US Tech Stocks Rebound After $1.3 Trillion Rout as Broadcom's $16 Billion AI Outlook Misses
Updated
Updated · Crypto Briefing · Jun 24
US Tech Stocks Rebound After $1.3 Trillion Rout as Broadcom's $16 Billion AI Outlook Misses
3 articles · Updated · Crypto Briefing · Jun 24
Summary
$1.3 trillion in market value was wiped out on June 5 before US tech and semiconductor shares began stabilizing in late June, with some investors treating the pullback as a fresh AI entry point.
Broadcom triggered the selloff after guiding Q3 AI chip sales to $16 billion, below the $17.2 billion Wall Street expected, and declining to lift its fiscal 2027 revenue target above $100 billion.
Broadcom shares fell more than 12%, and the damage spread across semiconductor stocks as the sector's AI trade had become tightly correlated around a single growth narrative.
Rising bond yields added pressure by cutting the present value of future earnings, hitting high-multiple growth stocks especially hard.
Bitcoin slipped about 2.5% to roughly $62,300, while AI-linked tokens including FET, RENDER and TAO fell 3% to 5%, showing the equity selloff spilled into crypto risk assets.