Micron Technology shares plunge 13% as global chip selloff deepens amid AI valuation concerns
Shares of Micron Technology slumped 13% in Tuesday’s trade, 23 June, falling to $1,055 apiece, amid a broader decline in chip stocks as investor concerns grew that the sector’s rally had gone too far, too fast, raising questions over valuations.
The rout in semiconductor stocks deepened after media reports suggested that SK Hynix is slowing the expansion of its AI memory chip production and shifting its focus towards lower-cost commodity DRAM products.
