By Ines Ferré
Publication Date: 2026-06-04 18:59:00
What happened: Semiconductor stocks, including Intel (INTC), AMD (AMD), and Arm Holdings (ARM), trimmed losses on Thursday after the broader chip sector came under pressure following a disappointing outlook from custom AI chip designer Broadcom (AVGO).
High-flying memory and storage names Micron (MU) and Sandisk (SNDK) tumbled more than 7% and 3%, respectively, as investors rotated out of semis and into sectors such as Healthcare and Financial Services.
Marvell Technology (MRVL) stock, which had opened in the red, flipped into green territory, rising as much as 5%.
What’s behind the move: A weaker-than-expected AI chip outlook from Broadcom, coupled with the company’s decision to reiterate rather than raise its 2026 guidance, sent the Palo Alto-based company’s shares plunging as much as 15% during the session.
The sell-off rippled across most of the semiconductor sector, with investors heading for the exits after a blistering rally that pushed many chip stocks to…
