Micron Drops Over 3% as KOSPI Plunges and Samsung Strike Looms
Micron shares fell 2.3% in premarket trading and more than 3% by 04:34 ET after South Korea’s KOSPI index plunged over 6%. The selloff followed an 8.6% drop in Samsung on an 18-day strike plan, a 7.7% slide in SK Hynix and stalled U.S.-Iran negotiations.
1. Market Reaction
Micron shares declined 2.3% in premarket trading and slid over 3% by 04:34 ET as global semiconductor equities experienced broad weakness.
2. KOSPI Selloff Drivers
South Korea’s KOSPI index plunged more than 6% from record highs, driven by an 8.6% collapse in Samsung Electronics after its labor union confirmed an 18-day strike and a 7.7% fall in SK Hynix.
3. Geopolitical Uncertainty
Stalled negotiations between the U.S. and Iran over shipping lane access in the Strait of Hormuz and renewed energy supply concerns heightened market volatility across tech and broader markets.
4. Broader Semiconductor Impact
Nvidia, Broadcom, AMD, Intel and ASML all posted declines between 2.3% and 5%, signaling sector-wide pressure that could extend Micron’s losses if external tensions persist.