Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTOmor Ibne EhsanWed, June 24, 2026 at 6:54 PM GMT+2 4 min readQuick ReadMicron cratered 11% despite a forward P/E of 11 and an 882% one-year gain, pulling AMD down nearly 5% in a classic positioning unwind.IBM surged 5% on a JPMorgan upgrade while Oracle fell 4% after disclosing it cut 21,000 jobs funding its largest-ever cloud buildout.Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and AMD didn't make the cut. Grab the names FREE today.CNBC's Dominic Chu opened Tuesday's market coverage with a familiar tape pattern that has not shown up much in 2026. "The tech sell-off that began Monday building momentum this morning after memory chip related shares tanked on Asian markets overnight," Chu told viewers, and damage in U.S. premarket concentrated exactly where expected. The NASDAQ-100 proxy QQQ was off 2.57% intraday, which on a base this elevated is a real day.Ja Crispy / Shutterstock.comThe memory trade snaps after a historic runMicron Technology (NASDAQ:MU) was the epicenter. "Micron picked up where Asian stocks left off, falling more than 10% in early trading," Chu said, and the tape confirmed it with a 10.53% intraday drop from $1,211.38 to $1,083.84. MU stock is up 230% year to date and 716% over the past year. This is a setup that invites violent unwinding on any whiff of cyclical doubt. The company just printed a 39.74% EPS beat on $23.86 billion in revenue and guided next quarter to $33.5 billion in revenue with roughly 81% gross margin, numbers detailed in its Q2 FY26 release.With a forward P/E of 11x and analyst target of $945.60, the selloff looks like a positioning unwind. Retail noticed. Reddit's r/wallstreetbets traffic on Micron peaked at an activity score of 44 during the 6pm ET selloff hour Monday, with one post titled "I just suck at this game" drawing 145 upvotes.Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and AMD didn't make the cut. Grab the names FREE today.Storage and chips drag in sympathySeagate Technology (NASDAQ:STX) fell 6.31% from $1,094.04 to $1,025.01, giving back a sliver of a 241% year-to-date gain built on HAMR adoption. Furthermore, Intel (NASDAQ:INTC) participated in the bleed despite a recent positive Q1 earnings report. The report showed Data Center & AI revenue up 22% to $5.05 billion and the new Xeon 6 selection as host CPU for NVIDIA's DGX Rubin NVL8.AVGO Earnings Explorer — 24/7 Wall St.In addition, Advanced Micro Devices (NASDAQ:AMD) slid 4.77% to $525.32, a modest pullback against a 157.58% year-to-date advance and Lisa Su's commentary that Meta will deploy up to 6 gigawatts of Instinct GPUs starting with MI450.Terms and Privacy PolicyPrivacy & Cookie SettingsMore Info