<div id="readability-page-1">Major US stock indices are closing lower. The NASDAQ is down for the 3rd consecutive day. The Dow industrial average and the S&amp;P indices are down for the 2nd consecutive day.A snapshot of the closing levels shows:<ul><li>Dow industrial average down 41.31 points or -0.09% at 48416.74 </li><li>S&amp;P index -10.89 points or -0.16% at 6816.52</li><li>NASDAQ index -137.76 points or -0.59% at 23057.41</li><li>Russell 2000-20.79 points or -0.81% at 2530.66.</li></ul>Broadcom shares continued its move sharply lower today, extending recent weakness despite the company delivering better-than-expected earnings and revenue after the close on Thursday last week. Broadcom reported EPS of $1.95 versus $1.86 expected, with revenue at $18.02 billion versus $17.47 billion expected, and also issued stronger-than-expected guidance. However, the stock had been priced for near-perfection, and investors quickly shifted focus to slightly lower margins, which fell by a few percentage points and raised concerns about profitability trends.From a market perspective, the reaction highlights a broader theme in the NASDAQ, where high-multiple stocks are struggling to absorb even modest disappointments. Broadcom shares are now down roughly 18.25% from recent all-time highs from last Wednesday, with sellers firmly in control. Technically, the stock has broken below the 100 and 200 hour MAs at $385 and $368 respectively, and is approaching a swing area floor that extends back to early September between $324.61 and $335.01 (see red numbered circles on the chart below). Below that the 38.2% retracement of the 2025 trading range comes in at $309.39.Bottom line: Broadcom’s results were fundamentally strong, but valuation sensitivity and margin concerns outweighed the beat, making the stock a focal point for the broader tech-led pullback.Shares of the Strategy (formally Micro Strategy – MSTR) tumble -$14.37 or -8.14% at $162.08. The shares closed at its lowest level going back to the end of September 2024. The price bitcoin is down -2.88% today at $85,601. Strategy (MSTR) is effectively a leveraged Bitcoin proxy. The company’s core software business is now secondary to its strategy of accumulating Bitcoin, largely financed through convertible debt and equity issuance. As a result, MSTR’s share price tends to amplify moves in Bitcoin—rising faster when BTC rallies and falling harder when BTC pulls back.<ol><li> The &#34;Holdings&#34; Numbers (Latest Data)</li></ol>Total Bitcoin Held: ~660,624 BTCRecent Purchase: Acquired 10,645 BTC for ~$980 million (Dec 8–14, 2025).Current Market Value: With Bitcoin fluctuating near $92,000–$95,000, the total stack is valued at approximately $61 Billion.2. &#34;Strategy BE&#34; (The Break-Even Analysis)The &#34;BE&#34; or Break-Even point is the critical metric investors watch to see if MicroStrategy's leveraged bet is underwater.Estimated Average Cost Basis: ~$74,696 per BTC.Note: This average has crept up significantly as the company purchased aggressively throughout 2025 at prices above $80k and $90k.The Safety Cushion:<ul><li>Current BTC Price: ~$93,000</li><li>Break-Even Price: ~$74,696</li><li>Buffer: MicroStrategy is currently ~25% in the profit zone.</li><li>Risk Zone: If Bitcoin falls below $75k, the company’s &#34;unrealized profit&#34; vanishes, which could trigger a negative feedback loop for MSTR shareholders (though Michael Saylor has pledged never to sell).</li></ul>Some of the major decliners today included:<ul><li>Strategy (MSTR): -8.14%</li><li>Nebius NV (NBIS): -7.44%</li><li>Broadcom (AVGO): -5.61%</li><li>SoFi Technologies (SOFI): -5.28%</li><li>Arm Holdings (ARM): -5.00%</li><li>Grayscale Bitcoin Trust (GBTC): -4.90%</li><li>Uber Technologies (UBER): -3.93%</li><li>Robinhood Markets (HOOD): -3.62%</li><li>Alibaba ADR (BABA): -3.57%</li><li>Zoom Video (ZM): -3.32%</li><li>CrowdStrike Holdings (CRWD): -3.38%</li><li>Salesforce (CRM): -3.17%</li></ul></div>

SOFI

MSTR

Tech stocks, including Broadcom, saw significant declines, contributing to a drop in major US stock indices. Broadcom's shares fell despite strong earnings due to margin concerns, highlighting valuation sensitivity in high-multiple stocks. The NASDAQ, Dow, and S&P indices all closed lower, with Broadcom down 18.25% from recent highs. MicroStrategy also fell sharply, influenced by Bitcoin's price movements. Other major decliners included Nebius NV, SoFi Technologies, and Arm Holdings, reflecting broader market turbulence.

- Major US stock indices closed lower, with the NASDAQ down for the third consecutive day and the Dow and S&P indices down for the second consecutive day.  
- Broadcom shares fell despite better-than-expected earnings, as investors focused on margin concerns, leading to an 18.25% decline from recent highs.  
- MicroStrategy's shares dropped 8.14%, influenced by Bitcoin's price decline, with the company's leveraged position amplifying market movements.

Tech stocks slide as Broadcom tumbles amid market turbulence