Intel and Micron led a broad semiconductor selloff that wiped out approximately $1.3 trillion in market value at its worst point. On June 4, Broadcom issued an AI chip forecast that fell short of Wall Street expectations, triggering immediate drops of more than 7% for both Intel and Micron. The Philadelphia Semiconductor Index fell as much as 10.8%, while Intel shares declined more than 20% from their pre-selloff levels. The correction comes as AI infrastructure capital expenditures are projected to reach $650 billion, representing a 67% year-over-year increase, raising questions about whether chip companies can justify their stratospheric valuations.
Source: Read the original article
