Chip stocks tumble on China memory push as Meta's new AI model lifts megacaps

The S&P 500 closed flat at 7,807 on a thin holiday Monday, but the Nasdaq 100 fell 0.71% as CXMT's denser server-memory plan hit Micron and Korean chipmakers, while Meta rose 3.4% on its Muse Wonder model.

Deepakshi

Kristal Research & Marketing team

13 Oct

Key takeaways — AI summary

The S&P 500 slipped 0.05% to 7,807 in thin Columbus Day trading with the bond market closed; the Nasdaq 100 fell 0.71% as chip stocks dropped about 2.7%, while the Dow rose 0.41%.
China's memory maker CXMT said it will launch denser server memory by year-end, sinking Micron (-3.9%) and SanDisk (-6%); the selling spread to Asia where Korea's KOSPI fell more than 6%, SK Hynix about 9% and Samsung about 8%.
Megacaps cushioned the fall: Meta rose 3.4% after launching its Muse Wonder AI model, ranked just behind Anthropic's Claude Opus 5.5; Apple gained 1.3% to a record high and Microsoft added 1.1% on its new Maia 300 AI chip.
Energy led all sectors, up 1.48%, as US crude rose $1.89 to $93.74 and Brent settled at $106.65 amid doubts over a Russia-Ukraine energy ceasefire and Houthi strikes that closed Riyadh's airport, killing 12.
The dollar index hit 102.57, its strongest since April 2025; gold traded at $4,190; the 10-year Treasury yield sat at 5.24% ahead of Wednesday's inflation report, with futures pricing a 17-19% chance of a Fed hike on October 28, down from over 70% in late September.

Generated by Kristal AI · reviewed by the research desk

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