Nasdaq sinks as AI worries hit chipmakers
By Noel Randewich and Shashwat Chauhan
Tue July 7, 2026
AI nerves were back today big time with Micron and other chipmakers falling due to continuing doubts about AI’s sustainability. Even Samsung with today’s blowout earnings report was unfortunately not enough of a blowout to satisfy investors whose expectations were through the roof. As today’s expert put it, “Expectations have gotten to be almost impossible to beat …”
Almost impossible to even meet! There were 3-digit losses to balance out yesterday’s 3-digit gains. It’s ironical that despite yesterday’s gains, the losers outgunned the winners by a 1.3:1 ratio. Today, with all the losses, the winners beat the losers by the same 1.3:1 ratio. Go figure. Sentiment remains that the immense costs of the AI data centers have very much overvalued the AI companies. With 17.5 billion shares traded, volume remains exceedingly light vs the 23.3 average.
DJ: 53,055.91 +155.84 NAS: 26,121.16
+288.49 S&P: 7,537.43
+54.19 7/6
DJ: 52,925.15 -130.76 NAS: 25,818.69
-302.47 S&P: 7,503.85
-33.58 7/7
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