A sharp selloff in U.S. chip stocks on Tuesday injected volatility into markets, with the high-flying chip index plunging 8% and Micron Technology falling around 13% ahead of its earnings update today. The retreat followed a 10% drop in South Korea's KOSPI earlier in the day, though Asian bourses and U.S. futures stabilized overnight. SoftBank CEO Masayoshi Son called it 'blasphemy' to view AI as a bubble, but the episode reignited questions over stretched tech valuations, with Micron's results seen as the sector's next test. Broader market pressures included rising Fed rate-hike expectations, a 13-month high in the dollar index, and oil prices dipping below $76 per barrel.
Micron Technology IncMicron fell 13% ahead of its earnings update, with the selloff raising concerns over stretched valuations and the sector's next test.
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