Wall Street ended the week lower, led by a sharp selloff in semiconductor and big tech stocks, with ON Semiconductor down nearly 30% and others like Western Digital and Arm Holdings also falling significantly. Despite strong earnings from Micron Technology, the tech sector faced broad losses. Geopolitical tensions escalated as the US and Iran continued negotiations but clashed over a drone attack, leading to US military strikes. Crude oil prices fell over 9% amid these developments. Economic data showed steady inflation and stronger personal income and spending, with US GDP growth revised upward. The S&P 500 dropped 2%, Nasdaq fell 4.6%, while the Dow gained slightly. A new Medicare program will expand access to weight loss drugs, potentially impacting healthcare stocks.
Shares of Micron Technology, SanDisk, and Western Digital fell 6-7% following a recent surge driven by strong earnings and AI demand optimism. The pullback is attributed to profit-taking after significant price gains, a selloff in Asian memory chip m...
Dell Technologies shares dropped 6% despite strong gains in memory and storage stocks like Western Digital, which rose 5%. The divergence highlights the impact of rising memory prices: Western Digital benefits from increased demand and pricing power ...
Micron Technology's shares surged 17% after reporting a record fiscal Q3 with $41.5 billion revenue and an 85% gross margin, driven by $100 billion in multi-year AI memory contracts. This strong performance lifted peers SanDisk and Western Digital, h...
The Nasdaq Composite fell 1.4%, losing about $680 billion in market value due to a sharp selloff in semiconductor stocks, which dropped 6.3%, led by memory chipmakers. This decline reflects investors unwinding crowded AI-related trades amid expectati...
Shares of memory chip companies SanDisk, Micron Technology, and Western Digital fell sharply by around 10-11% following a 10% drop in South Korea's Kospi index, which triggered a global selloff in AI-driven data-center stocks. The selloff appears to ...
