GoKawiilJensen Huang, CEO of NVIDIA, speaks to reporters and answers questions during a brief press availability outside a Korean barbecue restaurant in Seoul, South Korea, on June 5, 2026.
Chip stocks sold off on Friday amid mounting concerns over the rising cost of artificial intelligence infrastructure.
Intel shed 3%, Sandisk fell 6%, Arm lost 3% and Marvell dropped 4%. Micron , which had seen its stock surge on Thursday following blockbuster third-quarter earnings, fell 3%.
The Magnificent Seven stocks largely bucked the downtrend, with all but Nvidia trading in positive territory. Across the board, the megacaps are having a bad month, with each stock down at least 8% in June.
In Europe, key chip stocks were also down as the market opened. ASML was down 2%, Infineon fell 5% and ASM International dropped 3%, ST Microelectronics shed 4% and Be Semiconductor was 3% lower.
SoftBank Group , which plunged more than 12%, led losses across the region.
The Japanese conglomerate could remain under pressure after its chip designer Arm Holdings also fell, underperforming the broader semiconductor sector even as AI-related stocks rebounded sharply.
Andrew Jackson, an equity strategist at Ortus Advisors, said investor enthusiasm for SoftBank may also be capped by reports that OpenAI could delay its initial public offering until next year as it struggles to secure demand at a $1 trillion valuation.
Qualcomm 's new AI data center chip deal with Meta is ultimately positive for Arm through royalty payments, Jackson added. However, Arm also faces growing competition as Qualcomm expands more aggressively into the central processing unit market.