US Stocks: Micron, Intel and other chip stocks fall up to 11% after record-breaking rally

US semiconductor stocks fell sharply, with the VanEck Semiconductor ETF dropping more than 5% after its strongest quarterly performance ever (up 71% in Q2). Micron tumbled 11%, Intel fell 9%, and AMD declined 7%, while semiconductor equipment makers Lam Research, KLA Corp, and Applied Materials fell at least 10% each. The selloff was triggered by reports that Meta may rent out excess AI computing capacity, raising concerns that AI infrastructure expansion could outpace demand and forcing investors to reassess elevated valuations across the chip sector.