Chip Stocks Drag Nasdaq In Red As Micron, SanDisk, Intel Trade Lower On AI Rout, China Jitters
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Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓The Nasdaq Composite fell 0.2% on Friday as semiconductor stocks like Micron, SanDisk, and Intel traded lower.
- ✓Investors got worried about Chinese competition and the future of AI investments.
- ✓While the Dow Jones gained 188 points, many tech shares struggled, leaving the Nasdaq down 2.4% for the entire week.
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- India Economy
US technology stocks remained under pressure on Friday as another sell-off in semiconductor shares weighed on the Nasdaq Composite, with Micron Technology, SanDisk and Intel trading lower amid concerns over Chinese competition and the sustainability of artificial intelligence (AI) investments.
The Nasdaq Composite fell 0.2% in Friday's session, while the S&P 500 edged up 0.1% and the Dow Jones Industrial Average gained 188 points, or 0.4%. Despite the broader market's modest recovery, technology stocks continued to struggle, leaving the Nasdaq down 2.4% for the week.
Shares of Micron Technology fell 2.60% to $907, while SanDisk declined 2.96% to $1,353.53. Intel shares were down 2.05% at $93.41, according to the latest available quotes at around 10:40-10:41 a.m. US Eastern Time on October 16.
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