Live Nasdaq Composite: Chips Are Down as Investors Flee Tech in Latest Market Rotation

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SK Hynix U.S. Debut

37 minutes ago

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SK Hynix is making its U.S. market debut on the Nasdaq through an ADR listing expected to raise roughly $28.1 billion, a number that would rank as the second-largest equity share sale on record. The offering speaks to the depth of investor appetite for companies at the center of the AI infrastructure buildout, with the South Korean memory giant arriving at a moment when demand for its products is running well ahead of available supply.

This article will be updated throughout the day, so check back often for more daily updates. 

The Nasdaq Composite is heading into Tuesday under pressure as chip stocks face another round of selling and investors show fresh signs of rotating away from AI-driven names. Nasdaq 100 futures are off 1%, S&P 500 futures are slipping 0.1%, and Dow futures are moving in the opposite direction, adding 225 points, or 0.4%, as capital shifts away from tech toward more traditional corners of the market.

The session’s tone was set overnight in Asia, where Samsung’s record Q2 profit fell flat as worries over spending and demand overshadowed the headline numbers, dragging South Korea’s KOSPI down nearly 5%. The weakness carried into U.S. premarket trade, pulling Micron Technology (NASDAQ:MU), KLA (NASDAQ:KLAC), Marvell Technology (NASDAQ:MRVL), Broadcom (NASDAQ:AVGO), and AMD (NASDAQ:AMD) all lower. Meanwhile, Wall Street remains bullish, as evidenced by Goldman Sachs’ decision to lift its price target on AMD to $640, up from $450, reemphasizing a “buy” rating attached.

A Reuters report revealed that China’s DeepSeek is building its own AI chip, a move that would lessen its reliance on Nvidia (NASDAQ:NVDA) and Samsung hardware, sending Nvidia shares down more than 2% and compounded the cautious mood across the tape. SpaceX (NASDAQ:SPCX) is taking it on the chin ahead of its historic Nasdaq 100 entrance today.

Here’s a look at where things stand as of pre-morning trading:

Dow Jones Industrial Average: 53,557 Up 0.34%
Nasdaq Composite: 29,617 Down 1.08%
S&P 500: 7,576 Down 0.20%

Market Movers

Famous economist Mohamed El-Erian flagged Samsung’s (OTC:SSNLF) post-earnings selloff as a market signal worth watching, noting on X that shares tumbled 7% despite record-breaking results, including an expected 1,800% jump in profits, a reminder of just how high the bar has risen for tech. The selloff dragged South Korea’s KOSPI down 5%, with ripple effects reaching U.S. markets as Nasdaq futures fell in sympathy. El-Erian’s broader question was whether this elevated expectations threshold will tighten funding conditions across the tech sector and ultimately weigh on the wider economy.

Amazon (NASDAQ:AMZN) is tapping the debt markets, announcing plans to raise capital through a bond offering structured across eight U.S. dollar-denominated tranches. Details are sparse, though the multi-tranche structure signals a substantial raise as the e-commerce and cloud giant looks to fund its expanding AI infrastructure ambitions.

Raymond James is opening its SpaceX (NASDAQ:SPCX) coverage with a price target that reaches for the stratosphere, attaching an $800 target on the stock alongside a Strong Buy rating. The firm considers SpaceX “one of the defining industrial infrastructure companies of the 21st century,” a bold opening statement for a stock that has already rewritten the record books since its IPO last month.

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