SanDisk, Micron, AMD, Intel Crash Up To 12% As Chip Stocks Sell-Off Hits Wall Street

The Quick Take

• SanDisk, Micron (MU), AMD, and Intel shares crashed up to 12% as a broad semiconductor sell-off hit Wall Street on June 23, dragging the Nasdaq down more than 2%
• The chip rout is driven by AI-linked semiconductor stocks tumbling as investors reassess the timing and magnitude of the AI capex cycle's translation into hardware revenue across memory, GPU, and CPU segments

The June 23 chip sell-off—with SanDisk, Micron, AMD, and Intel each declining up to 12%—represents a significant recalibration of AI semiconductor valuations that had run well ahead of near-term earnings visibility. The sell-off reflects investor concern that the AI infrastructure buildout, while real, may be front-loaded with GPU and HBM memory spending that normalizes at a lower sustained rate as hyperscaler capital expenditure cycles mature. Micron in particular has been the bellwether for high-bandwidth memory demand driven by AI training clusters, making any revision to HBM demand expectations a direct catalyst for memory chip selloffs across the sector.

AMD's inclusion in the chip rout signals that the sell-off extends beyond pure memory plays into data center GPU and CPU markets where AMD has been gaining share against Nvidia and Intel. AMD's MI300X GPU family has positioned the company as an alternative AI hardware supplier for training and inference workloads, particularly where Nvidia's premium pricing is not justified by performance differentiation. A decline in AMD alongside Micron and Intel suggests broad sector concerns about data center capex sustainability rather than company-specific issues—a macro signal that carries implications for the entire semiconductor ecosystem.

From the Indian market perspective—the source of this NDTV Profit coverage—the US chip sell-off has direct implications for Indian IT companies with semiconductor-related service revenue, fabless design companies listed on Indian exchanges, and the broader technology sector that tracks closely with US tech performance. Indian IT giants including TCS, Infosys, and Wipro derive significant revenue from semiconductor and electronics clients. The chip rout therefore serves as a leading indicator for Indian tech sector sentiment, and may affect FII inflows and IT sector valuations in the Nifty IT index following the US market close.

Synthesized from 1 source.