Stock Markets June 23, 2026 02:01 PM

Chip and storage names lead declines as a broad slate of stocks moves sharply

Mega-cap chip and storage companies post double-digit drops while select small- and mid-cap names post outsized gains or losses

By Hana Yamamoto
Share
Twitter Reddit Facebook LinkedIn
SNDK MU LRCX ARM QCOM

Trading on Tuesday produced pronounced swings across market-cap brackets, with major semiconductor and data-storage names among the largest decliners. Several specific corporate actions and analyst moves were cited alongside the stock moves, including a planned equity raise at an entertainment company and upgrades tied to a cloud-infrastructure deal.

Chip and storage names lead declines as a broad slate of stocks moves sharply
SNDK MU LRCX ARM QCOM
Summarize with
ChatGPT Perplexity Claude Grok Gemini

Key Points

  • Major semiconductor and storage-related names were among the steepest decliners on Tuesday, with SanDisk (SNDK) and Micron (MU) posting double-digit drops.
  • Company-specific developments drove large moves in smaller and mid-sized stocks, including a $200 million equity raise plan at AMC and an upgrade to Backblaze (BLZE) tied to a CoreWeave deal.
  • Sectors most directly affected include semiconductors, data-storage, and select small-cap industries tied to corporate news or analyst actions.

Stocks across capitalization tiers showed meaningful volatility on Tuesday, with several large technology and storage-related companies among the heaviest decliners. The session featured both steep falls in mega-cap and large-cap names and substantial one-day gains in some small- and mid-cap issues.

Mega-cap movers

  • SanDisk Corp-Exch (SNDK): -14.05%
  • Micron Tech (MU): -12.75%
  • Lam Research Corp (LRCX): -9.39%
  • Arm (ARM): -9.59%
  • Qualcomm Inc (QCOM): -9.19% (reported to be nearing a deal for AI chip startup Modular)
  • Kla-tencor Corp (KLAC): -9.26%
  • Marvell Technology Group Ltd (MRVL): -9.72%
  • Texas Instru (TXN): -8.85%
  • Analog Devices (ADI): -8.8%
  • Western Digital (WDC): -8.76%

Large-cap movers

  • Applied Opt (AAOI): -12.69% (ClassOne Technology received a record order from AAOI)
  • Credo Technology Holding (CRDO): -11.36%
  • ON Semiconductor (ON): -10.7%
  • Tower Semiconductor (TSEM): -10.85%
  • GS Acquisition A (VRT): -10.49%
  • Sunbelt Rentals Holdings (SUNB): -9.56%
  • Entegris Inc. (ENTG): -9.2%
  • Nova Measuring In (NVMI): -9.3%
  • Nanometrics Incor (ONTO): -9.94%
  • DRAM (DRAM): +12.5%

Mid-cap movers

  • SNXX (SNXX): -27.85%
  • Amc Entertat Hld (AMC): -25.18% (AMC Entertainment said it will raise $200 million via a stock offering)
  • MUU (MUU): -25.08%
  • Primoris Services (PRIM): -23.4% (KeyBanc downgraded Primoris Services after a guidance cut)
  • AXT Inc (AXTI): -16.19%
  • Camtek Ltd (CAMT): -13.34%
  • Fluence Energy (FLNC): -13.26% (Fluence launched a 10 MWh energy storage system expansion)
  • Puyi ADR (MAAS): +31.44%
  • Churchill Capital (INFQ): +12.65%
  • Quantinuum (QNT): +13.34%

Small-cap movers

  • Julong Holding Ltd (JLHL): -28.17%
  • SNDU (SNDU): -28.15%
  • AAOX (AAOX): -25.28%
  • MULL (MULL): -25.48%
  • MVLL (MVLL): -18.93%
  • Bull Horns (ZSQR): -16.04%
  • Monopar Therapeutics Inc (MNPR): +18.19%
  • Backblaze (BLZE): +43.35% (Craig-Hallum upgraded Backblaze following a CoreWeave deal)
  • Centricus Acquisition (ARQQ): +33.58%

The session was characterized by broad weakness among many large-cap technology and storage-related issuers, while selected smaller and mid-sized companies registered outsized intraday gains tied to company-specific news or analyst actions. The list above captures the reported percentage moves and the specific corporate developments cited alongside certain names.


What this means

Investors tracking technology, semiconductor, and data-storage sectors saw notable intraday pressure on headline names. At the same time, micro- and small-cap issues showed that company-specific events - such as offerings, upgrades, order announcements and product expansions - continued to produce substantial single-session moves in both directions.

Risks

  • Broad weakness among large-cap technology and storage companies could weigh on sector performance in the near term - impacting technology and data-storage equities.
  • Company-specific actions such as equity offerings, guidance cuts, and analyst downgrades can trigger sharp declines in mid- and small-cap names - increasing volatility in those segments.
  • Concentration of declines among key semiconductor and component suppliers may create spillover effects for related supply-chain and manufacturing firms.

More from Stock Markets

Alibaba Files Federal Suit to Challenge Pentagon Blacklist Designation Jun 23, 2026 Options Activity in Ares Capital Surges to 21,788 Contracts Jun 23, 2026 SpaceX launches five-tranche bond sale to fund costly AI buildout Jun 23, 2026 FedEx Options Activity Surges; Puts Lead Calls in Volume Jun 23, 2026 Galectin Shares Rally After FDA Clears Primary Endpoint, Sets Path for Belapectin Phase 3 Jun 23, 2026