The Nasdaq is down 2.02% while the S&P 500 has shed 0.98%.Broadcom Guidance Triggers Semiconductor SlumpInvestors continue to digest Broadcom’s financial reports. The company maintained its long-term forecast for AI semiconductor revenue above $100 billion by fiscal 2027 instead of increasing it. This choice triggered profit-taking across high-valuation technology portfolios.Mizuho Sets Bullish Outperform TargetDespite Friday’s pullback, Wall Street remains largely bullish on Arm’s long-term outlook. Mizuho on Wednesday reiterated its Outperform rating and raised its price forecast to $500, one of the highest on the Street. ARM currently carries a consensus Buy rating with an average analyst price forecast of $245.10.Recent analyst actions have been overwhelmingly positive. On June 1, Wells Fargo maintained its Overweight rating and lifted its price forecast to $410. Barclays also reiterated its Overweight rating and raised its forecast to $360. Mizuho followed on June 4, increasing its forecast to $500 while maintaining its Outperform rating.Technical AnalysisEven after today’s pullback, ARM is still in a powerful longer-term uptrend: it’s trading 26.5% above its 20-day SMA ($286.75) and 132.3% above its 200-day SMA ($156.12). That kind of separation often signals strong demand—but it also raises the odds of sharp air pockets when the market turns risk-off.RSI is the key momentum tell right now, sitting at 74.64, which keeps the stock in overbought territory and suggests the move has been getting “stretched” versus its recent trading range. RSI first pushed into overbought in May, and with the recent swing high and 52-week high both set in June, Friday’s weakness reads like a cooling phase after an overheated run.Trend structure is still constructive on the bigger picture: the 20-day SMA remains above the 50-day SMA, and the golden cross that printed in April (50-day above 200-day) continues to support the longer-term bullish backdrop. The main question for traders is whether this dip stays a pullback within the uptrend—or turns into a deeper mean-reversion toward the fast moving averages.