SanDisk, Micron, AMD, Intel Drop Up to 5% Pre-Market Ahead of Nvidia Earnings and Jackson Hole Fed Signals

The Quick Take

• US semiconductor stocks fell up to 5% in pre-market trading Monday as investors reduced technology exposure ahead of Nvidia's earnings and the Federal Reserve's Jackson Hole symposium.
• Nasdaq-100 futures dropped approximately 0.6% as the simultaneous dual-macro risk — AI demand data from Nvidia and potential hawkish Fed signals — triggered defensive repositioning.
• The selloff reflects concentrated risk accumulation in the semiconductor sector after a strong multi-month AI-driven rally, with two major catalyst events compressed into the same week.

US semiconductor stocks including SanDisk, Micron, AMD, and Intel fell between 3% and 5% in pre-market trading on Monday August 24, as investors trimmed technology sector exposure ahead of two high-stakes macro events scheduled this week: Nvidia's quarterly earnings report and the Federal Reserve's Jackson Hole Economic Symposium. The Nasdaq-100 futures dropped approximately 0.6% in tandem, reflecting broad de-risking rather than company-specific negative news. Semiconductor stocks had rallied sharply over the preceding months driven by AI demand expectations, creating elevated positioning and the potential for sharp corrections if either of the week's events disappoints.

The market implication for the semiconductor sector is a near-term increase in event risk on both sides. Nvidia's earnings — given its role as the primary AI accelerator chip provider — will either validate or challenge the AI capital expenditure cycle narrative that has underpinned the entire semiconductor sector's 2025-2026 rally. If Nvidia beats on revenue and guidance, SanDisk, Micron, AMD, and Intel would be expected to recover pre-market losses and potentially post new highs; if Nvidia misses or guides conservatively on data centre demand, the 5% pre-market declines could extend further. The Jackson Hole Fed signal is the parallel risk: any hawkish pivot signalling higher-for-longer interest rates would raise the discount rate applied to long-duration tech growth stocks.

The forward signal to watch is Nvidia's earnings release this week — specifically its data centre revenue segment and forward guidance on AI chip orders, which directly informs the outlook for the broader semiconductor supply chain including Micron (HBM memory), AMD (competing AI GPUs), and Intel (AI accelerator positioning). The macro variable is the Fed Chair's tone at Jackson Hole: a dovish or neutral signal keeps the rate environment supportive for technology valuations, while a hawkish tone extending the tightening cycle would be a multi-week headwind for the Nasdaq-100 and semiconductor sector. Track VIX implied volatility as a real-time stress indicator for the week's dual catalyst events.

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