Headline: U.S. Tech Stocks Plunge, MU Drops 13% on June 23 Amid Valuation Concerns

U.S. equities experienced a significant sell-off on June 23, 2026, with technology and semiconductor stocks leading the decline. The Nasdaq Composite Index fell over 2%, and the Philadelphia Semiconductor Index (SOX) plummeted nearly 9% as investors questioned the valuations of AI-related stocks after two years of rapid growth. Memory chip giant Micron Technology (MU) saw its shares drop 13% on June 23, marking its largest single-day decline in over a year. This followed similar drops in SK Hynix and Samsung, contributing to the broader tech sector's downturn. The Nasdaq Volatility Index (VXN) relative to the VIX is nearing a 20-year high, signaling increased hedging against potential tech stock volatility. Wall Street is also speculating on a potential merger between Elon Musk's SpaceX (SPCX) and Tesla (TSLA) post-SpaceX's IPO. This speculation has seen Tesla shares recently trade above $400. Approximately 40 million SpaceX shares, representing 5-7% of its float, are currently shorted, indicating divided market opinions on its valuation.