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🩸JUST IN: US AI and chip stocks are extending losses in premarket trading, following Asia's $800 billion tech rout overnight.
The pain is concentrated in memory and storage names. Western Digital led declines, down nearly 4%, with Seagate off about 3.4%, SanDisk down roughly 3%, and Micron sliding between 2.5% and 3%. SK Hynix's US-listed ADR dropped around 5%, mirroring the carnage that hit the stock in Seoul overnight.
Broader chip names are feeling it too, though less severely. Marvell fell as much as 3.4%, AMD dropped around 1-1.8%, Broadcom eased roughly 0.8-1%, and Nvidia, the bellwether of the entire AI trade, slipped a more modest 0.5-0.8%.
The driver is the same story rattling Asia. Investors are reassessing whether China's progress in high-density memory chips threatens the pricing power that's fueled this year's AI hardware rally, layered on top of broader anxiety about how sustainable AI infrastructure spending really is.
Markets are also digesting Broadcom CEO Hock Tan's warning that funding the AI buildout itself could become a real constraint, a signal that even the biggest AI winners are starting to flag financing risk out loud.
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