Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTMichael WilliamsSat, June 6, 2026 at 11:15 PM GMT+2 7 min readQuick ReadFNGU shed 16% in a single session on June 5, turning a $10,000 position into roughly $8,400, yet still holds a 28% one-year return.NVIDIA fell 6% and Broadcom cratered 19% over two days after its $16 billion AI semiconductor guide fell short of whisper expectations.Friday's 172,000 payrolls print spiked the 2-year Treasury to a 16-month high, reviving rate-hike fears that punish long-duration growth stocks.It sounds nuts, but SoFi is giving new active invest users up to $1,000 in stock for a limited time, and all it takes is a $50 deposit to get started. See for yourself (Sponsor)A $10,000 position in the MicroSectors FANG+ 3X Leveraged ETN (NYSEARCA:FNGU) at Thursday's $32.16 close was worth about $8,392 by Friday's $26.99 close, a 16% single-session drop on June 5, 2026. Stretch the window back one week and the damage gets uglier. FNGU went from $34.76 on May 29 to $26.99 on June 5, a 22% slide in five trading days. The note is still up 28.1% over twelve months and up 6.85% year to date, which tells you exactly the kind of instrument FNGU is. It pays you to be right about direction, and only on the days you actually hold it.The arithmetic of a 3x daily reset meeting a real selloffFNGU is a 3x daily leveraged exchange-traded note issued by Bank of Montreal, tracking the NYSE FANG+ Index, an equal-weighted basket of ten mega-cap technology and internet names. When that basket falls roughly 5% in a session, FNGU is engineered to fall about 15%. On Friday it fell a little more than that, because the index was top-heavy in the names doing the most damage.NVIDIA (NASDAQ:NVDA) fell 6% on June 5, closing at $205.10, a single-day market cap loss the custom data pegs at roughly $279 billion. Broadcom (NASDAQ:AVGO) dropped 8% to $385.73, capping a 19.5% two-day collapse from $479.23 on June 3. Meta Platforms (NASDAQ:META) fell 6% to $593. Microsoft (NASDAQ:MSFT) gave up 3% to $416.67, and Alphabet (NASDAQ:GOOGL) was the calm one at down 1%, closing $368.53. Equal-weight on paper, concentration in practice when the weakest names happen to be the largest line items by absolute dollar moves.What actually broke this weekTwo catalysts stacked on top of each other. The first was Broadcom. The company reported Q2 FY26 results Tuesday evening with non-GAAP EPS of $2.44 against a $2.3972 consensus and revenue of $22.19 billion, then guided Q3 to approximately $29.4 billion in revenue with AI semiconductor revenue of $16.0 billion, more than 200% growth year over year. On absolute terms, that is an extraordinary number. On the implied trajectory the market had baked in, with AI semis having compounded from $5.20 billion to $8.40 billion to $10.80 billion in the prior three quarters, $16.0 billion fell short of the whispered bogey. The stock did the thing whisper numbers do to stocks.Terms and Privacy PolicyPrivacy & Cookie SettingsMore Info