Nvidia Shares Drop 1% as Memory Peers Rally on AI Demand
NVDA•Nvidia shares fell 1% on renewed US-Iran tensions, trailing memory peers that hit record highs as AI-driven demand bolstered Micron, SanDisk and others. CoreWeave's Nasdaq-100 inclusion and SK Hynix's rise as top HBM supplier underscore the expanding AI compute ecosystem supporting Nvidia's GPU sales.
1. Shares Dip on Geopolitical Risks
Nvidia shares slid 1% in Sunday trading as investors reacted to fresh US threats toward Iran and the associated spike in oil prices, with futures also moving lower ahead of ongoing peace negotiations.
2. Memory Stocks Rally on AI Demand
Leading memory chip stocks Micron, SanDisk, Seagate and Western Digital each reached record levels, driven by AI-centred data centre expansions, while Nvidia lagged as traders favoured the memory supercycle narrative.
3. SK Hynix Overtakes Samsung
SK Hynix overtook Samsung Electronics in market capitalization at 2,082.5 trillion won after a 340% rally this year, highlighting its role as Nvidia’s primary high-bandwidth memory supplier for AI systems.
4. CoreWeave Joins Nasdaq-100
CoreWeave’s inclusion in the Nasdaq-100 on June 22 follows a 194% IPO surge and reflects growing GPU compute demand; the company holds a $100 billion contracted backlog and deepens its collaboration with Nvidia.
