Tech meltdown drags Wall Street lower as chip stocks plunge

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Summary · why it matters

Wall Street's major indexes closed the week lower, weighed down by a prolonged selloff in semiconductor and other heavyweight technology stocks. The S&P 500 lost 2.0%, the Nasdaq Composite dropped 4.6%, while the Dow rose 0.6%. Among the biggest decliners, ON Semiconductor fell almost 28%, Western Digital dropped 24%, Arm Holdings declined nearly 24%, and Seagate Technology slid 17.4%. Micron Technology reported strong quarterly results and guidance, with revenue surging more than 340% to $41.46 billion, but broader chip sentiment remained negative amid reports that OpenAI may delay its IPO until 2027. Geopolitical tensions also escalated after the U.S. launched retaliatory strikes against Iran, further rattling markets.

Impact on assets 16

Artificial Intelligence▼ · 6 stocks
Semiconductors▲ · 4 stocks
Cloud & Digital Infrastructure▲ · 2 stocks
Spatial Computing / AR/VR▲ · 1 stocks
Space Economy▲ · 1 stocks
Electrification & Mobility▲ · 1 stocks
Consumer Discretionary▲ · 1 stocks

Off-coverage companies 1

OpenAIPrivate± Mixed
relevance

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