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The company said AI semiconductor revenue will be $16 billion in the fiscal third quarter, which is lower than the average estimate of $17.2 billion. Broadcom Chief Executive Officer Hock Tan said the company will sell $56 billion in AI chips in the fiscal year, which fell short of the average estimate of $57.6 billion. Is this the beginning of the end?

Demand has been a cash-flow windfall for the company, which recently said it would return even more money to shareholders. It declared a 2,400% dividend increase — from a 1-cent per share quarterly dividend to 25 cents a share — as well as an $80 billion share buyback program. The dividend will be paid on June 26 to shareholders on record as of Thursday. The chipmaker has seen “parabolic” demand for its artificial intelligence chips in data centers and recently said it will expand into chips for personal computers, which will “reinvent the PC,” according to CEO Jensen Huang.

Iran warned it could target sites inside Israel if attacks on Beirut continue and said a deal with the US requires a ceasefire in Lebanon. The Strait of Hormuz remains the market's central focus, with its near-closure pushing energy prices higher and raising concerns about a spike in inflation and a slowdown in economic growth. Don’t hold your breath.

Applications for US unemployment benefits rose last week to the highest level since February, potentially reflecting volatility around the Memorial Day holiday. Initial claims increased by 13,000 to 225,000 in the week ending May 30, according to Labor Department data. Despite the pickup in claims, the figures still remain close to historically low levels, with continuing claims falling to 1.78 million in the previous week.