Micron Technology shares tumble as semiconductor stocks face a broad sell-off across global markets.
Micron Technology shares fell more than 8% on Tuesday as a wave of selling swept through the semiconductor sector. The PHLX Semiconductor Index dropped over 3%, with memory and storage leaders Micron Technology and SK Hynix experiencing significant losses. Sandisk also saw a sharp decline of 13%. This sell-off follows a period of intense AI-driven growth, leading to investors to question the sustainability of massive infrastructure spending. While Nvidia turned positive, other major players like AMD and Intel also saw declines. The market remains resilient elsewhere, as the S&P 500 equal-weight index reached a record high, suggesting the broader market is holding steady despite the sector-specific crash. Investors are now looking toward upcoming earnings reports from Microsoft, Amazon, and Meta to gauge the future of AI spending.