Chip stocks that notched record rallies in second quarter start Q3 with a dud

A day after closing out a blockbuster three months on Wall Street, high-flying chip stocks suffered steep declines to open the third quarter.

Memory maker Micron dropped 11%, wiping out $138 billion of market cap. Intel fell 9% and rival chipmaker Advanced Micro Devices dropped 7%.

Those three stocks boomed in the second quarter, adding $2 trillion in combined value, as investors wagered that the artificial intelligence buildout would require an ever-increasing amount of memory as well as more central processors, rather than just the graphics processors made by Nvidia.

The VanEck Semiconductor ETF (SMH), an index that tracks chip stocks, fell more than 5% on Wednesday, a day after closing out the fund's best quarter ever, jumping 71% from the start of April through the end of June.

Other big decliners on Wednesday included semiconductor equipment names Lam Research, KLA Corp. and Applied Materials which all more than doubled in the second quarter. They all fell at least 10%.

One drag on the market was a report that Meta, one of the biggest buyers of AI infrastructure, may be looking to rent out excess computing capacity. That raised fears that AI processing supply may be catch

Fuente original: CNBC Top News (https://www.cnbc.com/2026/07/01/chip-stocks-notched-record-rallies-in-second-quarter-start-q3-with-dud.html)