Stock Market Today: Nasdaq Slides Amid Global Technology Sell-Off; Micron, Nvidia, Sandisk Fall (Live Coverage)
Nasdaq is sliding in a global tech sell-off with Micron, Nvidia, and Sandisk among the hardest-hit names. The broad sector rotation raises the question of whether this is a short-term dip in fundamentally strong businesses or the start of a more durable de-rating.
What happened
Nasdaq is sliding in a global tech sell-off with Micron, Nvidia, and Sandisk among the hardest-hit names.
The read · Jun 26
With NVDA and MU both caught in a global tech sell-off despite historically strong fundamentals, the question is whether this is a macro-driven flush that overshoots fair value or an early signal of a cyclical semi peak.
Wrong if
A sustained macro risk-off move or new China-related export restrictions on semiconductor hardware would override the fundamental case for both names regardless of earnings quality.
CoverageSource: Yahoo Finance · Published here FRI, JUN 26 · 9:40 AM ET · the only report in this recordHow this is decided →
The chart · NVDATradingView · third-party feed, not the Wire’s licensed closes
🔒 Click to interact · scroll moves the page
The story1 min read
A global technology sell-off is dragging the Nasdaq lower, with semiconductor names bearing the brunt of the move. Micron (MU) and Nvidia (NVDA) are both down on the session, alongside Sandisk, in what appears to be a broad risk-off rotation rather than company-specific news.
The sell-off comes despite both MU and NVDA reporting exceptionally strong fundamentals. Nvidia posted $215.9B in revenue for FY2026 — up 65.5% year-over-year — with a 71.1% gross margin and $4.90 diluted EPS, figures that reflect unmatched AI infrastructure demand. Micron similarly reported $37.4B in revenue, up 48.9% YoY, with a 39.8% gross margin and $7.59 diluted EPS, signaling robust HBM and DRAM demand.
The tension here is classic: are these forced sellers and macro-driven outflows creating a dip in structurally sound businesses, or is the market sniffing out a cyclical peak — particularly in AI capex and memory — that the income statements haven't yet reflected? Semis are a notoriously cyclical group, and multiple expansion during the AI boom means both stocks carry elevated valuations relative to historical norms even after today's move.
For Nvidia, the bull case is the clearest in the sector — its gross margins and revenue trajectory are unprecedented for a chip company at scale. For Micron, the read is murkier: memory is historically the most cyclical sub-segment, and any softening in hyperscaler HBM orders would hit MU disproportionately. The key things to watch are whether the sell-off broadens into a multi-day distribution pattern and whether macro catalysts (rate expectations, China tech restrictions) are driving the rotation.
The read, in fullWhy it matters
The sell-off is broad and macro-driven rather than tied to company-specific news, making it difficult to anchor a directional trade without knowing whether the catalyst is a one-day flush or the start of a multi-week de-rating. Both NVDA and MU carry exceptional fundamental backdrops — NVDA at 65.5% revenue growth and 71% gross margin, MU at 48.9% revenue growth — but valuation premiums built during the AI cycle mean the downside on a genuine risk-off rotation could still be meaningful. The lack of a specific catalyst date or earnings trigger prevents a clean entry/stop framework.
The arc● Open · no developments yet
· Published
The read above, as written. kept as written · closes shown from JUN 26 on
Next · what would move this
Unclear — macro-driven, no near-term catalyst anchor. Follow to be told when one lands.
▲ The case it holds
NVDA's 71.1% gross margin and 65.5% YoY revenue growth represent the strongest fundamental profile in semiconductors, and a macro-driven sell-off with no company-specific negative could represent a temporary mispricing in a structurally dominant AI infrastructure business.
▼ The case it breaks
Semis are historically cyclical, and both NVDA and MU trade at elevated multiples built on AI capex assumptions that could soften — particularly for MU, where memory demand is the most cyclically sensitive segment and any hyperscaler HBM order slowdown would hit disproportionately.
Kept as written · your side, if you take one, is graded privately against licensed closes after 10 trading days · nothing here is advice · How the Wire is made →
Shares a name with this story — discovery, not a connection.
The memory
This page is kept as it was written on Jun 26. Later coverage joins it only when the company and catalyst evidence match, and what the stock did is shown from licensed end-of-day closes — never re-graded, never backdated. The judgment is yours.