Shares of memory chip maker Micron Technology (MU) fell 12% as chip selling intensified on Thursday.
Peer SK Hynix (SKHY), as well as memory and storage names Sandisk (SNDK), Seagate (STX), and Western Digital (WDC) all fell by double-digit percentages during the session.
Shares of Micron and other chip stocks have declined significantly over the past month amid growing concerns about overexpanding the AI business. The selloff accelerated Thursday after Democrats took control of the House and Senate, sparking concerns about a slowdown in data center construction.
AI chip makers Nvidia (NVDA) and AMD (AMD) fell 6% and 13%, respectively, on Thursday. Broadcom (AVGO) also fell 6%.
The carnage among chipmakers was widespread, as Yahoo Finance’s AlphaSpace chart shows.
The PHLX Semiconductor Index (^SOX) fell 8%, dragging the Nasdaq Composite lower.
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