Micron Technology stock fell 8.8% on Tuesday and by another 1.5% during premarket hours on Wednesday after South Korea's KOSPI index tanked by nearly 11% overnight in a broad semiconductor stock sell-off, increasingly driven by AI spending concerns and stiff Chinese competition.
The KOSPI crash comes after SK Hynix's lower-than-expected earnings that dragged the benchmark Korean index down to levels unseen in weeks. Note that SK Hynix delivered its strongest-ever quarterly performance on peak AI demand, but the stock still crashed, indicating dynamic investor expectations over the gap between AI spending and actual output.
