Broadcom Sinks Nasdaq as Stocks and Cryptos Bounce

The broad US market is rallying today, but Broadcom's 4.7% drop is holding back the Nasdaq Composite index.

Broadcom fell after its rival Marvell Technology announced a deeper custom-chip deal with Alphabet's Google, which includes warrants that let Google buy up to about 59 million Marvell shares.

The concern is lost share for Broadcom, not a lost customer, as the company has been Google's primary custom-chip partner and holds an agreement running through 2031.

Meanwhile, gold and Bitcoin are climbing alongside stocks, an unusual combination that could be worth watching. Gold prices are up 3.2% and Bitcoin gained 6.5% over the last 24 hours.