Chip, Storage Shares Drop. Philadelphia Semiconductor Index Down 4%; SanDisk Down Nearly 8%; AMAT, Micron Down Around 6%

Tiger Newspress58 minutes ago

Chip, storage shares fell on Wednesday. Philadelphia Semiconductor Index down 3.86%; SanDisk down nearly 8%; Lam Research down over 7%; Astera Labs, Applied Materials, Micron down around 6%.

Meta Platforms Inc. is developing plans for a cloud infrastructure business that will sell access to AI computing power and models, setting up a new vector of competition with industry leaders like Amazon Web Services, Microsoft Azure and Google Cloud.

Meta, which has been rushing to secure expensive data centers and other infrastructure to fuel its own artificial intelligence ambitions, is forming a business to generate revenue from excess computing power sold to outside customers, according to people familiar with the matter, who asked not to be named as the details aren’t public.

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