Micron (MU) Plunges Over 13% as Chip Stocks Lead Broad Market Sell-Off

U.S. equities saw a broad sell-off on June 23, 2026, as investors engaged in profit-taking across the technology sector, particularly in memory chip stocks. Micron Technology (MU) plunged over 13% ahead of its earnings report, fueling concerns over artificial intelligence (AI) valuations and dragging the Philadelphia Semiconductor Index down by nearly 8%. The Nasdaq Composite fell over 2%. Micron (MU) shares closed down 13.18% at $105.77, its worst single-day performance since June 5. Other chipmakers also saw significant drops, including NVIDIA (NVDA) down 4.13%, AMD (AMD) 5.76% lower, and Qualcomm (QCOM) falling 8.01%. The broad retreat followed investors' continued assessment of the Federal Reserve's hawkish stance from the prior week, raising concerns about further interest rate hikes. Analysts cited accumulated market risks and growing skepticism over AI sector valuation sustainability, with UBS strategists noting a "same bus" phenomenon where concentrated capital could lead to synchronized withdrawals.