New York, June 9, 2026, 14:43 EDT
Chip stocks tied to AI dropped for a second day Tuesday. Investors kept selling semis, despite Broadcom rolling out a $35 billion financing plan to boost computing power for Anthropic and other major AI labs.
That’s what’s happening. Wall Street isn’t denying that AI compute demand is real. But traders are questioning if the prices in stocks like Broadcom, Nvidia, AMD and Micron allow for any slip.
AMD dropped 5.2% in afternoon trading. Micron was also down 5.2%. Broadcom fell 2.3%, and Nvidia traded 1.2% lower. The Invesco QQQ Trust lost 1.8%. The iShares Semiconductor ETF declined 3.5%.
Selling knocked the market down again. Earlier, Reuters said the S&P 500 and Nasdaq dropped to more than one-month lows. Chipmakers stayed weak after only a brief move higher on Monday, with investors now watching for U.S. consumer price data coming Wednesday.
Broadcom has launched the AI XPV Platform alongside Apollo and Blackstone’s credit and insurance arm, which anchor the investment. The project will target over 20 gigawatts of compute through 2028, relying on Broadcom’s XPUs and networking gear for labs like Anthropic and OpenAI. The initial $35 billion will back more than 1 gigawatt of Anthropic infrastructure set for Fluidstack sites from mid-2026.
Broadcom CEO Hock Tan called this a “historic inflection point.” Apollo President Jim Zelter said the scale of AI means a “bold, collaborative model” is needed. Blackstone President Jon Gray said compute demand is an “unprecedented opportunity” for big infrastructure spending. PR Newswire
Apollo is calling the deal a new asset class for private credit, which covers loans and other structured finance from asset managers instead of banks. “AI compute is becoming a compelling new asset class,” Apollo Partner Jamshid Ehsani said. Broadcom executive Won Kim said demand is rising faster than traditional capital markets can keep up. markets.businessinsider.com
The deal is adding to the competition. Broadcom has been winning business from big tech names by supporting in-house chip design, easing their dependency on Nvidia’s expensive gear. Nvidia is still the AI-chip standard. AMD and Micron are tied to the same swings in data-center spending, through their processors and high-bandwidth memory.
Broadcom’s latest capacity update landed differently with the market than similar news earlier this year. Shares took a hit after the company’s quarterly numbers failed to satisfy investors looking for a larger AI bump. “A classic case of very high expectations,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown. Bernstein’s Stacy Rasgon said in a note the shares could “take a pause” for a few quarters. Reuters
Stretched valuations in AI have left the trade more sensitive to rates. Jordan Rizzuto, chief investment officer at GammaRoad Capital Partners, told Reuters tech has powered most of the market’s growth and momentum, putting it at risk for “profit taking” as investors look again at rate bets. Reuters said traders were pricing in a 43% chance of a 25 basis-point rate hike in December. One basis point is one-hundredth of a percentage point. Reuters
Chipmakers trading in the U.S. lost around $1.3 trillion in market value on Friday, Reuters said, after Broadcom’s results knocked sentiment on AI stocks. Nvidia, Micron, AMD and Marvell took some of the biggest hits in the drop. Despite the selloff, the chip index still showed a strong gain for the year.
Investors are holding off on chasing AI stocks for now, even as Broadcom’s financing deal signals momentum in the AI buildout. The tape shows buyers looking for more clarity on margins, power costs, funding terms, and fresh customer orders before getting back in.
