☕️ [Task Coins Giveaway] Daily Market Talk — Marvell Surges 32% on Jensen Huang's COMPUTEX Endorsement

Midday update: Jensen Huang name-dropped Marvell Technology at COMPUTEX and the stock shot up 32% to a new all-time high. S&P 500 closed above 7,600 for the first time in history. And tonight, Broadcom reports its Q2 AI chip results after the close — the most important earnings print of the week.

💬 Today's 3 Big Questions

Jensen Huang called out Marvell by name at COMPUTEX as the core AI networking silicon partner. MRVL makes the custom ASICs that connect GPU clusters inside hyperscaler data centres — a role arguably as critical as the GPU itself. Is MRVL now a must-own AI infrastructure name alongside NVDA and MU, or has the 32% single-day move already priced in the next year of growth?
SpaceX is targeting an IPO at $135 per share to raise $75 billion, which would be the largest tech IPO in history. Morningstar flags that secondary market pricing already implies a valuation at less than half the IPO target. Would you buy SpaceX at the IPO price — or wait for the post-listing correction?
Broadcom reports tonight with the street modelling $22.1B revenue (+47% YoY) and AI revenue of $10.7B (+140% YoY). With MRVL +32%, HPE +20%, NVDA +6%, and PANW all beating on AI demand this week — does AVGO have to absolutely crush to maintain the AI narrative, or is a strong in-line print enough?

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⏰ Deadline: June 3, 2026, 11:59 PM (SGT)

📊 Quick Market Recap

🌍 Global Macro & Markets

S&P 500 closed above 7,600 for the first time in history, with gains described as modest but historic; Nasdaq semiconductor index surged +6%, powered by MRVL and the broader AI chip rally.
Oil prices continued to rise following Monday's 5.5% spike; gold gained approximately +0.3%. Middle East supply risk and US-Iran talks timeline remain key variables.
ADP May employment and ISM Services PMI both release tonight SGT; results pending.

🇺🇸 US Markets: Marvell +32%, S&P Breaks 7,600, Broadcom Up Tonight

📈 S&P 500 closed above 7,600 for the first time. Nasdaq semiconductor index +6%. Broader indices posted modest gains. Chinese-concept stocks outperformed.
Marvell Technology (MRVL) surged +32% to a new all-time high after NVIDIA CEO Jensen Huang specifically highlighted the company at COMPUTEX 2026 as a core AI networking silicon partner. MRVL designs the custom ASICs managing high-speed interconnects between GPU clusters inside hyperscaler data centres.
HP Enterprise (HPE) extended its post-earnings rally, closing approximately +20% in the regular session after Tuesday's +40% after-hours surge. AI server backlog confirmed at $6.3 billion.
Palo Alto Networks (PANW) reported Q3 fiscal results: revenue +31% YoY, annualised recurring revenue (ARR) +60%, driven by AI-powered cybersecurity demand. Stock rose in after-hours trading.
SpaceX IPO process advancing: targeting $135 per share to raise approximately $75 billion. Morningstar flagged that secondary market pricing already implies a valuation at less than half the IPO target.
Biotech sector saw sharp selling: Nasdaq Biotech Index -3%, Fulcrum Therapeutics -51%, Abivax ADR -44%.
GameStop (GME) reported Q1 net sales of $835 million (+14% YoY).
Broadcom (AVGO) reports Q2 FY2026 tonight after the US market close — consensus expects revenue ~$22.1 billion (+47% YoY), AI revenue $10.7 billion (+140% YoY), AI backlog $73 billion.

🇸🇬 Singapore Markets

📈 STI opened higher Wednesday, tracking the historic June 2 US session.
Singapore's Manufactured Products Price Index rose +6.7% MoM in April 2026, easing from March's +11.2%; year-on-year prices climbed +27.5%, led by machinery, electrical equipment, and chemicals.
Yangzijiang Shipbuilding (BS6.SG) completed its acquisition of a 10% stake in Poseidon Corp. for US$1.05 billion, funded entirely through internal cash, making Poseidon an associated company of the Yangzijiang group.
DBS Group (D05.SG) launched a "tap-to-phone" payment acceptance feature, becoming the first Singapore bank to let merchants accept contactless card payments directly on Android smartphones without dedicated terminals.
Thomson Medical (A50.SG) appointed Cassandra Loh as acting CEO of its Singapore operations from 1 July 2026, succeeding Lee Suen Ming.
Lincotrade (BFT.SG) secured seven new contracts totalling S$16.8 million in Q1 2026, bringing order book to S$107 million.

🇭🇰 Hong Kong & China Markets

Alibaba (9988.HK) gained approximately +4%, part of a broader rally in Hong Kong-listed Chinese tech names.

📅 Key Events Tonight / This Week

🇺🇸 ADP Employment Change (May) — Tonight, June 3, 20:15 SGT
🇺🇸 ISM Services PMI (May) — Tonight, June 3, 22:00 SGT
🇺🇸 Broadcom (AVGO) Q2 FY2026 earnings — Tonight, June 3, after US market close
🇺🇸 Fed Beige Book — June 4, 02:00 SGT (Thursday early morning)
🇺🇸 COMPUTEX 2026 (June 2–5, ongoing Day 2)
🇺🇸 Microsoft Build 2026 (ongoing)
🇺🇸 SpaceX IPO roadshow — Thursday, June 4 (tentative; $135/share, $75B target)
🇺🇸 US May Nonfarm Payrolls — Friday, June 5, 20:30 SGT
🌍 US-Iran nuclear talks — Friday, June 5 (tentative; Trump's "one week" deadline)

Disclaimer: For reference only, not investment advice.