AI-fuelled chip stock rally hits speed bump despite record quarterly gains

Micron Technology, Intel, AMD, and Sandisk Corp. — among the US-listed chip and memory stocks that powered Wall Street’s AI-driven rally in 2026 — have come under pressure toward the end of the second quarter, as concerns grow that the artificial intelligence-fueled rally may have run too far, too fast, triggering a global technology sell-off during the second half of June.

Investors have become increasingly cautious over whether the massive AI spending commitments by technology companies will generate sufficient long-term returns.