Bitcoin Drops 6% as Equities Drift Higher and Marvell Explodes 30%
The stock market today told two very different stories. On one side, equities posted modest green closes and Marvell Technology surged 30% after Nvidia CEO Jensen Huang called it the next trillion-dollar company. On the other, crypto got hammered. Bitcoin fell 5.91% to $67,106, shedding over $4,200 in a single session.
Ethereum wasn't spared either, dropping 4.87% to $1,905.72.
The divergence was stark. Utilities and AI semiconductor names led the equity side higher while digital assets sold off hard. The Fear & Greed Index sat at 68, firmly in greed territory, which tells you the equity side of the house wasn't worried.
The pain was concentrated in crypto, where the selloff had no obvious macro trigger to point to.
Market Scorecard
Bottom Line: The session's defining story is a clean split: equities, led by AI semiconductor names and small caps, closed green while crypto sold off hard for no obvious reason. A 6% Bitcoin drop without a macro catalyst is worth watching closely into midweek, because if the divergence between risk-on equities and a struggling crypto market widens, that gap becomes a signal in itself. Traders should monitor whether Bitcoin stabilizes or continues lower while equities hold their gains.
The S&P 500 added just +0.13% to close at 7,609.91, while the Dow Jones led the majors with a +0.45% gain. The Russell 2000 outperformed at +0.87%, a sign that small caps caught a bid on the risk-on tone.
The VIX dipped below 16, settling at 15.88. Treasury yields edged lower across the curve, with the 10-Year falling 2 basis points to 4.455%.
What Is Happening in the Stock Market Today?
The headline mover was MRVL, which gapped up 30% after Jensen Huang's Computex appearance in Taipei. Huang told the audience that Marvell is set to be the "next trillion-dollar company," pointing to its networking and connectivity chips as essential to the AI data center buildout.
Marvell had already beaten analyst estimates in May, posting $2.4 billion in revenue for its fiscal 2027 first quarter.
Nvidia itself climbed more than 6% on the session. But its Computex keynote wasn't just about endorsing partners. Huang also announced Nvidia's entry into the PC chip market with the RTX Spark system-on-chip, built alongside MediaTek.
That sent shares of AMD, Intel, and Qualcomm lower as traders priced in a new competitor at every layer of the AI stack.
Goldman Sachs CEO David Solomon added fuel to the risk-on mood, saying markets are in "greed" mode. He pointed to upcoming IPOs from OpenAI, Anthropic, and SpaceX as tests for market liquidity, but argued there's "plenty of liquidity in the system."
Alphabet's stock performance after announcing an $80 billion equity raise was, in his words, "encouraging."
BlackRock's Rick Rieder echoed the optimism. He called this "an extraordinary period" and said the bull market has more room to run, citing strong buyback activity and a "tremendous amount of cash" on the sidelines.
Meanwhile, Victoria's Secret stock was on track for its best day ever, up 47% on the session after a strong earnings report.
Sector Performance
Utilities (XLU) topped the board at +1.87%, continuing to benefit from the AI data center power demand story. Technology (XLK) followed at +1.25%, lifted by Marvell's explosive move and Nvidia's continued strength.
At the bottom, Communication Services (XLC) dropped -1.76%, the day's clear laggard, while Health Care (XLV) shed nearly a full percent.
The sector split told a clear story: money flowed toward AI infrastructure plays and the power grid names feeding them, while defensive consumer names and communication stocks got left behind.
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Beyond Marvell's 30% explosion, the stock market today featured some wild single-name action. Victoria's Secret surged 47%, putting it on pace for its best single-day performance ever.
On the other side, Nvidia's PC chip announcement dragged AMD, Intel, and Qualcomm lower as traders repriced the competitive threat.
WTI crude climbed +1.68% to $93.71, with Vitol's Bahrain chief warning the oil market could be underpricing risks. Gold added +0.92% to $4,516.40, a quiet bid that suggested some hedging underneath the surface optimism.
What Should Traders Watch Next Week?
Computex Week in Taipei still has more to offer. Traders will be watching for additional product announcements and partnership details from Nvidia and its semiconductor ecosystem.
The AI infrastructure spending wave shows no signs of slowing. With Goldman's Solomon flagging potential trillion-dollar IPOs from OpenAI, Anthropic, and SpaceX, the supply of new equity hitting the market will be a key test of just how much greed the system can absorb.
Bitcoin's 5.91% drop deserves monitoring. A move that sharp with no clear macro trigger could signal positioning shifts or liquidity stress in crypto markets that hasn't fully played out yet.
If equities stay risk-on and crypto stays under pressure, the divergence itself becomes the story worth tracking into midweek.
Key Takeaways
- Marvell Technology surged 30% after Nvidia CEO Jensen Huang publicly called it the next trillion-dollar company, making it the single biggest equity mover of the session.
- Bitcoin dropped 5.91% to $67,106, shedding over $4,200 in one session with no clear macro trigger, raising the possibility of positioning shifts or liquidity stress in crypto markets.
- Ethereum fell 4.87% to $1,905.72, confirming the selloff was broad across digital assets, not isolated to Bitcoin.
- The Fear and Greed Index held at 68 during the crypto selloff, meaning equity traders were not spooked. The pain was entirely contained to digital assets.
- Goldman Sachs CEO David Solomon flagged potential trillion-dollar IPOs from OpenAI, Anthropic, and SpaceX, putting the market's capacity to absorb new equity supply on watch.
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