Intel, AMD, and Applied Materials drop after SK Hynix’s profit estimate misses consensus by 8%, compounded by oil price surge.
Shares of Intel, AMD, and Applied Materials fell 4% in early trading after SK Hynix’s Q2 2026 profit estimate missed consensus by 8%, triggering a 15% plunge in its stock and a brief KOSPI trading halt. The rout spread to U.S. chipmakers as WTI crude oil climbed to $74 amid U.S.-Iran tensions over the Strait of Hormuz, pressuring chip margins.
The selloff follows a strong year for the sector, with Intel up 182% YTD, AMD 147%, and Applied Materials 126%. The NASDAQ 100 declined 1.28% on the session, reflecting broader tech weakness. SK Hynix’s miss stemmed from slow HBM4 shipments and reliance on high-bandwidth memory, dragging Samsung and the KOSPI down 9%.
Intel’s upcoming Q2 2026 earnings, due this month, may reset the memory-AI compute debate, with Polymarket pricing a 67% chance of a beat. Shares of Intel, AMD, and Applied Materials traded at $104.97, $533.58, and $581, respectively, after opening lower and stabilizing mid-morning.