Micron Slides with Nvidia and ASML After SpaceX’s $8.4B IPO Spurs Chip Rotation
MU•Micron shares dipped alongside Nvidia, Broadcom and ASML after SpaceX sold 56 million shares in an $8.4 billion IPO at $135 per share that opened above $150. Broader chip sector saw rotation as Intel, ARM, Qualcomm and SanDisk jumped on AI demand and potential US-Iran ceasefire.
1. SpaceX IPO Details
SpaceX sold 56 million shares in its IPO at a $135 price, raising $8.4 billion in its first trade. The stock debuted at $150, climbed above $170, and has maintained gains above its offering price.
2. Chip Stocks Dragged Lower
Micron shares fell intraday alongside Nvidia, Broadcom and ASML as investors reallocated capital toward SpaceX’s offering. The broader semiconductor sector dipped despite recent strong quarterly runs.
3. AI and Geopolitical Tailwinds
Intel, ARM, Qualcomm and SanDisk saw intraday rallies on renewed AI demand and optimism over a potential US-Iran ceasefire, offsetting some softness across the chip complex.
4. Implications for Micron
Short-term rotation into SpaceX and AI-favored names could heighten volatility for Micron. Continued semiconductor strength will depend on demand for memory chips in data centers and AI applications.
