--- title: "US Premarket: Chip Stocks Tumble — Micron, SK Hynix Shed Nearly 9%" type: "News" locale: "en" url: "https://longbridge.com/en/news/294183369.md" description: "Micron slid nearly 9%, SK Hynix dropped nearly 9%, and Intel fell nearly 6%. JetBlue surged over 10%. Seagate rallied 5% premarket on blowout earnings." datetime: "2026-07-29T09:35:19.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294183369.md) - [en](https://longbridge.com/en/news/294183369.md) - [zh-HK](https://longbridge.com/zh-HK/news/294183369.md) --- # US Premarket: Chip Stocks Tumble — Micron, SK Hynix Shed Nearly 9% US stock futures pointed to a sharply lower open for chip stocks on **July 29**, ahead of the Federal Reserve's FOMC rate decision. **Micron (MU)** tumbled **8.85%** to **$820.53**, **SK Hynix (SKHY)** sank **8.98%** to **$130.17**, **Intel (INTC)** dropped **5.86%** to **$86.30**, and **AMD** fell **2.15%** to **$138.45**. On the flip side, airline stocks caught a bid: **JetBlue (JBLU)** surged **10.50%** to **$6.00**, while **American Airlines (AAL)** added **2.74%** to **$15.36**. Semiconductor names slid across the board, with storage-chip plays leading the rout after SK Hynix's earnings miss and forced de-leveraging in the Korean market amplified downside. Airline stocks rallied in sympathy with JetBlue's upbeat operating data. Big-tech heavyweights were mixed — Apple and Microsoft edged higher while Meta ticked lower. Investors remained squarely focused on the Fed's FOMC rate decision due later today, with markets overwhelmingly pricing in a hold at **3.75%**. **Semiconductor Selloff: Micron and SK Hynix Lead Declines** In premarket action, **Micron (MU)** slumped **8.85%** to **$820.53**; **SK Hynix (SKHY)** tumbled **8.98%** to **$130.17**; **Intel (INTC)** lost **5.86%** to **$86.30**; and **AMD** shed **2.15%** to **$138.45**. **Nvidia (NVDA)** inched up **0.25%** to **$197.01**, showing relative resilience. SK Hynix reported fiscal 2026 second-quarter results after the close on July 28. Revenue came in at **79 trillion Korean won**, up **51%** quarter-on-quarter but below the **85 trillion won** consensus estimate. Gross margin reached **83%**, also missing the **84–85%** analyst forecast. While second-quarter operating profit hit a record **60.5 trillion won**, the company's outsized reliance on HBM meant it failed to fully capture the benefit of rising conventional memory prices, fueling concern about the pace of AI-driven memory demand. Compounding the weakness, crowded positioning by leveraged ETFs and hedge funds in the Korean market triggered a de-leveraging cascade that deepened losses across the country's memory-chip sector. Analysts characterized the pullback as a valuation correction and position flush, noting that the long-term AI demand thesis for memory chips remains intact. **Airlines Take Off: JetBlue Soars Over 10%** **JetBlue (JBLU)** jumped **10.50%** to **$6.00** in premarket trading, leading the airline sector higher. **American Airlines (AAL)** rose **2.74%** to **$15.36**. Better-than-expected operating metrics from JetBlue, coupled with robust demand during the peak summer travel season, powered the advance. **Seagate Surges 5% on Record Results** **Seagate Technology (STX)** bucked the chip-sector downdraft after posting blowout fiscal 2026 fourth-quarter and full-year results. Q4 revenue jumped **48%** year-on-year to **$3.629 billion**, while net profit soared **164%** to **$1.294 billion**. Full-year revenue reached **$12.195 billion** and net profit hit **$3.184 billion**, both all-time highs. Buoyed by the strong report and upbeat guidance, Seagate shares climbed **5%** premarket, making it one of the few gainers in the semiconductor space. **Tech Titans Mixed: Apple, Microsoft Edge Up** Among mega-cap tech, **Apple (AAPL)** added **0.94%** to **$340.08**; **Microsoft (MSFT)** ticked up **0.32%** to **$415.26**; **Meta (META)** slipped **0.86%** to **$508.16**; and **Netflix** gained **1.23%** to **$612.78**. Meta is scheduled to report second-quarter earnings on Wednesday, with analysts forecasting revenue of **$60.22 billion** and EPS of **$7.14**. Wall Street is keenly focused on the performance of its AI-driven advertising business and capital-expenditure guidance. Analysts remain constructive, with price targets ranging from **$671** to **$850**. On the macro front, the Federal Reserve's FOMC will deliver its rate decision and statement later today, with markets overwhelmingly expecting rates to be held steady at **3.75%**. Chair Warsh is scheduled to hold a press conference following the decision. The Bank of Canada will also release its monetary policy summary today. ### Related Stocks - [MU.US](https://longbridge.com/en/quote/MU.US.md) - [SKHY.US](https://longbridge.com/en/quote/SKHY.US.md) - [INTC.US](https://longbridge.com/en/quote/INTC.US.md) - [NVDA.US](https://longbridge.com/en/quote/NVDA.US.md) - [JBLU.US](https://longbridge.com/en/quote/JBLU.US.md) - [AAL.US](https://longbridge.com/en/quote/AAL.US.md) - [STX.US](https://longbridge.com/en/quote/STX.US.md) - [AMD.US](https://longbridge.com/en/quote/AMD.US.md) - [AAPL.US](https://longbridge.com/en/quote/AAPL.US.md) - [MSFT.US](https://longbridge.com/en/quote/MSFT.US.md) - [META.US](https://longbridge.com/en/quote/META.US.md) ## Related News & Research - [AMD Expands Local AI Capabilities With Muse Glimmer 30B Support](https://longbridge.com/en/news/295430590.md) - [This Is What Needs to Change for Meta Stock, Says Investor](https://longbridge.com/en/news/295418350.md) - [BREAKINGVIEWS-Mark Zuckerberg’s AI treatise is more ad than tech](https://longbridge.com/en/news/295532847.md) - [Meta says its AI model hacked another company, adding to worries about bots going rogue](https://longbridge.com/en/news/295141974.md) - [KMG Fiduciary Partners LLC Decreases Stock Position in Meta Platforms, Inc. $META](https://longbridge.com/en/news/295516525.md)