AI Infrastructure Stocks Slide as Arm, Credo Lose More Than 8%
Semiconductor and storage shares mostly declined Monday, while optical communications and neocloud stocks fell broadly. Nvidia and Seagate posted gains.
AI infrastructure shares fell broadly Monday as Arm Holdings (ARM) and Credo Technology (CRDO) each lost more than 8%, while the three major U.S. stock indexes also declined.
The Dow Jones Industrial Average fell 0.67%, the S&P 500 declined 0.77% and the Nasdaq Composite dropped 0.92% in the Sept. 28 session.
Semiconductor shares mostly moved lower. Arm fell 8.70%, Qualcomm (QCOM) declined 7.17%, Intel (INTC) lost 5.67%, Marvell Technology (MRVL) dropped 3.83% and Advanced Micro Devices (AMD) fell 3.61%. Nvidia (NVDA) rose 1.68%.
Storage stocks also mostly declined. SK hynix (SKHY) fell 5.03%, SanDisk (SNDK) declined 3.65%, Micron Technology (MU) lost 2.62% and Western Digital (WDC) slipped 0.78%. Seagate gained 0.51%.
Optical communications shares fell broadly. Credo dropped 8.67%, Coherent (COHR) declined 4.52%, Applied Optoelectronics (AAOI) lost 4.52% and Astera Labs (ALAB) fell 3.65%.
Neocloud shares also moved lower. Applied Digital (APLD) fell 6.55%, Cipher Digital (CIFR) declined 5.58%, IREN lost 5.45%, Core Scientific (CORZ) dropped 4.73% and Galaxy Digital (GLXY) fell 4.25%.
