Micron Technology shares plunge 13% as global chip selloff deepens amid AI valuation concerns (opens original article in a new tab)

Micron Technology shares plunged 13% as global chip stocks declined amid concerns over AI valuation sustainability and production shifts by SK Hynix, with broader market impacts including a 10% drop in South Korea's Kospi index.

• Micron Technology shares fell 13% due to concerns over chip stock valuations and slowing AI memory chip production by SK Hynix
• SK Hynix and Samsung Electronics shares dropped 12% each, causing South Korea's Kospi index to fall 10% and trigger a circuit breaker
• Global semiconductor stocks declined as investors questioned the sustainability of AI-related growth and potential US interest rate hikes