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The Economic Times
The Economic Times
Business
Akash Podishetti

US Stocks: Micron, Intel and other chip stocks fall up to 11% after record-breaking rally

Intel Corporation Micron Meta Semiconductor ETF

Semiconductor stocks opened the third quarter on a weak note on Thursday, with several of the biggest winners from the AI rally witnessing sharp profit booking after a record-breaking run in the April-June period.

The VanEck Semiconductor ETF (SMH), which tracks major chip stocks, fell more than 5%, a day after ending its strongest quarter on record. The index had surged 71% between April and June as investors aggressively bought companies expected to benefit from the artificial intelligence boom.

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