis point to 4.92% CommoditiesBrent crude fell 1% to $96.88 a barrel Spot gold rose 0.6% to $4,459.82 an ounce This story was produced with the assistance of Bloomberg Automation.–With assistance from Neil Campling and Henry Ren.©2026 Bloomberg L.P.
