Semiconductor Stocks Plunge Overnight as Nvidia Cuts Rubin Production Forecast, Nasdaq Falls Over 2%

Semiconductor stocks tumbled overnight on June 23 following reports that Nvidia reduced production expectations for its Rubin chip due to slower-than-anticipated demand. The Nasdaq fell more than 2%, while the semiconductor index dropped nearly 8%, with Micron and SanDisk each declining over 10% and Marvell falling over 9%. The sell-off was triggered by revised guidance from Nvidia, which prompted investors to reduce positions across memory chip manufacturers including SK Hynix, which is slowing expansion of its HBM4 production.

Meanwhile, U.S. crude oil erased gains accumulated since the Iran-U.S. conflict and fell over 2% intraday, while the U.S. dollar reached a one-year high. Broader market weakness also pressured growth-related sectors, though defense contractor SpaceX stock gained nearly 1%.