Tech stocks tumble at US market open
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The news: Computer chip and memory stocks fell sharply at the US market open overnight. The Nasdaq opened 0.4% lower, while the S&P 500 slipped 0.2%.
The numbers: Among the hardest-hit chip stocks, Sandisk fell 6.3%, Seagate Technology dropped 4.8% and SK hynix declined 6.2%.
TSMC shares also fell about 2%, despite second-quarter earnings exceeding estimates compiled by LSEG SmartEstimates, according to CNBC.
The context: Some large investors may be locking in profits after a sharp rise in chip stocks, the WSJ reported. A Goldman Sachs research note published yesterday showed hedge funds’ net exposure to a basket of AI stocks had fallen this year.
