Stock Indexes Falter as Chip Stocks Tumble

Price ActionGeopolitics Impact 4
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Summary · why it matters

The S&P 500 fell 0.67%, the Dow dropped 0.38%, and the Nasdaq 100 slid 2.14% to a one-week low, driven by a sharp selloff in semiconductor stocks after Samsung Electronics' blowout earnings failed to impress. Samsung, the world's largest memory maker by market value, closed down more than 8% in South Korea even after profit surged 19-fold, as investors question whether massive AI spending can be sustained. The iShares Semiconductor ETF fell to a four-week low and dropped more than 6%, with Astera Labs and Sandisk down more than 11%, Western Digital down more than 10%, and Applied Materials, Intel, Lam Research, and Marvel Technology down more than 9%. A jump in crude oil prices following attacks on shipping near the Strait of Hormuz also weighed on stocks, with WTI crude up more than 2%, boosting inflation expectations and pushing the 10-year Treasury yield to a three-and-a-half-week high of 4.52%. The US May trade deficit widened to $77.6 billion, the largest in 14 months, adding to negative sentiment, while New York Fed President John Williams said inflation is still quite high. Strength in software stocks provided some support, with Thomson Reuters up more than 5% and Workday and Atlassian up more than 4%.

Impact on stocks 48

Artificial Intelligence± Mixed · 12 stocks
Samsung Electronics Co Ltd
005930
▼ NegativeCapitalrelevance

Samsung's blowout earnings failed to impress investors, leading to an 8% drop as AI spending sustainability is questioned.

Astera Labs, Inc.
ALAB
▼ NegativeDemandrelevance

Semiconductor ETF selloff driven by concerns over AI spending sustainability, hitting chip stocks including Astera Labs.

Semiconductors▼ · 12 stocks
Applied Materials Inc
AMAT
▼ NegativeDemandrelevance

Applied Materials fell >9% as chip stocks tumbled on AI spending sustainability concerns.

Intel Corporation
INTC
▼ NegativeDemandrelevance

Intel dropped >9% amid broad semiconductor selloff on AI spending doubts.

Lam Research Corp
LRCX
▼ NegativeDemandrelevance

Lam Research fell >9% as chip stocks declined on AI spending sustainability fears.

Sandisk Corp
SNDK
▼ NegativeDemandrelevance

Samsung's earnings fail to impress, triggering broad chip selloff; Sandisk down >11% as AI spending sustainability questioned.

Cloud & Digital Infrastructure± Mixed · 8 stocks
Atlassian Corp Plc
TEAM
▲ PositiveDemandrelevance

Software stocks provide support; Atlassian up >4% as investors rotate into software amid chip weakness.

Workday Inc
WDAY
▲ PositiveDemandrelevance

Workday up >4% as software stocks provide support amid chip selloff.

Industrials▲ · 5 stocks
Consumer Discretionary▲ · 4 stocks
Electrification & Mobility▲ · 2 stocks
Biotech & Genomic Medicine▲ · 1 stocks
Digital Finance & Tokenization▲ · 1 stocks
Financials▲ · 1 stocks
Cybersecurity & Digital Trust▲ · 1 stocks
Defense & Geopolitical Fragmentation▲ · 1 stocks
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