Broadcom Revenue Miss Sends AMD Down 4% in Chip Sector Selloff
AMD•Advanced Micro Devices shares fell about 4% in premarket trading after Broadcom reported a revenue miss that sparked a chip-sector selloff where Qualcomm also slipped 4% and Micron and Marvell dropped roughly 7%. The S&P 500 E-minis declined 0.36% and Nasdaq 100 futures slid 1.16% ahead of U.S. labor data and Fed commentary.
1. Broadcom Revenue Shortfall Sparks Sector Pullback
Broadcom’s quarterly revenue fell short of expectations, causing its shares to slump 15% premarket and triggering a broad selloff in chip stocks as investors reassessed high sector valuations.
2. AMD Declines Alongside Peers
Advanced Micro Devices shares declined about 4% in early trading, mirroring drops at Qualcomm and underscoring the sector’s sensitivity to high-profile revenue misses despite recent rallies.
3. Market Futures and Fed Outlook
At 08:00 a.m. ET, S&P 500 E-minis were down 0.36% and Nasdaq 100 futures fell 1.16%, with traders eyeing weekly jobless claims, May services data, and Fed speakers ahead of the next policy meeting.
