Micron, Nvidia, and SanDisk are leading a sharp plunge in tech futures, pointing to a sector-wide catalyst — likely a macro shock, export restriction headline, or a demand warning — hitting semiconductors broadly rather than a single-company event. MU posted $37.4B in FY2025 revenue (+48.9% YoY) at 39.8% gross margin, while NVDA printed $215.9B (+65.5% YoY) at an extraordinary 71.1% gross margin, meaning both stocks carry elevated expectations baked in.

The simultaneous selloff across memory (MU, SanDisk) and compute (NVDA) raises the question of whether this is a temporary risk-off flush or an early read on a demand inflection — AI capex deceleration or renewed export controls would be the most damaging scenario. Traders will watch for follow-through below key technical levels in NVDA and MU, any confirming commentary from hyperscalers, and whether the move in SanDisk (typically less liquid) implies a supply-chain signal.