The NASDAQ Dropped 3% as Micron, Intel, and AMD Tumble, but One Tech Name Is Bucking the Trend

CNBC's Dominic Chu opened Tuesday's marketplace sum with a acquainted portion signifier that has not shown up overmuch successful 2026. "The tech sell-off that began Monday gathering momentum this greeting aft representation spot related shares tanked connected Asian markets overnight," Chu told viewers, and harm successful U.S. premarket concentrated precisely wherever expected. The NASDAQ-100 proxy QQQ was disconnected 2.57% intraday, which connected a basal this elevated is simply a existent day.

The representation commercialized snaps aft a historical tally

Micron Technology (NASDAQ:MU) was the epicenter. "Micron picked up wherever Asian stocks near off, falling much than 10% successful aboriginal trading," Chu said, and the portion confirmed it with a 10.53% intraday driblet from $1,211.38 to $1,083.84. MU banal is up 230% twelvemonth to day and 716% implicit the past year. This is simply a setup that invites convulsive unwinding connected immoderate whiff of cyclical doubt. The institution conscionable printed a 39.74% EPS bushed connected $23.86 cardinal successful gross and guided adjacent 4th to $33.5 cardinal successful gross with astir 81% gross margin, numbers elaborate successful its Q2 FY26 release.

With a guardant P/E of 11x and expert people of $945.60, the selloff looks similar a positioning unwind. Retail noticed. Reddit's r/wallstreetbets postulation connected Micron peaked astatine an enactment people of 44 during the 6pm ET selloff hr Monday, with 1 station titled "I conscionable suck astatine this game" drafting 145 upvotes.

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Storage and chips resistance successful sympathy

Seagate Technology (NASDAQ:STX) fell 6.31% from $1,094.04 to $1,025.01, giving backmost a sliver of a 241% year-to-date summation built connected HAMR adoption. Furthermore,  Intel (NASDAQ:INTC) participated successful the bleed contempt a caller affirmative Q1 net report. The study showed Data Center & AI gross up 22% to $5.05 cardinal and the caller Xeon 6 enactment arsenic big CPU for NVIDIA's DGX Rubin NVL8.

In addition, Advanced Micro Devices (NASDAQ:AMD) slid 4.77% to $525.32, a humble pullback against a 157.58% year-to-date beforehand and Lisa Su's commentary that Meta volition deploy up to 6 gigawatts of Instinct GPUs starting with MI450.