Nasdaq Sinks as Treasury Yields Jump, Chipmaker Stocks Tumble

The tech-heavy Nasdaq came under pressure after a sharp jump in U.S. Treasury yields, a move that typically hits growth stocks the hardest. Memory chipmakers were among the biggest losers: Micron fell 5%, SanDisk dropped 6%, and Western Digital slid 7%. Nvidia also declined along with the broader chip sector. These stocks had rallied strongly on expectations of memory shortages and surging demand from AI data centers, but rising yields prompted investors to take profits and reassess risk. Markets will now watch closely whether this rate move proves temporary or signals a more lasting trend that could cool the entire tech sector.