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Tech Stocks Routed, Oracle Layoffs and SpaceX Stops Dropping | Markets P.M. for June 23
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What Happened in Markets Today
Tech stocks fell hard, driven by AI and chip companies. The rout began overnight in Asian markets, notably South Korea where Samsung and SK Hynix each fell 12%. While this year has seen a ferocious bull market in AI-themed stocks, concerns continue to grow about the costs of building data centers and the uncertain future revenue prospects. Sandisk dropped almost 14%. Other large decliners included Micron Technology, Arm Holdings and Marvell. The Nasdaq finished 2.2% lower, the S&P 500 fell 1.4%, and the Dow industrials lost 0.1%.
Oracle cut about 21,000 jobs during its last fiscal year. The company made the disclosure in its latest annual report, filed late Monday. The cuts are part of a wider trend among tech giants as they spend hundreds of billions of dollars building out AI infrastructure. Oracle said its head count shrank by about 13% during the previous fiscal year.
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