SHARES of memory chip manufacturers have shed nearly $100 billion in market value this week, as the once-acute shortage of artificial intelligence-driven hardware continues to recede — a scarcity that had previously propelled semiconductor stocks to record heights.
Micron Technology, the US memory specialist, has suffered losses exceeding $70 billion in market capitalization since last Friday’s close, a 15 per cent decline amid a sweeping Wall Street selloff, according to a report by the Financial Times.
Sandisk, the flash memory manufacturer that emerged as the top-performing stock in the S&P 500 last year, has seen approximately $15 billion erased from its valuation over the week, while data storage peers Western Digital and Seagate have each shed billions of dollars.
Travis Prentice, Chief Investment Officer at California-based asset manager Informed Momentum, observed: “These stocks had experienced astronomical gains, so it is only logical that even marginal news would trigger a pullback.”
ANI
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