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Nvidia is trading around $202.84 in pre-market, down roughly 2.8% from Monday's $208.65 close, as a broad AI-chip selloff extends into a second session. The retreat follows last week's hawkish Fed signal that inflation remains too hot, prompting investors to take profits in 2026's biggest winners. Nvidia still carries a market cap near $4.9 trillion, and Bernstein remains a buyer.
Memory highflier Micron fell as much as 11% off record highs Monday before paring losses, with traders de-risking ahead of fiscal Q3 results due Wednesday, June 24. Last quarter's revenue hit $23.86 billion — nearly triple a year ago — with DRAM around $18.8 billion. Analyst targets are wildly dispersed: UBS sits at $1,625, Raymond James lifted to $1,100, while Goldman stays cautious near $400, warning memory is still cyclical.
Super Micro bucked the gloom, jumping 15.66% to $35.46 after fiscal Q3 revenue of $10.24 billion (+122.7% year over year) topped estimates, with non-GAAP EPS of $0.84. Wall Street's consensus remains a Hold, with an average target of $38.23 — so even after the pop, analysts see the stock roughly at fair value. It was the standout in a session where chip-equipment names also rallied.
Palantir fell 6.98% to $119.50, its sharpest single-session drop in weeks, as UK members of Parliament renewed calls to trigger a February 2027 break clause in its £330 million NHS Federated Data Platform contract. The stock is now down about 28.8% year to date, badly lagging the S&P 500. Even so, the average analyst target of $185.93 implies more than 55% upside.
Arm slid 7.22% to $407.72 as the hyperscaler rotation hit high-multiple names hardest. New Street Research recently moved Arm to Neutral from Buy, flagging a trailing P/E above 490x after a roughly 255% year-to-date surge. Bernstein pushes back with a $500 target, leaving the bull-bear gap unusually wide.
Oracle dropped 5% to $175.07, deepening the slide that began June 11 when shares fell more than 11% despite record fiscal Q4 revenue of $19.18 billion (+21%) and 93% growth in Oracle Cloud Infrastructure. Futurum's Daniel Newman summed up the worry: "It is not the print, it is the spending that continues to concern investors." The average target of $252.64 still implies over 40% upside.
Alphabet dropped 4.99% to $349.68 after a California court denied YouTube and Google a new trial in an addictive-design case, with the DOJ's Chrome divestiture appeal still pending. The legal cloud added to the broad risk-off mood. Despite the day, 28 of 33 analysts rate it Buy with an average target of $493.30.
AMD added 2.65% to $551.63, swimming against the selloff and stretching its one-month gain to 22.7% and its year-to-date run to roughly 146.9%. The chipmaker has become a relative-strength favorite even as peers stumble. It was one of just a handful of large-cap AI names finishing green.
Broadcom fell 4.67% to $392.13 with no company-specific news, dragged lower purely by the hyperscaler rotation out of richly valued AI plays. The stock remains up 12.8% year to date despite the pullback. It's a clean read on how indiscriminate the profit-taking has become.
On the private side, Anthropic filed its draft S-1 on June 1 after a $65 billion Series H at a roughly $965 billion post-money valuation, with run-rate revenue past $47 billion and a listing eyed as early as October. OpenAI confidentially filed its S-1 on June 9 at about a $920 billion valuation but cautioned a public debut "may be a while." Neither is tradable yet — these are funding and filing flags only.
