Wednesday's top volume leader in US stocks was Micron Technology, which closed down 8.02% with a volume of $49.195 billion. The US chip sector experienced a broad sell-off on Wednesday.
In second place was SanDisk, closing down 8.12% with a volume of $29.913 billion. US memory stocks were generally lower on Wednesday. Some analysts believe investors appear to be reducing their exposure to key semiconductor stocks and rotating funds into certain large-cap tech names.
Nvidia took third place, closing up 0.33% with a volume of $25.9 billion. Nvidia CEO Jensen Huang categorically denied market rumors that the launch of its next-generation AI performance booster system, Vera Rubin, might be delayed due to manufacturing issues. Speaking to reporters at an event in Tokyo, Japan, he stated that Vera Rubin hardware is already in production and on schedule for delivery to customers, moving towards "massive" production scale.
Apple ranked fourth, closing up 4.01% with a volume of $19.768 billion. According to media reports, Apple is seeking to acquire an artificial intelligence chip company. Sources familiar with the matter indicate Apple is looking to acquire a chip firm to bolster its AI server chip development efforts. In recent months, the company has engaged with bankers regarding potential deals and has also approached semiconductor startups to gauge their interest in a sale.
This acquisition push is reportedly driven by performance issues with Apple's internal AI servers. In a related report, Apple is said to be preparing to advance a multi-billion dollar acquisition, having previously acquired Q.Ai for $2 billion, which was its second-largest acquisition ever.
Advanced Micro Devices (AMD) was the fifth highest by volume, closing down 3.46% with a volume of $14.645 billion. UBS initiated coverage on AMD with a "Buy" rating and raised its 12-month price target from $670 to $700, implying a potential 28% upside from Tuesday's closing price.
On July 15, UBS stated that AMD is well-positioned to attract more customers and expand its semiconductor chip business, which could drive the stock price higher. The firm initiated coverage with a "Buy" rating and set the 12-month price target at $700, up from $670, suggesting a 28% potential gain.
In a report on Wednesday, UBS analyst Timothy Arcuri wrote, "On the customer front, we have long believed Amazon would be a key customer for MI450x, and now we think Anthropic could also be on the customer list. Furthermore, we may see AMD partner with Cerebras Systems on fast inference solutions... and potentially announce further expansion and deepening of its position in the data center custom ASIC space." AMD's stock price has more than doubled over the past three months.
SK Hynix ranked seventh, closing down 9% with a volume of $13.321 billion. US memory chip stocks experienced a sharp decline across the board on Wednesday.
Intel was the tenth highest by volume, closing down 4.43% with a volume of $12.322 billion. According to ASML's disclosure on Tuesday, Intel has confirmed an order for the company's high-end lithography machine to be used in the foundry production of some flagship Panther Lake laptop processors. This move will also help the chipmaker gain expertise in operating the equipment.
ASML stated that following trials initiated in 2024, Intel has now formally begun using ASML's next-generation High Numerical Aperture Extreme Ultraviolet (High NA EUV) lithography machine, utilizing it to pattern circuits for some of its Panther Lake processors.
Alphabet (Google) Class A shares ranked twelfth, closing up 3.17% with a volume of $10.386 billion. Google recently appealed to the European Union's top court, urging it to uphold a 2024 lower court ruling that annulled a €1.49 billion (approximately $1.7 billion) antitrust fine previously imposed on the company by the European Commission.
Additionally, American Honda announced on Wednesday that it will integrate Google's Gemini into more models equipped with Google Built-in, such as the Civic, Accord, CR-V, and Pilot. Once logged into their Google account, Honda owners can converse naturally with Gemini without needing precise commands or repeating previously provided information.
Oracle was the seventeenth highest by volume, closing up 3.56% with a volume of $6.366 billion. Intelligent data infrastructure company NetApp and Oracle announced a new fully managed cloud storage service that natively integrates enterprise-grade NetApp storage into Oracle Cloud Infrastructure.
This service is currently in a preview phase for select customers and is designed to help businesses simplify the migration and management of critical AI and enterprise workloads to the cloud.
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