00:00It's Benzinga, bringing Wall Street to Main Street.
00:02The Nasdaq fell sharply Tuesday as Micron Technology and other chip makers declined
00:07amid doubts about the sustainability of Wall Street's AI-driven rally, according to Reuters.
00:12Samsung's strong earnings report failed to meet elevated investor expectations,
00:17dragging chip stocks lower across Asia and the U.S.
00:20Micron dropped 4.7 percent and SanDisk lost 7.3 percent,
00:24helping send the PHLX chip index down 4.65 percent and reducing its 2026 gain to about 74 percent.
00:33Reuters also reported that DeepSeq is developing its own AI chip,
00:37adding pressure on NVIDIA and Huawei suppliers.
00:40Investors have been rotating out of AI semiconductor and memory stocks
00:44after a sharp rally left expectations difficult to exceed.
00:47The S&P 500 fell 0.45 percent, the Nasdaq lost 1.16 percent,
00:52and the Dow declined 0.25 percent after briefly touching a record high.
00:57For all things money, visit Benzinga.com.
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