AVGO is the week's defining story. Broadcom shed 12% after its revenue outlook missed expectations. The drop wiped roughly $285 billion in market value — one of the biggest single-session valuation wipeouts on record. Options traders piled into puts on near-term expiries, particularly the June 18 strike cluster. Short interest sat at just 1.1% of free float before the selloff, meaning the options market carried the bulk of the bearish positioning. South Korean tech heavyweights followed US AI-linked names lower, dragging the Kospi down over 5%.
Bitcoin is heading for its biggest weekly loss since November 2022. Strategy's latest share sale unnerved crypto traders. The combination of a risk-off mood from the Broadcom drop and the Strategy overhang hit digital asset sentiment hard.
CMG got a boost from JP Morgan, which upgraded the burrito chain to Overweight today. CIEN remains a standout after Needham raised its target to $600 from $470 earlier this week. On the other side, consensus targets fell to $160 from $171 as analysts grow more cautious on consumer spending. saw BTIG cut its target to $60 while maintaining Buy.
European defense names rallied after Ukraine ratified a $105 billion EU loan deal. The AkzoNobel — maker of Dulux paint — surged after rejecting a $14.5 billion takeover bid.
ORCL and ADBE both report earnings next week. Cloud revenue growth will be under extra scrutiny after Broadcom's miss reset expectations for the broader tech sector. Meanwhile, an NVDA board director filed sales of $221 million this week — a notable signal at a time when the stock trades near all-time highs.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
