Chip rout pulls tech lower as investors rotate away from AI names
TL;DR Summary
Tech-led selling pushed the S&P 500 and Nasdaq lower as chipmakers and AI giants led declines, while travel stocks rose on softer oil prices amid signals that Strait of Hormuz traffic is normalizing. Major chips such as Micron, Marvell, AMD, Intel, and Nvidia led the slide, Apple fell after the WWDC, and pockets of strength appeared in travel names (airlines, cruise lines) along with DraftKings and Chewy on volume and earnings news. Other notable moves included Rivian on R2 pricing concerns, Amazon expanding its LTL freight service, and Super Micro outlining financing to meet AI server demand, all contributing to a mixed, risk-on/risk-off market tone.
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