Meta AI Cloud Push Sends Nvidia, AMD, Intel, Micron Stocks Sinking

Meta AI Cloud Push Sends Nvidia, AMD, Intel, Micron Stocks Sinking

Posted on July 02, 2026 By News Team

This article first appeared on GuruFocus.

Shares of AI infrastructure and semiconductor companies declined Wednesday after a report said Meta Platforms (META) is exploring a cloud infrastructure business that would offer external customers access to AI computing power and models.

The report sparked broad selling across AI-related names. Nvidia (NASDAQ:NVDA) fell about 2%, while Advanced Micro Devices (NASDAQ:AMD) lost nearly 3%, Broadcom (NASDAQ:AVGO) slipped around 2%, and Intel (NASDAQ:INTC) dropped about 4%. Infrastructure providers also came under pressure, with Nebius (NASDAQ:NBIS) falling nearly 12%, CoreWeave (NASDAQ:CRWV) losing about 10%, and Super Micro Computer (SMCI) declining around 4%.

Storage and networking stocks also weakened. Micron Technology (MU) dropped about 7% despite disclosing a long-term supply agreement with General Motors (GM), while Sandisk (SNDK) fell about 8%, Seagate Technology (STX) lost around 4%, and Western Digital (WDC) declined nearly 5%. Chip-equipment makers also traded lower, with KLA (KLAC), Lam Research (LRCX), Applied Materials (AMAT) and ASML Holding (ASML) posting losses.

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