Movement Alert｜Direxion Daily MU Bull 2X Shares Falls 12.92% in Regular Trading, Storage and AI Chip Sectors Hit by Broadcom Revenue Miss

Market Focus06-04 21:50

On June 4, Direxion Daily MU Bull 2X Shares (MUU) declined 12.92% in regular trading, trading at $905.57/share, with trading volume of $1.237 billion. The leveraged ETF amplified losses in its underlying stock Micron Technology, which fell nearly 7% as the broader storage and AI chip sectors came under heavy selling pressure.

The selloff was triggered by Broadcom's disappointing AI chip revenue forecast. Broadcom projected third-quarter AI semiconductor revenue of $16 billion, below the analyst consensus of $17.2 billion. CEO Hock Tan guided full-year AI chip sales at $56 billion, also missing the prior consensus of $57.6 billion. The miss sparked a broad retreat across AI-related names, with Broadcom plunging over 13%, while Qualcomm and AMD fell over 4%.

The decline also follows an extreme overbought condition in Micron, whose RSI recently reached 90 — a level not seen since 1995. Micron had surged over 800% in the prior 12 months, breaking above $1,000 per share just days earlier. Analysts had warned that despite strong AI-driven memory demand fundamentals, a near-term correction was likely given the stock's parabolic advance.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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