Micron, Intel shares crash up to 8% as Samsung fails to calm concerns over AI

Global chip stocks sold off sharply with Micron and Intel falling up to 8% after Samsung Electronics dropped 6.9% in Seoul despite forecasting a 19-fold jump in second-quarter operating profit that beat expectations. The KOSPI closed down 4.9% as circuit breakers were triggered, with investors indicating much of the AI-driven rally was already priced in. Adding to concerns, Reuters reported Chinese AI startup DeepSeek is developing its own inference chip to reduce reliance on Nvidia and Huawei, raising fears of fragmentation in the AI hardware market.