Micron Technology shares cratered more than 10% on Wednesday despite being up 260% year-to-date, dragging fellow chipmaker Sandisk down over 10% with it. The Nasdaq slid 0.7% and the S&P 500 fell 0.2% as investors fretted that AI semiconductor spending may have gotten overstretched. All eyes are now on the June jobs report due at 8:30 AM ET -- economists expect 115,000 new jobs added -- which could swing markets before the long July 4th weekend. Do you think the AI chip rally still has legs, or is this the start of a correction? Not financial advice.
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