U.S. memory-chip and storage stocks stay under pressure as SanDisk drops 9.4%

A July 24 semiconductor selloff hammered memory and storage names, pushing the U.S. memory-chip index down more than 6.4% and the Philadelphia Semiconductor Index down about 4.1%-4.25% as the Nasdaq fell 0.64%.

31d ago

Fact Check

Multiple sources corroborate every numeric element of the claim. BlockBeats flash 357916 states the memory-chip index fell more than 6.4% and SanDisk fell 9.4% on July 24, and the Philadelphia Semiconductor Index fell 4.1%. BlockBeats flash 357947 confirms Nasdaq -0.64% and Philadelphia Semiconductor Index -4.25% (matching the claimed 4.1%-4.25% range). CoinNess independently confirms Nasdaq -0.64%. Barron's confirms the same-day memory/storage selloff. The only minor variance is that SanDisk's intraday drop of 9.4% widened to about 10.79% at close, which is consistent with the claim's snapshot figure.

Summary

U.S. semiconductor shares remained under pressure on July 24 as weakness centered on memory and storage stocks and spread across the broader chip sector. SanDisk fell 9.4% intraday and was later reported down more than 10% by the close, while Micron Technology lost 6.6%, Western Digital declined 5.8%, Seagate Technology slipped 4.9%, SK hynix fell more than 8%, and Kioxia ADR dropped more than 14%. The U.S. memory-chip index was down more than 6.4%, and the Philadelphia Semiconductor Index fell roughly 4.1% to 4.25%, contributing to a 0.64% decline in the Nasdaq even as the Dow rose 0.46% and the S&P 500 added 0.05%. Other chip-related losers included Credo Technology, Astera Labs, Coherent, Marvell Technology, Rambus and Nvidia.

Terms & Concepts

Philadelphia Semiconductor Index: A widely watched index of U.S.-listed semiconductor stocks used as a barometer for the chip sector.
ADR: American depositary receipt, a U.S.-traded security representing shares in a non-U.S. company.
memory-chip index: A stock-market gauge tracking companies tied to memory-chip manufacturing and related products.