Today’s Market Recap:U.S.-Iran Conflict Pushes Up Oil, Ends Winning Streak; Chip Stocks Rise Against Trend, Broadcom Tumbles After Hours

Tracking the Market Trend

TradingKey - The latest conflict between the United States and Iran pushed up oil prices, ending a winning streak in the stock market. The Dow Jones Industrial Average fell 1.21%; the Nasdaq Composite Index fell 0.89%; and the S&P 500 Index fell 0.73%. The three major indexes had previously hit record highs for five consecutive trading days, but losses widened further in the final minutes of trading.

Chip stocks bucked the trend, rising 1.4%, with Intel (INTC) up 4.4% and SanDisk (SNDK) surging 6.7%. Marvell (MRVL) continued its strong performance from yesterday, rising another 3.7%. After the after-hours earnings report, Broadcom (AVGO) plunged 12%. The overall performance of the tech giants was far below the market average, with only Meta (META) rising 4.2%, after the company announced that it would sell access to its AI agent to enterprise users for the first time.

Meanwhile, Brent crude futures rose slightly by 1.9% to $97.81 a barrel as market optimism about a swift ceasefire agreement faded.

Market Headline

The U.S. added 122,000 jobs in May according to the ADP report, the highest in 16 months. If Friday's government jobs report confirms this, the market may further bet that the Federal Reserve's next move will be a rate hike rather than a rate cut.

Broadcom reported a 48% increase in second-quarter revenue, exceeding expectations, but its stock fell more than 12% in after-hours trading due to weaker-than-expected AI revenue guidance. AI semiconductor revenue grew over 140% in the second quarter, and the company provided guidance of $16 billion for the third quarter (a three-fold increase year-over-year, but 7% lower than expected). The CEO projects AI chip sales of $56 billion for the current fiscal year (3% below expectations). The company is developing chips for OpenAI and plans to deploy 1.3GW of computing power by fiscal year 2027, as well as the first 1GW of computing power for Meta.

Nanomicro Semiconductor（NVTS）, leveraging NVIDIA's MGX ecosystem, has become a core beneficiary of the AI ​​"power revolution," surging 24% pre-market and closing up 19%. The company is betting on the 800V AI power revolution, directly powering GPUs with its 800V DC power supply solution, achieving a peak efficiency of 97.5%, successfully entering the core infrastructure of next-generation AI data centers.

SpaceX will begin trading on June 12, offering 555.6 million shares at a price of $135 per share. According to the Bloomberg Billionaires Index, at this price, Musk's net worth will reach $988 billion, bringing him just one step away from becoming the world's first trillionaire.

Anthropic has selected Morgan Stanley and Goldman Sachs to lead its IPO, with a listing expected as early as October this year. JPMorgan Chase is also participating as an underwriter, and more investment banks may join the underwriting team in the future. The confirmation of the lead underwriters marks a significant step forward in Anthropic's IPO preparations.

OpenAI's super app is about to launch: Codex and ChatGPT have merged and will launch within weeks. OpenAI leadership stated that the merger is due to Codex's superior performance compared to ChatGPT in handling long-running, multi-step tasks and invoking external tools. Codex possesses a more advanced "harness" framework, enabling AI agents to invoke tools and perform operations on behalf of users. Analysts believe this move aims to extend Codex's capabilities to 900 million consumer users, thereby increasing revenue before the IPO and countering fierce competition from Anthropic.

Alphabet （GOOGL）raises $84.75 billion in equity funding, with the Gemini 3.5 Pro expected to launch in June. Alphabet completed an $84.75 billion equity offering this week through an underwritten public offering, exceeding the previous expectation of $80 billion. This is seen as a landmark event in the tech industry's shift towards equity financing to support AI infrastructure. Reports indicate that the offering was multiple times oversubscribed. The Gemini 3.5 Pro is expected to launch in June.

Top 10 Most Traded Stocks

The chart below lists the ten most actively traded stocks on Wednesday. With their massive trading volumes and excellent liquidity, these assets have become key benchmarks for tracking global market dynamics.