Broadcom’s guidance this week was a key trigger
Broadcom (-12.6%) and Micron (-7.7%) yesterday
Today Nasdaq futures down 0.9% but Dow futures being up by 0.2% as the rotation into value sectors continue to play out.
In pre-market trading, Broadcom is down by 1.2%, Micron down 2.4%, and AMD down 2.3%.
Nvidia is also down a little over 1% in dragging the overall market mood for the time being. That despite the strong recovery yesterday for the poster boy of the big tech rally.
AVGO Projecting just $16 billion in AI chip revenue for the next quarter. That’s a miss on estimates hoping for at least $17 billion or better. And besides that, the company’s management refused to raise its full-year AI revenue targets.
That was the big blow as investors are so accustomed to expect exponential growth quarter after quarter.