One earnings miss hit like a stress test for the whole market. At the same time, AI demand is still huge, but the bill is getting real, and capital is getting crowded fast.

• Broadcom resets the tape

• Why semis are the market's weak point

• Rotation out of narrow tech

• AI demand is strong, but the economics are tightening

• Model routing changes the power balance

• AI capex keeps spreading beyond chips

• SpaceX and the crowded IPO market

• IPO mechanics are changing

• Private credit shows the other side of liquidity

• Crypto, power, and regulation

• Two smaller signals worth watching

Sources:

• Squawk on the Street — 10AM Hour: Cracks in the Tech Trade? Bitcoin Concerns, SpaceX “Significantly Overvalued”: https://www.cnbc.com/

• Worldwide Exchange — Morning Call 6/4/26: https://www.cnbc.com/

• Squawk on the Street — CNBC Investing Club: Cramer’s Morning Take on CrowdStrike 6/4/26: https://www.cnbc.com/

• Squawk on the Street — 9AM Hour: Broadcom Tumbles and Drags Down the AI trade, Dow Rallies, SpaceX IPO Roadshow 6/4/26: https://www.cnbc.com/

• Closing Bell — Closing Bell: Dow Rallies to Fresh Record 6/4/26: https://www.cnbc.com/

• CNBC's "Fast Money" — A Market Rotation Underway… And Reaction to LuluLemon’s Latest Results 6/4/26: https://www.cnbc.com/

• Halftime Report — Managing a Portfolio Full of Winners 6/4/26: https://www.cnbc.com/

• Squawk on the Street — 11AM Hour: Vista Equity Partners CEO Robert Smith, Honeywell Aerospace CEO Ahead of Spinoff & Medtronic CEO on Earnings 6/3/26: https://www.cnbc.com/

• Squawk Pod — Cheating in Chess with Ben Mezrich, Taxing AI with Andrew Yang 6/4/26: https://www.cnbc.com/

• Power Lunch — The Dow rallies while the Nasdaq lags as investors rotate out of tech into more defensive sectors 6/4/26: https://www.cnbc.com/

• Squawk on the Street — 11AM Hour: Broadcom Shares Tumble, Tanger CEO on the Consumer & SpaceX Roadshow Kicks off Today 6/4/26: https://www.cnbc.com/

• The Exchange — The Exchange 6/4/26: https://www.cnbc.com/

• Closing Bell — Closing Bell Overtime: Chip Rally Takes a Breather But Markets Stage Midday Turnaround 6/4/26: https://www.cnbc.com/