The Micron earnings breather was short-lived as Wall Street investors have resumed their tech selloff on Friday, specifically for AI-linked chipmakers.
Micron Technology corrected sharply and plunged as much as 7% to hit a low of $1,126.52 on Friday; its semiconductors peers followed suit with Advanced Micro Devices Inc. and Intel Corp falling as low as 6% to $502 and $125.50, respectively.
Sandisk Corp. also saw a steep correction from Thursday's high and fell nearly 8% to $2,126.12. Microchip Technology Inc. also traded in the red after falling 5% to $89.42. Nvidia extended its decline and fell as much as 3% to $191.22.
As of 10:36 a.m. EST, MU traded 3.5% lower at $1,169.39, Intel was down 2.6% to $129.55, AMD traded 2.7% lower at $519.12. While Sandisk pared some losses to trade 5.6% lower at $2,206.55.
ALSO READ: S&P 500, Nasdaq Plunge Up To 1% On Tech Selloff; Micron Erases AI Gains
A global tech selloff this entire week had rattled wall street indices. While Micron Technology Inc.'s strong Q3 financial fine print and a stronger revenue forecast helped lift sentiment on Thursday, decline in major names like AMD and Nvidia had dragged Nasdaq lower.
Jitters regarding high valuations of semiconductor giants have been a prominent theme on the Wall Street in the last week, triggering mass offloads.
"After a remarkable rally in recent months, investors have become increasingly sensitive to stretched valuations, rising infrastructure costs associated with AI, and a more hawkish outlook for US monetary policy," Fawad Razaqzada at Forex.com told news agency Bloomberg.
Some of the magnificent seven stocks also bore the brunt of this tech dump with google-parent Alphabet down 2% to $336.50, and Nvidia Corp. extending losses and trading 1.14% lower at $192.8.
MU's Earnings Boost
Micron Technology's revenue more than quadrupled from $9.3 billion a year earlier to $41.46 billion in the third quarter of fiscal 2026. Aside from exceeding street expectations of a $36 billion topline, the company has forecasted a $50 billion for the current quarter, an increase from $11.3 billion in the year-ago period.
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