GLOBAL THEME

Weekly Market Review: Week 23 (June Week 1)

From Record Highs to an AI/Chip Plunge — A Week When Broadcom's Guidance and a Hot Jobs Report Hit Multiples at Once

Haelangdal·Founder AnalystJune 6, 202614 min readWeekly Review

Bottom Line

The AI infrastructure rally peaked (S&P record 7,599.96 on 6/1), then was hit at once by multiples (Broadcom's guidance) and macro (a hot jobs report fueling Fed hike fears). The Nasdaq fell 4.18% on 6/5, erasing $1T in market cap. The 6/16-17 FOMC dot plot is the test of whether the 'hike fear' is real.

Reader's Brief — 30-second TL;DR

Intermediate

Why Now

6/1 S&P 500 record 7,599.96 (just shy of 7,600) + 6/3 Broadcom big Q2 but Q3 AI guidance $16.0B (below $17.2B consensus) and soft software -> 6/4 -12.6% + 6/5 May payrolls +172K (far above ~80K consensus), unemployment 4.3% -> rate-hike bets, yields spike -> broad AI/chip selloff (Nasdaq -4.18%, Marvell -16%, Micron -13%) + Jensen Huang's visit confirming HBM4 Vera Rubin certification.

Winners ?? Losers

Short-term hit — Broadcom, Marvell, Micron, AMD, Intel, NVIDIA. Relative outperformers — Google (expansion bet), Samsung, SK Hynix (HBM4 certification). Monitoring — 6/16-17 FOMC dot plot, the Treasury yield path, KOSPI gap-down risk vs HBM4 momentum, whether the hot jobs report reignites inflation, and the depth of the specialty valuation reset.

Watch For

Reading depth

Mon 6/1 — ISM at a 54% High, NVIDIA AI PC, Record Start + KOSPI 8,851The AI infrastructure revenue narrative kept expressing itself in Korea as a price explosion in the memory duo.Jump to section
Tue 6/2 — Records Held + Vera Rubin Production + CAPEX RaceThe oil rebound, combined with the 6/5 jobs beat, laid the groundwork for the 'reflation -> rates' theme all week.Jump to section
Wed 6/3 — Broadcom Q2: Big Revenue, Small Guidance (-14% After Hours)Despite that +143% figure, at a premium valuation 'falling short of the bar' becomes a reason to sell.Jump to section
Thu 6/4 — Broadcom -12.6%, SOXX -2.1%, a Split Tape + Jensen Huang's VisitSeparate from Broadcom's guidance disappointment, the message was that HBM memory demand still exceeds supply.Jump to section
Fri 6/5 — Hot Jobs -> Rate-Hike Fear -> AI/Chip Plunge + HBM4 Certification$1T in market cap vanished in a day.Jump to section
Week in Review — Multiples vs Macro, US vs KoreaAI infrastructure's real demand was intact; what broke was the price (the multiple) on it. The cycle ran where multiples fall first.Jump to section
The Week Ahead — 6/16-17 FOMC, the Rate Path, HBM4 ProductionNext week decides if the 6/5 plunge is a trend change or an overreaction retrace. An upward dot plot extends the reset; a hold or ease retraces part.Jump to section

Mon 6/1 — ISM at a 54% High, NVIDIA AI PC, Record Start + KOSPI 8,851

June's first session was a record-high start driven by macro and at once. The S&P 500 7,599.96 (+0.26%), Nasdaq 27,086.81 (+0.42%) and Dow 51,078.88 (+0.09%) all closed at records.

US — Manufacturing 54% + NVIDIA AI PC chip

May ISM Manufacturing PMI came in at 54%, up 1.3p MoM and the highest since May 2022 (55.9%). New Orders hit 56.8%, a fifth straight month of expansion. Signs of a resilient economy underpinned risk appetite. The same day, NVIDIA unveiled a new AI chip for PCs, lifting tech. Two narratives — a resilient economy (ISM) and AI's spread (NVIDIA) — pushed multiples another notch higher.

KOSPI — record 8,851 on Jensen Huang visit hopes

KOSPI set a record 8,851 (+4.4%). With Jensen Huang's visit imminent and hopes building for 's Vera Rubin supply, foreigners aggressively bought the Samsung-SK Hynix memory duo. Just one session after the 5/29 record of 8,476, KOSPI printed another +4% record high. The AI infrastructure revenue narrative kept expressing itself in Korea as a price explosion in the memory duo.

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This report is provided for informational purposes only and does not constitute a recommendation to buy or sell any financial instrument. Investment decisions should be made based on your own judgment and responsibility. The analysis and opinions contained herein are based on information available at the time of writing and are subject to change.