Micron Plunges 13% as AI and Semiconductor Stocks Shake

[Anchor]

Overnight in the New York stock market, semiconductor and artificial intelligence-related stocks took a collective hit. Micron, in particular, plummeted by more than 13 percent. This is being interpreted as a reversal of the shock that caused a sharp decline in the Korean stock market yesterday (June 23).

Here is a report from our New York correspondent, Kim Beom-joo.

[Reporter]

The Nasdaq index, which is centered on high-tech companies, plunged 2.2% in the New York stock market.

The decline was largely driven by a synchronized drop in artificial intelligence and semiconductor-related stocks.

Micron, one of the world's top three memory semiconductor companies alongside Samsung Electronics and SK Hynix, and SanDisk, another major semiconductor firm, both plummeted by more than 13%.

As a result, the Philadelphia Semiconductor Index, which tracks the performance of semiconductor companies, also fell by 7.9%.

Analysts suggest that this was a direct reflection of the significant decline in Samsung Electronics and SK Hynix shares on the Korean stock market yesterday.

While AI and semiconductor stocks have been on a rally for some time, periodic concerns have emerged regarding whether the investment is overheating or whether it can actually translate into real profits; this appears to be a repeat of that pattern.

[Nancy Tengler / CEO of Laffer Tengler Investments: Earnings growth is steep, and operating margins are near all-time highs. Therefore, we believe the stock prices are at an appropriate level.]

Additionally, new statistics showing that U.S. factories are laying off workers at levels comparable to the 2009 financial crisis or the early stages of the 2020 COVID-19 pandemic also had an impact.

Although international oil prices fell below $80 per barrel today, reaching their lowest level since the onset of the war in Iran, experts analyze that the stock market is driven primarily by high-tech companies that have little correlation with oil prices, meaning the potential for a rebound effect is limited.

(Reported by Lee Hee-hoon | Video edited by Kim Jin-won)
※ Please note: This article was translated by AI and may contain errors.