Jobs Shock Hits Chip Stocks As J.P. Morgan Upgrades Tesla And Raspberry Pi Hits A Record High

2026-06-05 02:22:38

(MENAFN- Investor Ideas) Investorideas ( newswir ) a trusted platform for investing ideas including tech stocks issues market commentary on today's technology movers.

The Bureau of Labor Statistics released theMay employment report at 8:30 a.m. ET, showing payroll growth of 172,000 and unemployment at 4.3%. The stronger-than-expected labor data pushed investors toward a more hawkish Fed view, with semiconductors leading the decline. The VanEck Semiconductor ETF (NASDAQ: SMH) was trading at $599.24, down 4.5%, on roughly 0.59x average volume.

By late morning, six of the eleven S&P sectors were green on the session, with consumer staples outperforming.

Editor's take: When a jobs report this strong lands on a market that had been hoping for rate cuts, the fastest money exits the longest-duration trades first - and in 2026 that means AI hardware. A 4.5% single-session drawdown in SMH is not a verdict on semiconductor fundamentals; it is a repricing of the discount rate applied to them.

Tesla (NASDAQ: TSLA) got a major sentiment reset reported that J.P. Morgan upgraded Tesla to neutral from underweight and lifted its price target to $475 from $145, arguing the stock is increasingly about robotics and autonomy rather than near-term auto earnings. Even with that shift, Tesla was still down 3.1% at the U.S. snapshot, on about 0.28x average volume. On the social side, AltIndex's Reddit tracker had TSLA among the more-mentioned names with 87 mentions over the prior 24 hours.

Editor's take: A price-target jump from $145 to $475 is one of the larger single-note resets you will see from a major bank, and the market shrugged. That tells you the macro tape, not the sell side, is setting prices today.

In London,Reuters reported that Raspberry Pi raised its full-year 2026 profit outlook on stronger industrial demand and a favorable product mix, saying first-half core profit would be at least $38 million. Reuters said the shares hit a record high and were up about 18%, with same-day London volume around 1.9 million shares against roughly 1.08 million average, or about 1.8x normal.

Among small caps, Solidion Technology (NASDAQ: STI) kept a pure-discovery retail narrative alive with a fresh June 5press release saying Solidion's "30+ patents for space-based artificial intelligence batteries" include its highest-performing lithium-anode protection technology. The stock snapshot was $37.43, up 64.8%, with volume running about 19.8x its average, and Yahoo Finance's trending-ticker page also surfaced STI today. Worth noting: this is day two of the move - Solidion's June 4 extreme-climate battery announcement had already sent the stock up roughly 350%, so today's gain is a follow-on rather than a fresh discovery.

Editor's take: Raspberry Pi and Solidion are opposite ends of the same AI-hardware story - one is monetizing industrial demand today, the other is trading on patent-driven narrative. Both can work, but they should not be sized the same way in a portfolio.

U.S. price and volume figures above are intraday snapshots captured around 10:54 a.m. EDT and can change materially by the close.

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