Friday brought more pain for tech investors. Stocks that had ridden the artificial intelligence wave higher were among the biggest losers in pre-market trading.
Micron Technology dropped 5.2% before the opening bell. That came just one day after the memory chip maker surged 16% on strong third-quarter earnings.
The broader chip sector followed. Sandisk fell 5.1%, while Seagate Technology and Western Digital dropped 3.5% and 3.8% respectively.
Optical networking stocks Coherent and Lumentum each fell around 4%. Marvell Technology slid 4.6% and Intel dropped 3.6%.
Nvidia also declined, falling 1.1%. Stocks including Qualcomm, Lam Research, KLA, and Applied Materials all moved lower as well.
Investors are growing more concerned about the scale of capital spending needed to build out AI infrastructure. That concern weighed on the sector throughout the day.
Apple bucked the trend slightly, rising 0.6% in pre-market. The iPhone maker had its worst session in more than a year on Thursday, dropping 6% after announcing price increases on MacBooks and iPads.
ON Semiconductor was the S&P 500’s worst performer in pre-market trading, falling 12%.
The chipmaker announced late Thursday it had agreed to buy Synaptics in an all-stock deal valued at roughly $7 billion. The ratio was set at 1.35 ON Semiconductor shares for each Synaptics share.
Analysts worried the deal would shift focus away from AI data center supply and toward consumer and smart device markets.
ON Semiconductor said the deal would expand its total addressable market to $243 billion by 2030. The company expects $200 million in annual synergies and says the deal will be earnings-accretive within 18 months of closing.
Synaptics shares rose 6% on the news.
Not every stock was in the red. Titan Mining jumped 42% after reports that the U.S. Army awarded it long-term leases to build a graphite purification facility at Pine Bluff Arsenal and Anniston Army Depot.
The move is part of a broader push by the Trump administration to grow domestic production of critical minerals.
Wise Group rose 7% after announcing a share buyback program expected to exceed $500 million. The fintech also reaffirmed medium-term targets, including net revenue growth of 15% to 20% annually.
Nano-X Imaging fell 12% after reporting $4.3 million in Q1 revenue, missing estimates. The Israeli medical imaging company also pulled its full-year 2026 outlook, citing going-concern uncertainty.
FedEx Freight dipped 0.3% after fourth-quarter revenue came in just above analyst expectations.
Wendy’s slid 0.1%, a day after dropping 6.7% following a short-lived rally driven by retail traders on Reddit’s WallStreetBets.
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