Finance

Chipmaker stocks experienced a significant retreat, led by a 13.2% plunge in Micron Technology following a broader sell-off that began in Asian markets. The PHLX Semiconductor Index fell nearly 8% as investors questioned the sustainability of massive AI infrastructure spending and looming results from key industry players.

Shares of the newly public SpaceX have seen sharp fluctuations, dropping significantly over several sessions after the company announced a multibillion-dollar bond offering to fund its AI expansions. Despite some intraday recovery on Tuesday, the stock's recent volatility has wiped out substantial market value from its post-IPO peak.

WTI crude oil prices hit fresh lows as progress in negotiations between the United States and Iran signaled a potential end to regional conflict. The U.S. reportedly granted a 60-day license for Iran to sell oil on the global market, easing supply concerns and inflationary pressures tied to the Strait of Hormuz.