Stock Market Today: Nasdaq Slides Amid Global Technology Sell-Off; Micron, Nvidia, Sandisk Fall (Live Coverage)
1 min read
The story
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 case — both sides
2 of 3 names have verified EOD history. The basket chart is hidden rather than showing illustrative data.Missing: SNDK
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.
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.
The house read
Two-sidedWith 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 ifA 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.
Published read · research, not advice