AI stocks under pressure: Why are Micron and SK Hynix plunging while other chipmakers gain?

The sell-off in chipmakers Micron Technology and SK Hynix intensified in Tuesday’s trade on October 13, amid growing concerns over competitive risks and the sustainability of the AI-led rally.

Micron shares have dropped another 6% to an intraday low of $929, extending its losses for a second consecutive session. SK Hynix shares, which had fallen 4% in the previous session, crashed another 4.4%, hitting their lowest level since late August