Tech stocks today: Nvidia stock drops 6% in ugly day for chip stocks

Nvidia CEO Jensen Huang met SK hynix leadership in Seoul and, according to CNBC, said the global memory shortage could persist for several years. The report says Nvidia and SK hynix are deepening cooperation around high-bandwidth memory used in Nvidia’s Blackwell platforms, with SK hynix supplying an estimated 50%–70% of Nvidia’s HBM4 needs. Investors may view this as multi-year supply planning amid constrained capacity.

Anthropic filed a confidential draft Form S-1 with the SEC, giving it the option to pursue an IPO, though share count and pricing weren’t set. CrowdStrike reported Q1 revenue of $1.39B vs $1.36B estimates and announced a 4-for-1 stock split. Broadcom’s Q2 revenue was $22.19B vs $22.27B estimates, with adjusted EPS of $2.44 vs $2.40. SpaceX signed a $920M monthly AI deal with Google.

Direxion’s 3x Tech ETF TECL fell 19.93% on Friday (June 5), while the Technology Select Sector SPDR (XLK), which TECL targets, dropped 6.66%. The article attributes the move to Broadcom’s Q3 AI guidance missing expectations ($16.0B vs ~$17B) and to a stronger-than-expected payrolls report pushing yields higher.

The article says AI-equipped smart glasses have enabled covert recording and real-time identification, raising privacy concerns. It cites a 2024 Harvard project (I‑XRAY) that could identify people using Meta’s Ray‑Ban AI glasses and facial recognition, and notes Meta has sold over 8 million pairs since 2024. It also reports leaked plans to add facial recognition, regulatory gaps, and a March 2026 class action lawsuit.

Broadcom’s shares fell about 20% after its fiscal 2026 Q2 results, as the company’s forward guidance for AI semiconductor revenue missed Wall Street expectations, according to the article. Broadcom reported $22.2B total revenue (+48% YoY) and $10.8B AI revenue (+143% YoY), with Q3 AI guidance of $16B (+200% YoY). The stock still trades at a high P/S (24.9) and P/E (64.1).

Meta is rolling out “AI agents” for businesses across WhatsApp, Instagram, and Messenger, according to a Wall Street Journal report. The agents are designed to handle tasks such as answering customer questions, booking appointments, managing calendars, and conducting market research. The company is also pursuing higher capex, with guidance of $125–$145 billion, as it seeks to diversify revenue beyond ads.