US technology stocks are poised for a slump on Tuesday, June 23, 2026, due to a significant sell-off in Korean chipmakers, raising concerns about the longevity of the artificial intelligence rally. Contracts on the Nasdaq 100 experienced a 2.8% drop as of 6:53 a.m. in New York, while S&P 500 futures fell by 1.4%. This weakness extended to European markets, where the technology sub-index of the Stoxx 600 decreased by 3.2%.
Several prominent US AI chip stocks saw substantial pre-market declines. Intel shares plunged over 8%, AMD dropped more than 6%, while Qualcomm, TSMC, and Lattice Semiconductor each fell over 5%. Even major tech players like Baidu saw a decrease of over 4%, and Broadcom, Tesla, Nvidia, Alphabet-A, NXP, and Alphabet-C all experienced declines exceeding 3%. This broad-based sell-off indicates a widespread re-evaluation of tech stock valuations.
SpaceX (SPCX) continued its losing streak, tumbling 16.4% on Monday and falling nearly 5% pre-market on Tuesday to $147, below its initial public offering price. This came after the company disclosed plans for its first-ever public bond offering in an SEC filing, prompting questions about its future financing strategy. This follows a broader trend of weakness in Big Tech, with companies like Amazon falling nearly 5%, Meta slipping 2.3%, and Alphabet dropping about 5% amid concerns over AI talent departures.
The market downturn wasn't limited to individual stocks; semiconductor-related ETFs also plunged significantly. The 3x leveraged Korea ETF-Direxion dropped 32%, the 3x leveraged Semiconductor ETF-Direxion fell 17%, and both the 2x leveraged SNDK ETF-Tradr and the 2x leveraged MU ETF-Direxion declined by over 19%. The 2x leveraged INTC ETF-Direxion also saw an 18% drop, reflecting the broad-based apprehension in the semiconductor sector. Oil prices also continued their decline, with Brent crude down 0.54% at $77.83 a barrel and WTI crude down 0.32% to $74.38, as investors tracked developments in US-Iran peace talks.
