Chip Stocks Fall as OpenAI Considers U.S. Government Stake

Chip stocks led a broad sell-off on the first full trading day of July. Micron Technology shares fell more than 10% on Wall Street, while Samsung Electronics and SK Hynix also declined sharply in Asia, pushing South Korea's Kospi lower. Nvidia and Broadcom each dropped between 1% and 2%.

The stake would be valued at approximately $42 billion based on the most recent funding round. The reported approach follows earlier discussions between the AI firm and the White House.

Russia launches strikes on Ukraine Russia's Defense Ministry stated it carried out a massive strike using long-range precision weapons and attack drones against Ukraine. Poland and Finland responded by scrambling fighter jets and imposing aviation restriction zones.

The attack adds to ongoing geopolitical tensions in Europe and the Middle East that have contributed to price pressures. Amazon is designing its own AI chips for Echo, Fire TV and future devices, the company's head of devices and services said in an interview.