Nvidia Down, Meta Up, Broadcom Misses, eli terminal Wednesday June 3

The AI trade pulled back on doubt about the spending: Nvidia fell 3.6%, the neoclouds harder, while Meta rose 4.2% and AMD 4%. After the close Broadcom missed on revenue and slid about 3%, even with AI revenue up 143%.

NVDA 214.75 −3.6% · MSFT 427.34 −3.2% · CRWV 110.93 −7.0% · CRDO 214.60 −6.3% · META 622.98 +4.2% · AMD 542.52 +4.0% · SPY 754.24 −0.7% · CL=F 96.44 +2.9%

The AI Trade Split

Ten-day hourly chart of Meta, AMD, Nvidia and CoreWeave, rebased to 100, showing Meta and AMD rising on June 3 while Nvidia and CoreWeave fall.

Hourly, rebased to 100. On June 3 Meta and AMD pulled away while Nvidia and the neocloud names dropped.

The AI trade pulled back

Nvidia fell 3.6% to 214.75, Microsoft 3.2% and Amazon 2.5%, and the AI-infrastructure names took the worst of it: CoreWeave dropped 7%, Credo 6.3%, Dell 3.3%, Taiwan Semiconductor 2.2%. The S&P 500 closed down 0.7%.

The catalyst was doubt about the return on the spending, not the spending itself. Reports that OpenAI had fallen short of its own user and revenue targets while Anthropic gained in coding and enterprise put the spotlight back on whether the buildout pays off, and the names furthest down the AI-capex chain were sold first.

Meta and AMD went the other way

Meta rose 4.2% to 622.98, AMD 4% to 542.52, and Marvell 3.7%. The split is the read: the names with their own demand stories, Meta's ad engine and AMD's accelerator share, drew the money that left the rest of the complex.

Broadcom missed after the close

Broadcom, the day's marquee report, posted adjusted EPS of 2.44 against the 2.40 expected but revenue of 22.19 billion just short of the 22.27 billion estimate, and the stock fell about 3% in extended trading from its 479.23 close. AI semiconductor revenue more than doubled to 10.8 billion, up 143%, and the company guided next quarter to 29.4 billion, above the 28.53 billion the street had.

It was a revenue miss on a strong AI print, and the market sold it. The custom-chip bellwether falling on its numbers extended into the evening the same doubt the session had already shown.

Broadcom Into the Print

Daily close. The after-hours drop on the revenue miss is not shown on the regular-session line.

Yields and oil rose

The ten-year Treasury yield rose to 4.49% and the VIX added 1.8% to 16.06, a higher discount rate working against the most long-duration trade in the market. WTI crude gained 2.9% to 96.44 as the Iran standoff stayed unresolved, and energy was the only sector green, XLE up 1.3%.

The AI trade pulled back 0.7% at the index and far more in the AI-infrastructure names, on doubt about the return on the spending rather than the spending itself, and Broadcom's after-close revenue miss extended the doubt into the evening even with AI revenue up 143%. Meta and AMD, with their own demand stories, took the money that left. Rising yields and a 2.9% oil bid did the rest.