Micron Technology Sinks 7.7% After Middle East Tensions Spike Oil Prices
Micron Technology shares plunged 7.7% Tuesday as oil prices spiked following fresh strikes between Israel and Iran, intensifying inflation concerns and triggering a sector-wide tech selloff. The stock had surged 45% year-to-date on booming AI-driven memory demand before today’s drop.
1. Sharp Stock Decline
Micron Technology shares fell 7.7% on Tuesday, marking one of the largest single-day declines this year. The drop wiped out much of its 45% year-to-date rally fueled by surging AI-driven memory demand.
2. Geopolitical Trigger
Renewed strikes between Israel and Iran pushed oil prices sharply higher, intensifying inflation concerns and raising expectations for prolonged interest rate hikes. Investors fled growth-oriented tech names sensitive to rising rate forecasts.
3. Sector-Wide Selloff
Memory makers led the tech selloff, with SanDisk shares down over 8% and other chip names tumbling. The broader technology sector slide drove the S&P 500 down 1.5% and propelled the VIX to its highest level since last November.