Key semiconductor companies, including Micron Technology Inc., Marvell Technology Inc., and On Semiconductor Corp., saw their stock prices drop sharply due to concerns about the long-term sustainability of the recent AI-driven market rally. These worries led to a 7.9% decline in the Philadelphia Semiconductor Index, affecting all 30 member companies.
Source: https://www.bloomberg.com/news/articles/2026-06-23/us-stock-futures-tumble-as-megacap-tech-rout-hits-asian-peers