PiCK
Micron Falls 4.9%, Nvidia Slips 1% in Premarket as Global Chip Selloff Continues
Summary
- Global selling in semiconductor stocks left memory names and megacap technology stocks weaker ahead of the U.S. open.
- Memory stocks including Micron Technology and the Roundhill Memory ETF (DRAM) tumbled, while Tesla, Nvidia, and SK Hynix ADRs also fell.
- Products offering 2x exposure to SK Hynix and Samsung Electronics plunged more than 30% and 26%, respectively, while semiconductor- and artificial intelligence (AI)-related products also showed steep weakness.
Forecast Trend Report by Period
Memory stocks and megacap technology shares were both lower in U.S. premarket trading as a global semiconductor selloff continued. Leveraged products linked to South Korean chip stocks also posted steep losses.
BlockBeats reported on July 28 that Micron Technology and Western Digital each fell 4.9% before the U.S. market open. Seagate Technology dropped 4.11%, while Sandisk lost 4.1%. The Roundhill Memory ETF (DRAM) tumbled 6.92%.
Large technology stocks were mostly weaker as well. Tesla and Nvidia each slipped about 1%, while SpaceX fell 2% and SK Hynix American depositary receipts dropped 4%. By contrast, Microsoft rose 0.7%, Meta gained 0.2% and Apple added 0.1%.
Nasdaq 100 futures fell 1%, while Dow Jones Industrial Average futures rose 0.1%.
A product designed to deliver twice the daily move in SK Hynix shares plunged 30%, while a 2x product tied to Samsung Electronics sank more than 26%. Hong Kong's Hang Seng Index and Hang Seng Tech Index closed up 0.41% and 0.61%, respectively, but semiconductor- and artificial intelligence-related products showed steep weakness.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.