Micron Slumps 8.9% as Chip Stocks Fall Broadly, Sandisk Down 14.3% on Tuesday

According to Barron's, Micron (MU) slumped 8.9% on Tuesday (July 28), leading a broad selloff in semiconductor stocks. Sandisk dropped 14.3%, Western Digital fell 6.9%, and Advanced Micro Devices declined 8.2%. The Philadelphia Semiconductor Index fell 4.5%.

The selloff followed reports that a Chinese company has begun producing immersion deep ultraviolet (DUV) lithography equipment, a key technology for chipmaking currently dominated by Netherlands-based ASML. South Korea's KOSPI index also tumbled 11% on Tuesday, further pressuring market sentiment.