Nasdaq and S&P 500 fall as global chip sell-off fuels AI doubts

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4▲0 ▼5Impact / 5
Summary · why it matters

US stocks recovered from early lows on Tuesday but remained under pressure as a global sell-off in memory chipmakers spurred doubts about the AI trade. The Nasdaq Composite sank around 1.3%, bouncing back from a nearly 3% plunge, while the S&P 500 lost 0.8% and the Dow Jones Industrial Average recovered to trade near the flat line. Memory chip giants SK Hynix and Samsung Electronics in South Korea both saw their shares sink over 12%, dragging the benchmark Kospi Composite index to a 10% loss. The rout intensified focus on Micron Technology, whose shares dropped as much as 12% ahead of its earnings release on Wednesday, after surging to a record close on Monday. Meanwhile, Brent and WTI crude futures both fell roughly 1.5% after the US issued a 60-day waiver on oil sanctions on Iran and satellite data showed an uptick in crossings through the Strait of Hormuz.

Impact on assets 6

Semiconductors▼ · 2 stocks
SK Hynix Inc
000660
▼ NegativeDemandrelevance

Shares sank over 12% as global sell-off in memory chipmakers fuels AI doubts.

Micron Technology Inc
MU
▼ NegativeDemandrelevance

Global chip sell-off and AI trade doubts ahead of Micron's earnings, with shares dropping 12%.

Artificial Intelligence▼ · 1 stocks
Space Economy▲ · 1 stocks
Others▼ · 2 stocks
⛏Brent Crude Oil Futures
BRENT
▼ NegativeGeopoliticsrelevance

US issued 60-day waiver on oil sanctions on Iran and satellite data showed uptick in Strait of Hormuz crossings, increasing supply expectations

⛏Crude Oil WTI Futures
WTI
▼ NegativeGeopoliticsrelevance

US issued 60-day waiver on oil sanctions on Iran and satellite data showed uptick in Strait of Hormuz crossings, increasing supply expectations

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