Tech Down on AI Concerns; Micron Rallies in Late Trading — Tech Roundup
Complete. Here is the key summaryTech stocks declined due to sector rotation, though Micron rallied over 15% in late trading on strong AI-driven memory chip demand. Conversely, Cerebras Systems plunged despite beating earnings expectations. Meanwhile, SK Hynix plans a massive $29 billion raise for AI expansion via a U.S. listing, and OpenAI partnered with Broadcom to develop custom AI chips.
Shares of technology companies slid as traders continued to rotate out of the sector.
A surge in Micron Technology shares after the session indicated the tech rally could soon resume, however.
Shares of AI chip maker Cerebras Systems plunged despite reporting better-than-anticipated earnings Tuesday. Similarly, Micron, which is up more than sevenfold from a year ago, was down by more than 5% at one stage ahead of its earnings report. Micron shares rose by more than 15% in late trading as AI demand drove up prices of memory chips and the company's quarterly revenue.
"The problem is a lot of investors are buying things simply because they're up without understanding why they're buying it or what they're buying for that matter," said Oliver Pursche, senior vice president at financial advisory Wealthspire.
South Korean chip maker SK Hynix plans to raise more than $29 billion for AI expansion through a U.S. listing, one of the largest ever share sales.
OpenAI and Broadcom collaborated to develop a custom artificial-intelligence chip, marking the next step in the ChatGPT-parent's strategy to build out a full stack behind its models and products.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
June 24, 2026 18:49 ET (22:49 GMT)
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