Micron and Marvell plunge together — why?

The Nasdaq closed up 0.6% on the 15th (local time). Micron fell 8.0%, Marvell fell 7.3% in a joint sell-off.

• Reassessment of individual semiconductor momentum was the main headwind — Micron -8.0%, Marvell -7.3% sparked sector weakness

• S&P 500 +0.4%, Dow +0.3% while the VIX fell to 15.67 (-5.0%), restoring risk appetite

• Upcoming heavyweight earnings from TSMC, Netflix, and GE will help determine the next session's direction

Micron and Marvell's drop: momentum, not fundamentals

Semis alone reversed amid a rising market — the chip sector fell 2.2%, a pullback driven by valuation and positioning rather than any break in earnings

• Short-term profit-taking and valuation caution concentrated on the memory and chip names that had led the AI rally

• The Street was split — HSBC called it "too early to be concerned" about the memory trade, while some analysts framed the drop as a long-term buying opportunity

• A view still holds that Micron remains a core AI beneficiary, second only to Nvidia, with limited signs of fundamental damage

• WATCH: TSM earnings (KST 07/17) are the first read on memory and foundry demand

PPI turns lower for the first time — a cooling-inflation signal

U.S. headline producer prices fell month-over-month for the first time since August 2025 — the macro backdrop for the day's risk-on tone

• With inflation cooling, the VIX fell to 15.67 (-5.0%) and the Fear & Greed gauge shifted from Fear to Neutral

• The 10-year yield eased to 4.545%, a supportive environment for rate-sensitive tech

• WATCH: retail sales (KST 07/17) are the key test of whether cooling inflation feeds through to consumption