Stock Track | SanDisk Corp. Plummets 12.82% Intraday on Fed Hike Fears and AI Spending Concerns

Stock Track06-23 21:45

SanDisk Corp. (SNDK) experienced a sharp intraday plummet of 12.82% on Tuesday, as the memory chipmaker was caught in a broad technology sector selloff.

The decline was driven by investor concerns over potential Federal Reserve interest rate hikes under new leadership, which could increase borrowing costs for companies expanding artificial intelligence infrastructure. Major technology firms have been tapping debt markets to fund massive AI capital expenditures, raising anxiety about the sustainability of these investments.

Additionally, SanDisk's drop mirrored a sector-wide rout that began with a sharp selloff in South Korean memory chip stocks, including Samsung Electronics and SK Hynix, which plunged over 12%. The selloff reflects profit-taking after a significant rally in semiconductor stocks and growing concerns about stretched valuations in AI-related companies.

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