The S&P 500 just posted its eighth straight weekly gain, touching a fresh all-time high of 7,563 on Tuesday. Micron Technology (MU) crossed $1 trillion in market cap for the first time in company history. And this Wednesday, Broadcom (AVGO) steps up to report Q2 FY2026 earnings with more on the line than any single quarter this year.
This is Money Morning's Monday Market Pulse — your weekly briefing on the biggest market moves and what's coming next.
By The Numbers
8 straight weeks. The S&P 500 posted its eighth consecutive weekly gain, touching a fresh all-time high of 7,563 on Tuesday.
+19% in one session. Micron Technology jumped on May 26 after UBS raised its price target from $535 to $1,625 — the highest Wall Street target on any chip stock.
$1 trillion. Micron's market cap crossed that threshold for the first time in company history. AI memory demand is the driver.
47%. Broadcom's expected year-over-year revenue growth for Q2 FY2026. They report Wednesday, June 3. Revenue guided at $22 billion.
140%. Broadcom's guided AI revenue growth for Q2, at $10.7 billion. Up from $8.4 billion last quarter.
The Brief
Eight straight weeks of S&P 500 gains heading into June. The index touched 7,563 Tuesday, another all-time high, in a four-day week shortened by Memorial Day. The engine is AI spending. Last week that meant Micron.
UBS analyst Timothy Arcuri raised his price target from $535 to $1,625 — a 204% jump in a single upgrade — citing long-term memory contracts with hyperscalers that will transform Micron's earnings profile permanently. The market reacted fast. Micron jumped 19% in a single session. The company's market cap crossed $1 trillion for the first time. That is what it looks like when a company's output becomes essential infrastructure for the biggest build-out in tech history.
This week the story shifts to Broadcom. They report Q2 FY2026 earnings Wednesday, June 3. Revenue guidance: $22 billion, up 47% year-over-year. AI revenue guidance: $10.7 billion, up 140% year-over-year.
Broadcom makes the custom chips and networking silicon tying every major hyperscaler's AI data center together. Google (GOOGL), Meta (META), and Apple (AAPL) are all customers. The company has beaten analyst estimates in seven straight quarters. Wednesday is number eight.
Stock of the Week: Broadcom (AVGO)
Broadcom reports Wednesday, June 3, and the numbers are already on the table. Revenue guided at $22 billion, up 47% year-over-year. AI revenue guided at $10.7 billion, up 140% from the same quarter last year.
For context, Broadcom posted $8.4 billion in AI semiconductor revenue last quarter, up 106% year-over-year. That was already a record. This quarter's guide is higher.
Broadcom's business is the networking silicon and custom AI chips that hyperscalers use to wire their data centers together. Every major cloud platform is a customer. The company has beaten analyst estimates in each of the past seven quarters. The question Wednesday is whether $10.7 billion in AI revenue is a beat or a miss. Wall Street will be watching the guidance for Q3 even more closely.
If Broadcom's AI revenue growth continues accelerating, it confirms what the last two years of market action has been pricing in: the AI infrastructure buildout is not slowing down. It is getting bigger.
Comments
Log in or sign up to join the conversation.