Imani Moise

Hey, listeners.

It's Saturday, June 6th.

I'm Imani Moise for The Wall Street Journal.

And this is what's news in markets.

Our look at the biggest stock moves of the week and the news that drove them.

Let's dive in.

Markets hit the brakes this week, with major indexes falling after setting record highs just last week.

A strong jobs report and rising tensions in the Middle East stoked fears about inflation.

A conservative revenue outlook from one of the world's biggest chip makers caused investors to question whether AI growth expectations were beginning to lose touch with reality.

And a sale by one of Bitcoin's biggest bulls triggered a crypto sell-off.

The tech-heavy Nasdaq tumbled 4.7%, and the S&P snapped a nine-week winning streak, ending 2.6% lower.

Those were the worst weekly declines for those indexes so far this year.

The Dow declined 0.3%.

The AI trade hit a speed bump this week as one of the industry's biggest chip makers prompted investors to rethink some of their loftiest expectations.

Broadcom reported an explosive 48% surge in revenue and said it expects to generate more than $100 billion in annual AI semiconductor revenue by next year.

Most people would think that those numbers would send a stock soaring.

Instead, investors erased roughly $300 billion from Broadcom's market value in a single day.

Now let's make that make sense.

Analysts say the decline wasn't really about Broadcom's results.

It was about its outlook.