Chip stocks including NVIDIA, AMD, and Broadcom tumbled in early June after Broadcom's AI revenue guidance missed expectations, but analysts remain bullish on the structural demand for AI infrastructure.

What happened: On June 5, the PHLX chip index dropped 10% — its steepest one-day loss since March 2020 — after Broadcom guided Q3 AI semiconductor revenue to $16.0 billion（約2.6兆円）, below the $17.2 billion（約2.8兆円） whisper expectation. NVIDIA trades at $200.42 as of June 10 (26% below its 52-week high), AMD at $452.40 (down 17% over the past week), and Broadcom at $372.10 (down 22% over the past week). Despite the pullback, NVIDIA reported Q1 FY27 revenue of $81.615 billion（約13兆円） (up 85% year-over-year) with Data Center revenue at $75.246 billion（約12兆円） (up 92% YoY), and guided Q2 to $91.0 billion（約15兆円）.

Why it matters: The pullback compressed valuations without breaking demand. NVIDIA's CEO framed the driver as "the buildout of AI factories, the largest infrastructure expansion in human history, is accelerating at extraordinary speed." AMD's Data Center segment grew 57% YoY to $5.775 billion（約9200億円）, and the company signed an agreement with Meta to deploy up to 6 gigawatts of AMD Instinct GPUs. Broadcom's AI semiconductor revenue grew 143% YoY to $10.80 billion（約1.7兆円） in Q2. The selloff appears tactical rather than structural; analyst sentiment remains heavily bullish across all three names.

What to watch: NVIDIA is guiding to $91 billion（約15兆円） in Q2 revenue at a 75% non-GAAP gross margin, AMD to roughly 46% YoY growth in Q2, and Broadcom to 84% YoY consolidated growth in Q3. The next leg depends on hyperscaler (large cloud provider) capex commentary and whether export policy on China data center compute shifts before fiscal year ends. Risk factors include China export controls (especially for NVIDIA), hyperscaler capex digestion, and Broadcom's declining gross margin outlook.