Some of the largest chip and memory stocks fueled a selloff across global markets, as analysts pointed to “anxiety” ahead of Micron’s earnings amid investors pricing in a steeper path for interest rates.
One analyst pointed to “nervousness” on the memory chip trade.
Nvidia headlined broader losses across the Nasdaq in premarket trading on Tuesday, sliding 2.8% as the index dropped 2.8%, followed by Intel (7.3%), AMD (7.2%), Broadcom (3.9%), Tesla (2.7%) and Alphabet (1.9%).
Both the Stoxx 600 and Germany’s DAX index dropped about 1% in Europe, with semiconductor Infineon (down 5.5%) weighing down the Frankfurt-based stock market.
In South Korea, the Kospi index plunged 10% as shares of Samsung and SK Hynix—the country’s two largest companies by market capitalization, respectively—plummeted more than 12% each.
