Intel, AMD and Arm slide on quarter‑end selling, Micron drag

Intel, Advanced Micro Devices and Arm fell on Monday, June 29, as quarter‑end programmatic selling and institutional rebalancing triggered passive outflows from several high‑flying chip names. Weak market response to Micron’s June 26 earnings and caution ahead of a Federal Reserve policy speech and the June nonfarm payrolls report contributed to the selling.

Institutional managers and U.S. pension funds carrying out mandatory quarter‑end rebalancing trimmed winners, which pushed automated programs to sell stocks that have posted large gains this year. Intel, AMD and Arm have more than doubled since January. Wall Street analysts estimate roughly $30 billion of passive outflows hit artificial‑intelligence and semiconductor stocks, with programmatic selling accelerating in the final trading days of June as funds reset portfolios for the quarter close.

Micron’s results and forward guidance on June 26 prompted a sell‑the‑news reaction that pulled down the VanEck Semiconductor ETF (SMH). Micron’s comments about tight memory supplies and shifting demand were interpreted by market participants as signs of supply constraints that could affect near‑term revenue for firms that rely on broader component availability. That negative momentum extended into Monday’s session.

Market participants reduced risk ahead of a policy speech by Federal Reserve Chair Kevin Warsh, which has raised expectations for a possible rate rise in late 2026, and ahead of the June nonfarm payrolls report. Traders pointed to a mix of large systematic selling and cautious positioning by institutional managers as factors in the intra‑day weakness among large‑cap technology names.

Cantor Fitzgerald recommended buying the dip in Intel and AMD in a research note, raising price targets to $150 for Intel and $700 for AMD. The firm’s AMD target implies roughly a mid‑30% upside from current levels over the next 12 months; the Intel target reflects an optimistic view toward year‑end.

Trading desks reported that passive programs and index rebalancing accounted for much of the early selling, while discretionary funds also reduced exposure ahead of the data and speeches. Analysts continue to note sustained demand for AI infrastructure alongside near‑term earnings and supply dynamics that are affecting sector performance.