The stock market experienced a turbulent day as investors offloaded tech and AI-related stocks, leading to a significant sector-wide selloff.
For the day, the Nasdaq slid 1.8% to 22,693.32, while the Dow Jones Industrial Average eased nearly 0.5% to 47,885.97. The S&P 500 also finished Wednesday lower, down 1.16% at 6,721.43.
These are the top stocks that gained the attention of retail traders and investors through the day.
Micron Technology Inc. (NASDAQ:MU)
Micron Technology shares fell 2.93% to close at $225.71, with an intraday high of $237.45 and a low of $221.69. The stock’s 52-week range is between $61.54 and $264.75. In the after-hours trading, the stock shot up nearly 8% to $243.74.
The semiconductor company recently reported its first-quarter earnings, which surpassed analyst expectations. Revenue reached $13.64 billion, exceeding estimates of $12.83 billion. Adjusted earnings per share were $4.78, above the expected $3.95. Micron’s strong performance was driven by a 20.5% year-over-year revenue increase and robust operating cash flow.
Medline Inc. (NASDAQ:MDLN)
Medline Inc. saw its stock surge 41.38%, closing at $41. The stock traded between $34.92 and $41.25 during the day.
Medline is the largest supplier of medical-surgical products and supply chain solutions across all care settings, based on total net sales of med-surg products. Shares of the company opened at $35 on debut from its $29 IPO price. Medline was valued at nearly $37 billion. The Blackstone and Carlyle-backed firm’s offering was the biggest IPO since Rivian went public in November 2021.
Oracle Corp. (NYSE:ORCL)
Oracle’s stock dropped 5.40% to $178.46, with a high of $186.50 and a low of $177.07. The 52-week range is between $118.86 and $345.72.
The decline follows reports that Blue Owl Capital, Oracle’s major data center partner, has withdrawn from a $10 billion deal for a new data center. This news has intensified concerns over Oracle’s mounting debt and AI spending. The company is now seeking a new partner to replace Blue Owl in the planned facility.
ASML Holding (NASDAQ:ASML)
ASML Holding’s shares fell by 5.63%, closing at $1015.43. The stock’s intraday high was $1065.12, with a low of $1010.01, and a 52-week range of $578.51 to $1141.61. In the after-hours session, the stock rose 1.08% to $1,026.35.
Despite the decline, ASML’s CEO Christophe Fouquet expressed confidence in the company’s focus on extreme ultraviolet (EUV) lithography and its long-term AI demand. The CEO emphasized the importance of resolution, accuracy, and productivity as chipmakers develop more powerful AI chips.
Arm Holdings Plc (NASDAQ:ARM)
Arm Holdings saw a 5.38% decline, closing at $114.58. The stock’s high and low for the day were $121.63 and $112.63, respectively, with a 52-week range of $80 to $183.16.
The drop comes amid reports of China developing a prototype EUV lithography machine, a critical technology for manufacturing advanced semiconductor chips. This development could potentially challenge Western dominance in AI chip production.
Benzinga Edge Stock Rankings indicate Micron Technology stock has a Value in the 46th percentile. Here is how it compares against other chip stocks.
Photo Courtesy: Miha Creative on Shutterstock.com
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
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