September Nasdaq 100 E-Mini futures (NQU26) are down -1.21% this morning as a global bond rout sapped investors’ appetite for risk, triggering a selloff in chip and other AI-related stocks.
Chip and AI infrastructure stocks were among the biggest losers in pre-market trading. Sandisk (SNDK), Micron Technology (MU), and Intel (INTC) each fell more than -5%. Higher bond yields create a particularly challenging backdrop for richly valued chip and other AI-related stocks because they raise the discount rate applied to future earnings, reducing the present value of their profits and putting pressure on valuations.
