Micron, Intel and other chip stocks fall up to 11% after record rally

July 2, 2026

Chip stocks experienced a significant downturn, with major AI rally leaders seeing sharp profit-taking after a record quarter. The VanEck Semiconductor ETF plunged over 5%, led by Micron, Intel, and AMD. Concerns over potential AI computing oversupply, fueled by Meta’s plans, prompted investors to re-evaluate lofty valuations. Despite the sell-off, some remain optimistic about AI-focused tech giants.

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