Micron, Intel and AMD add $2 trillion in Q2 AI chip rally
Semiconductor stocks then suffered their worst two-day selloff in a month after Meta’s computing-capacity plan raised concerns about AI supply, though industry figures said it reflected a maturing infrastructure market rather than collapsing demand.
Micron, Intel and Advanced Micro Devices added about $2 trillion in combined market value during the second quarter as investors broadened artificial-intelligence bets beyond Nvidia, helping drive a record 71% quarterly gain in the VanEck Semiconductor ETF. At the start of the third quarter, semiconductor shares reversed sharply in what was described as the sector’s worst two-day selloff in a month after Meta said it plans to lease idle data center capacity through a new business called Meta Compute, raising concerns that AI infrastructure supply could be catching up with demand. The selloff spread from the United States to Asia and mainland China, where technology shares fell sharply, though several industry figures said Meta’s move signals a maturing AI infrastructure business model rather than the end of AI capital spending.
- Meta Compute: Meta's planned business for leasing unused data center computing capacity to outside customers.
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- GPU capacity: Access to graphics processing unit computing power rented to developers for artificial-intelligence workloads.