Tech Selloff Deepens; SpaceX IPO Set for Friday Debut

US equity indexes slumped with the Nasdaq and S&P 500 each declining 1% while the Dow dropped 600 points as semiconductor stocks led a broad selloff. Big Tech stocks dragged the broader market lower in June, with losses concentrated at the top of the AI trade. The selloff occurred amid heightened geopolitical tensions and a retreat from high-growth, mega-cap semiconductor names that have driven recent market gains.

Marvell Technology ($MRVL) experienced significant volatility following its selection for S&P 500 inclusion on June 22, with the stock posting a seven-day decline of 16.26% and a one-day drop of 5.35%, despite showing a 30-day gain of 47.85%. The S&P 500 inclusion is drawing mandatory buying from index trackers and highlighting $MRVL's expanding role in AI infrastructure. Qualcomm ($QCOM) advanced its autonomous driving ambitions as QCraft demonstrated its urban NOA solution on the SA8650P platform in production vehicles, targeting global mass production in 2026. Neura Robotics raised $1.4 billion in Series C funding backed by Tether, Nvidia ($NVDA), Amazon ($AMZN), and $QCOM to develop and ship AI-powered humanoid robots as the humanoid AI race accelerates.

Apple ($AAPL) is moving its most advanced AI workloads from private infrastructure to Google Cloud, deepening its AI partnership with Alphabet ($GOOGL). The shift positions Google Cloud as core infrastructure for major third-party AI deployments beyond $GOOGL's internal use, with the collaboration centered on AI infrastructure rather than short-term financial metrics. Meanwhile, $AAPL stock faced pressure after its WWDC 2026 event revealed an AI-powered Siri reboot that Wall Street viewed as ecosystem lock-in rather than innovation, with investors expecting the company to generate revenue through growing services and a potential iPhone upgrade cycle.

Amazon ($AMZN) secured a $17.5 billion loan following a record C$14 billion bond sale as AI investments in OpenAI and Anthropic continue to expand. The tech giant is expanding its freight service nationwide, opening its shipping network to businesses beyond the Amazon ecosystem. Meta ($META) expanded its AI partnership with Reliance through a new data center agreement, highlighting India's growing role in the AI infrastructure race. Wall Street is preparing for SpaceX's record-breaking $75 billion market debut on Friday, with traders, brokers, and exchanges working to ensure trading systems can handle the blockbuster IPO and avoid the chaos that marred Facebook's infamous 2012 debut, which was upended by technical glitches costing market-makers hundreds of millions of dollars.

Wall Street's focus shifts to Friday's SpaceX IPO, with financial firms completing weeks of preparation to ensure smooth trading amid expectations for additional blockbuster listings later this year from Anthropic and OpenAI. The semiconductor sector remains under pressure as investors reassess valuations following the recent selloff in high-growth names. Marvell Technology ($MRVL) will officially join the S&P 500 on June 22, triggering additional index fund purchases despite recent volatility.