The move is described as a broad risk-off/sector repricing tied to macro expectations, with Nvidia singled out as one of the biggest decliners on the day.
Nvidia, Micron, AMD lead tech sell-off as AI trade cools Ines Ferré · Senior Business Reporter Updated Tue, June 23, 2026 at 10:40 PM GMT+2 1 min read NVDA GOOGL GOOG MU ANTH. PVT What happened: Nvidia ( NVDA ), Micron Technology ( MU ), and AMD ( AMD ) led a tech sector sell-off on Tuesday. What's behind the move: Investors shifted to risk-off mode, selling this year's market leaders after a hawkish Federal Reserve signaled last week that inflation remains too high.
The overall Technology sector ( XLK ) led the declines, dragging the Nasdaq Composite ( ^IXIC ) down roughly 2. 1% and extending its losses for a second consecutive session. AI chip heavyweight Nvidia stock slipped more than 4%, while Alphabet ( GOOGL , GOOG ) also fell nearly 1%, extending the weakness across Big Tech from the previous session .
Memory chip highflier Micron, set to report earnings on Wednesday, tumbled 13%, in a retreat from record highs. Pers SK Hynix ( 000660. KS ) and Samsung Electronics ( 005930.
KS ) in Asia also fell. What else you need to know: The hottest sector in the AI trade cooled off as chipmakers AMD, Broadcom ( AVGO ), and Intel ( INTC ) also declined. Technology has been the best-performing sector year to date, sending the major averages to all-time highs in recent weeks amid a boom in AI infrastructure investments.
Expectations that the Federal Reserve may have to raise rates, along with the massive SpaceX ( SPCX ) IPO and the expected public debuts of AI developers Anthropic ( ANTH. PVT ) and OpenAI ( OPAI. PVT ), have raised concerns about the market's ability to absorb lofty valuations for AI companies.
SpaceX stock briefly dipped before rebounding on Tuesday after sinking 16% in the prior session . Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre .
Click here for the latest technology news that will impact the stock market Read the latest financial and business news from Yahoo Finance Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre .
Oraklio AI Trading Intelligence
Oraklio turns news, price data, and market signals into structured BUY / SELL / NO_TRADE calls - updated continuously throughout the trading day.
Get started freeAlready have an account? Sign in →