Q3 Opening Day Sees AI Chip Selloff and Earnings Previews

실적/어닝스 | Thu Jul 02 2026 00:00:00 GMT+0000 (Coordinated Universal Time) | 8 sources

Memory and semiconductor rotation selling pressure hit markets alongside earnings developments at NextEra, Moody's, and AeroVironment.

Analysis

[Micron Technology] plunged 11% on Q3 opening day, erasing $138 billion in market cap ^[8]

• Shifted from top gainer in Q2 to sharp decline
• Revenue quadrupled in the most recent quarter
• Gross margin rose from 39% to 84.9%

[Sandisk] surged 749% year-to-date, sparking stock split speculation ^[1][6]

• Stock passed $2
• 000
• top performer in the S&P 500
• FY26 Q3 revenue rose 251% to $6 billion
• Gross margin improved from 50.9% to 78.4%
• 13% share of the NAND market

[Semiconductor sector] tumbled on the first day of Q3 following a record-breaking Q2 rally ^[2][8]

• VanEck Semiconductor ETF fell more than 5%
• Intel dropped 9%
• AMD dropped 7%
• Lam Research
• KLA
• and Applied Materials all fell more than 10%
• SMH pulled back after rising 71% in Q2

[AeroVironment] surged 30% after doubling revenue and backlog ^[5]

• Drone manufacturer
• Both revenue and backlog doubled

[NextEra Energy / Moody's] released earnings previews ahead of quarterly reports ^[3][4]

• NextEra Energy quarterly earnings preview
• Moody's quarterly earnings preview

[Jim Cramer] recommended using the rotation to buy AI infrastructure stocks at a discount ^[7]

• Recommended buying Micron
• Corning
• AMD
• Applied Materials
• and Lam Research
• Rotations typically last 2-3 sessions
• Meta's exceptional gains justified by entry into cloud business
• Rebounds in Salesforce
• ServiceNow
• and Nike may be temporary

Sources

• [1] Sandisk’s and Micron’s stocks sink as the rotation trade builds, but supply shortages should limit losses - MarketWatch Top Stories
• [2] Asian Stocks Drop After US Chip Selloff, Oil Falls: Markets Wrap - Bloomberg Markets
• [3] Earnings Preview: What To Expect From NextEra Energy’s Report - Yahoo Finance
• [4] Moody's Earnings Preview: What to Expect - Yahoo Finance
• [5] Drone Company AeroVironment Skyrockets 30% After Revenue, Backlog Double - Yahoo Finance
• [6] Will Sandisk Stock Split by Year-End 2026? - The Motley Fool
• [7] Jim Cramer says to use Wednesday's market rotation to your advantage. Here's how he'd play it - CNBC World Markets
• [8] Chip stocks that notched record rallies in second quarter start Q3 with a dud - CNBC World Markets