AI Stocks Tumble as SK Hynix Plunges 15%, Nasdaq Futures Drop 1%
NDX sits 32% above its 52-week low of $22,669.37.
Summary
AI stocks are selling off sharply, with SK Hynix shares plunging 15% in Seoul—their steepest drop on record—after a red-hot U.S. debut on Friday. Nasdaq-100 futures fell about 1%, and Micron Technology dropped 5% premarket. The selloff reflects growing doubts about the sustainability of the AI-driven rally that has powered markets this year. Geopolitical tensions are adding pressure, with Brent crude jumping nearly 4% to near $80 a barrel amid intensifying U.S.-Iran fighting. This follows a broader tech selloff on July 7 triggered by Samsung's earnings, suggesting mounting fragility in the sector. Earnings season begins tomorrow with major bank results and new Fed Chair Kevin Warsh's congressional testimony, which could further sway sentiment.
At the time of this announcement, NDX was trading at $29,825.11 on NASDAQ in the Technology sector. The 52-week trading range was $22,669.37 to $30,762.20. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.