Micron and Sandisk led a tech selloff on Tuesday, falling more than 13%; Western Digital fell 8%, Marvell 9%, Seagate 5%, Qualcomm 8%, and Applied Materials 8%
One analyst says investors are merely taking a 'breather' from buzzy tech stocks, following sharp year-to-date gains and ahead …
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Tech Stocks Get Crushed: Micron, Sandisk Plunge Over 13%
A broad tech selloff hit hard Tuesday, with chip and storage giants posting steep single-day losses across the board.
Tuesday was ugly for tech. Micron and Sandisk led a broad selloff, both cratering more than 13% in a single session. They weren't alone.
Western Digital dropped 8%. Marvell shed 9%. Seagate fell 5%. Qualcomm tumbled 8%. Applied Materials also slid 8%. The damage was widespread, hitting chipmakers and storage companies alike.
At least one analyst chalked it up to investors catching their breath. The theory: after sharp gains year-to-date, traders are simply pulling back from the buzzy tech names that had been running hot.
Whether it's a healthy pause or the start of something deeper remains to be seen. But for now, the numbers speak for themselves — and they're all red.