The chips and AI continue the moves lower as gains are eroded.
Chip and AI stocks remain under heavy selling pressure. The list below isn't meant to be all-inclusive, but it provides a representative sample of many of the names I follow. Admittedly, if I had taken this same snapshot one or two months ago, the picture would have looked very different, with many of these stocks significantly outperforming the broader market.
Even after the recent correction, many of these names have posted impressive gains this year. Excluding Nvidia and Broadcom, some of the weakest performers on the list are still up roughly 24%, while SanDisk remains higher by 332%, Arm is up 111%, AMD has gained 100%, Micron is up 174%, and Intel is ahead by 126%.
Today's snapshot, however, tells a different story. All but three stocks on the list are down more than 2%, easily outpacing the declines in the Nasdaq (-1.0%) and the Nasdaq 100 (-1.03%). The recent selling has been broad-based, reflecting investors taking profits and reassessing valuations after an extraordinary run in the AI and semiconductor space.
- Nebius Group: $155.21, -14.48 (-8.53%)
- KLA Corporation: $175.88, -14.92 (-7.82%)
- SanDisk: $1,020.95, -73.15 (-6.67%)
- Coherent Corp.: $227.83, -15.50 (-6.37%)
- Lumentum Holdings: $611.77, -40.16 (-6.16%)
- Arm Holdings: $230.77, -13.98 (-5.71%)
- Credo Technology Group: $181.31, -10.97 (-5.71%)
- Applied Materials: $451.83, -24.63 (-5.17%)
- Advanced Micro Devices (AMD): $433.52, -21.10 (-4.64%)
- Micron Technology: $784.68, -35.85 (-4.37%)
- Lam Research: $258.55, -11.06 (-4.10%)
- Arista Networks: $162.72, -6.99 (-4.12%)
- Marvell Technology: $168.36, -6.11 (-3.50%)
- Astera Labs: $251.34, -8.89 (-3.42%)
- Taiwan Semiconductor Manufacturing (TSMC): $379.39, -12.92 (-3.29%)
- VanEck Semiconductor ETF (SMH): $513.36, -16.24 (-3.07%)
- GE Vernova: $919.85, -23.53 (-2.49%)
- NVIDIA: $192.21, -4.80 (-2.44%)
- Texas Instruments: $270.70, -6.37 (-2.30%)
- Intel: $84.44, -1.86 (-2.16%)
- ASML Holding: $1,551.21, -31.74 (-2.01%)
- Monolithic Power Systems: $1,264.12, -17.89 (-1.40%)
- Broadcom: $376.31, -4.60 (-1.21%)
- Cisco Systems: $115.65, +0.07 (+0.06%)
The declines seen today mirror the declines seen since mid June. Below is the same list with the all time highs reached - mostly in the month of June.
- Nebius Group $299.86
- KLA Corporation $307.37
- SanDisk $2363.85
- Coherent Corp. $440
- Lumentum Holdings $1085
- Arm Holdings $452.70
- Credo Technology Group $308.67
- Applied Materials $739.67
- Advanced Micro Devices (AMD) $584.73
- Micron Technology $1264.11
- Lam Research $438.50
- Arista Networks $189.82
- Marvell Technology $329.61
- Astera Labs $499.48
- Taiwan Semiconductor Manufacturing (TSMC) $479.00
- VanEck Semiconductor ETF (SMH) $671.83
- GE Vernova $1195.94
- NVIDIA $236
- Texas Instruments $334.03
- Intel $142.35
- ASML Holding $1999.96
- Monolithic Power Systems $1714.09
- Broadcom $495
- Cisco Systems $130.37
Looking at the changes from a $ and % terms, here is the results over the last month or so
This article was written by Greg Michalowski at investinglive.com.Those are some healthy declines. The positive takeaway is that, despite the recent selloff, many of these stocks continue to outperform the broader market as the AI revolution remains a powerful long-term theme. The less encouraging news is the magnitude of the declines from their "bubble highs," and the possibility that the correction is not yet complete given just how far many of these names had run.
I don't know whether this ultimately proves to be the bursting of an AI bubble or simply a healthy correction within a longer-term uptrend. However, with the Nasdaq and Nasdaq 100 both threatening to test their 100-day moving averages, traders need to respect the downside risk if selling momentum continues to build.
My focus has always been on managing risk rather than predicting the future. After the extraordinary gains many of these stocks enjoyed, the sharp pullbacks over the past few weeks have certainly raised the temperature for investors. Some will argue this is simply the price of taking profits after an exceptional run, while others will see it as the beginning of something more significant. Time—and price action—will ultimately provide the answer.
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