Micron, SK Hynix stocks sink as AI chip sell-off deepens - Yahoo Finance

Semiconductor stocks fell sharply on Tuesday, July 28, 2026, with the PHLX Semiconductor Index (SOX) dropping more than 3% as investors unwound positions in the year's hottest AI-driven sector.
Memory and storage leaders were hit hardest: US-listed shares of Micron and SK Hynix tumbled more than 8%, Sandisk fell 13%, and equipment makers ASML, Applied Materials, and Lam Research also declined.
The rout followed steep overseas losses, with South Korea's SK Hynix down more than 14% and Samsung Electronics off more than 13%, while European chip names slid on concerns about circular financing and mounting competition from China.
Nvidia recovered from early losses to trade higher after a 5% drop Monday, but peer AMD fell more than 7%, and Intel, Marvell, and Qualcomm also slipped; Nvidia lost its title as the world's most valuable company to Apple after reports it was in talks to backstop $250 billion in OpenAI funding, following a $500 billion collaboration with SK Group announced Friday.
Chinese memory maker CXMT's strong Shanghai debut revived fears its rapid expansion could pressure memory chip prices, while a report that a Chinese state-backed firm began mass-producing key chipmaking equipment intensified the ASML sell-off.
After propelling the sector to a record high in June, chip stocks have since fallen into bear-market territory, down more than 20% from their peaks amid growing worries over hyperscalers' massive AI spending.