Broadcom fell twelve percent on Thursday. The AI trade did not. Those are two separate events, and conflating them is how markets manufacture selloffs out of nothing. The numbers Broadcom reported on June 3 were not the numbers of a company facing slowing demand. They were the numbers of a company whose stock had been priced for a miracle and delivered something merely … [Read more...] about Broadcom’s AI Revenue Grew 143% and the Stock Fell 12% — The Selloff Has No Basis
Briefing
The Market Is Selling Hardware, Not the AI Trade
The most important number from Thursday was not Broadcom's revenue miss. It was the gap between the Dow and the Nasdaq. The blue-chip index closed at a record, up 874.86 points, while the S&P 500 added 0.41 percent and the Nasdaq Composite slipped 0.09 percent. A market does not look like that during a selloff. It looks like that during a rotation. Broadcom supplied the … [Read more...] about The Market Is Selling Hardware, Not the AI Trade
Broadcom Fiscal Q2 2026: The 143% the Tape Ignored
The after-hours print is a positioning event, not a fundamental one, and positioning unwinds fast. Broadcom reported revenue up 48% year over year to $22.19 billion, adjusted earnings of $2.44 against a $2.40 consensus, and AI semiconductor revenue of $10.8 billion — up 143%. The Q3 total-revenue guide of roughly $29.4 billion came in above the $28.53 billion Street estimate. … [Read more...] about Broadcom Fiscal Q2 2026: The 143% the Tape Ignored
Micron Has Earned Its Place in AI Infrastructure. Its Stock Price Has Not.
Micron Technology crossed one trillion dollars in market capitalization this week, propelled by a 19% single-session surge after UBS tripled its price target to $1,625 per share. The stock has risen from a 52-week low near $92 to an all-time high above $895 — a move that, in percentage terms, resembles the behavior of an emerging-market speculative vehicle rather than a mature … [Read more...] about Micron Has Earned Its Place in AI Infrastructure. Its Stock Price Has Not.
Snowflake Q1 FY27: The Sequential Growth Number That Ended the Deceleration Narrative
The Thesis Snowflake's stock did not rise 37% in aftermarket trading because of a revenue beat. It rose because the earnings report contained a single data point that invalidated the dominant bear thesis against the company. That thesis held that Snowflake's growth was structurally decelerating — that the consumption model would plateau as customers optimized workloads, that … [Read more...] about Snowflake Q1 FY27: The Sequential Growth Number That Ended the Deceleration Narrative