Finance

Chipmakers including Micron, Sandisk, and Intel experienced sharp declines of up to 11% as investors locked in profits after a massive rally in the first half of 2026. Despite these recent losses, many leaders in the sector maintain substantial year-to-date gains, supported by the ongoing infrastructure demands of the artificial intelligence boom.

Meta shares surged nearly 9% after the company announced plans to rent out its AI computing infrastructure to external customers, shifting its role from a cost center to an AI service provider. The move has been viewed by analysts as a major step toward monetizing its significant investments in high-end computing power and data centers.

Newly appointed Fed Chairman Kevin Warsh indicated that price risks have eased in recent weeks, though he emphasized that inflation remains above the central bank's target. Markets are currently pricing a high probability that rates will remain steady in July, with a potential quarter-point hike being considered for September as officials monitor the impacts of AI demand and global conflicts.