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Micron Technology ( MU) stock plunged on Tuesday as semiconductor stocks broadly continued to sell off.
On the stock market today, Micron fell 8.9% to close at 820.53. It was among the worst performers on the Philadelphia semiconductor index, known as SOX.
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The SOX includes the 30 largest chip stocks traded in the U.S. The SOX fell 4.5% on Tuesday, marking its fourth consecutive down day.
Every SOX component stock is now trading below its 50-day moving average line, a critical support level. Some have even breached their 200-day line.
From the index peak, reached on June 22, the SOX is now down 24.7%, putting it in a bear market.
Semiconductor stocks have fallen amid concerns over financing risks tied to AI infrastructure spending and intensifying competition from China.
Micron's peers in the memory-chip segment also tumbled on Tuesday. Sandisk ( SNDK) stock dropped 14.3% to 1,096.10. SK Hynix ( SKHY) declined 9% to 130.17.
Micron stock is on the IBD Tech Leaders list as is Sandisk.
Follow Patrick Seitz on X at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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