Buy the Chips and Dips? 6/5/26

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**Scott Wapner** (0:58)
I'm Scott Wapner and you're listening to CNBC's Halftime Report, the podcast, the most profitable hour of the trading day. We record this live weekdays at 12 Eastern. Listen in.

**Kevin Simpson** (1:13)
All right, Carl, thank you very much.

**Scott Wapner** (1:14)
Welcome to the Halftime Report. I'm Scott Wapner. Front and center this hour. The chip rollover is many of the biggest names now in the group. Continue their big sell-off. We do have buyers, though, on that weakness, on this desk today. We'll discuss the markets at large. Joining me for the hour, Steve Weiss, Jenny Harrington, Bill Baruch, Kevin Simpson. Check the markets.
We do have some weakness today across the board.
Take a look at the NASDAQ. Almost down two and a half percent. A near 650 point decline. As many of those names, as I said, in the chip space, Micron, AMD, Intel, Broadcom. Let's show you exactly what's happening right now in real time because they're all under significant pressure. Weiss, I think the question everybody is asking is, did Broadcom either spook the market in some sense, or was it just enough to cause a rollover in these names that some had been warning was inevitable, given the runs that they all have had?

**Steve Weiss** (2:22)
You know, it's, the bottom line is, I don't know, I don't think anybody knows, but I'll give you my analysis, and I share it with you, which is that, I did think it spooked the market a little bit. Let's keep in mind, they met their numbers, they just didn't increase. You know, the miss was really minor, but they really met them, and they talked about demand being strong throughout the year through 27
However, everybody expects companies to come out and report better than what they were guiding, or better than what the street is. You never know what the whispered numbers are. So, the other narrative is, everybody talking about, well, we got another year to go, or maybe we got another two years ago, but they're looking at the end of it. So, people are thinking, you know what? I don't want to be the one who turns out the lights, so maybe I take some off the table. I don't think people necessarily selling their full positions, but they're selling enough with the backdrop today of really strong job numbers, and I think that's exacerbating downside, so here we are. So, the question then, is this the beginning of the end, or is this just another opportunity to buy the dip? And again, I don't know the answer to that, but I think it's another opportunity to buy the dip.

**Scott Wapner** (3:38)
Maybe Broadcom's biggest misfortune, Kev, was the fact that they simply came after Micron, Snowflake, Dell, HPE, in which every single one of those, the move after earnings went like that, right, straight up and to the right. 20%, 30%, 30-plus percent moves in a single day, so when you start doing that, and then you're the last person standing that doesn't do that, this is perhaps what happens. I mean, the question is whether dip buyers are going to come in, and when that happens, should be the determinant factor of whether this is in fact the start of something bigger, or just the few days of settling and pulling back and then reassessing.

**Bill Baruch** (4:26)
Scott, I love your point. I hadn't thought about them being kind of last in line in that reporting segment, because as we approach some of these IPOs, certainly SpaceX next week, I think a lot of people are looking to take profits in some of these things. Since the March lows, AMD, Micron, Intel, to your point, they're all up meteorically.

**Scott Wapner** (4:44)
Crazy numbers, right? Crazy numbers. AMD from the March low up 150 percent, Intel 152 percent, Micron 188 percent, Marvell 228 percent. I forgot to mention Marvell in that mix. Throw it in the mix of those that had reported and had rocket ship like moves on the backside of those earnings reports.