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.