Falcon’s View – Week ending 5 June 2026

Performance

S&P 500: −2.59%
NASDAQ 100: −4.53%

Bitcoin: −17.83%

My portfolio: –5,4%

Market pulse

Between the May 29 and June 5 closes, U.S. equities reversed sharply from record-high momentum into a concentrated risk-off selloff. The NASDAQ-100 fell 4.53%, materially underperforming the S&P 500’s 2.59% decline, because the damage was concentrated in AI, technology, and semiconductor stocks. The week began with continued enthusiasm around AI infrastructure, but that optimism cracked after Broadcom’s results failed to meet the market’s elevated AI-chip expectations. The decisive macro blow came on June 5, when the May jobs report showed 172,000 payrolls added and unemployment unchanged at 4.3%, pushing investors to price in a more hawkish Federal Reserve path and reducing hopes for rate cuts. Broadcom’s disappointing AI guidance, rising rate fears, Middle East/oil-related inflation concerns, and stretched positioning after a nine-week rally combined to trigger a violent valuation reset across crowded tech and chip names. The move was not a rejection of the AI infrastructure theme, but a sharp repricing of expectations: investors demanded more proof, better visibility, and lower tolerance for anything short of perfection.

Crowd vs. price

Investor attention remained concentrated in AI infrastructure, but the market became far more selective. Marvell was the clear outlier: it rose because investors saw it as a validated AI-infrastructure winner after Nvidia CEO Jensen Huang publicly described it as a potential “next trillion-dollar company,” reinforcing confidence in Marvell’s custom-chip, networking, and data-center role. By contrast, Qualcomm, Broadcom, and Intel were hit by different versions of the same problem: expectations had become too high, valuations were stretched, and investors started punishing companies where the AI story looked competitive, delayed, or not strong enough to justify the prior rally. Bitcoin was hit even harder because crypto faced both macro pressure and its own internal selling cycle: ETF outflows, forced liquidations, weaker speculative appetite, and capital rotating toward AI and large tech-related opportunities.

Holdings & Watchlist Notes

Marvell Technology (MRVL): +28.52%

Marvell was the standout performer of the period, rising 28.52% from the May 29 close to the June 5 close. The main catalyst was Nvidia CEO Jensen Huang’s Computex endorsement, where he described Marvell as a potential “next trillion-dollar company.” That comment mattered because it validated Marvell’s position inside the AI infrastructure ecosystem, especially in custom chips, networking, optics, and data-center interconnect. The rally was also supported by Marvell’s own growth outlook: the company has forecast that its custom-chip business could exceed $10 billion in revenue by fiscal 2029, while its latest quarterly results showed record revenue and strong AI-related data-center demand. The stock did fall sharply on June 5 during the broader semiconductor selloff, but the early-week AI rerating was large enough to leave Marvell strongly positive for the full period.