๐ Chip stocks crater: SNDK -10%, AMAT -11% close out holiday-shortened week
SanDisk ($SNDK) and Applied Materials ($AMAT) each shed ~10% on Thursday as a wave of profit-taking swept semiconductor stocks into the long weekend. SNDK โ up a staggering +613% year-to-date on AI memory demand โ dived toward $1,600 after Korean chip stocks led a global selloff, raising real questions about whether AI infrastructure spending can sustain those gains. AMAT's slide was compounded by reports of $114M+ in insider stock sales by top execs over the past three months, with zero buying. US markets were closed Friday (July 4 observed) and reopen Monday July 7 with PepsiCo ($PEP) and Delta Air Lines ($DAL) earnings on the horizon. Not financial advice. Is the AI chip trade just catching its breath, or is the momentum finally cracking?
