Wall Street slides for fifth day as chipmakers retreat with Micron down six percent

Wall Street endured its fifth consecutive losing session on Thursday as chipmakers led a broad retreat, with Micron Technology’s shares plunging 6% on Friday to cap a volatile week of trading. The S&P 500 recorded its longest losing streak in ten months, while the Nasdaq Composite extended declines amid mounting investor unease over artificial intelligence and semiconductor demand. The downturn followed reports that OpenAI has postponed its much-anticipated initial public offering until 2027, intensifying concerns about the sustainability of the AI-driven rally that has propelled tech valuations in recent months .

Micron’s steep 6% drop on Friday underscored the fragility of the semiconductor sector, which has been the primary beneficiary of the AI boom. The company’s shares have been caught in wild swings throughout the week, reflecting broader market jitters over whether the current levels of investment in AI infrastructure can be sustained. The sell-off in chip stocks contributed to the S&P 500’s fifth straight day of losses, its longest losing streak since August 2025 .

European markets presented a mixed picture, with most major indices ending the first half of 2026 in positive territory despite volatility in commodity markets and geopolitical tensions. The Danish market, however, bucked the trend, posting red figures as domestic equities lagged behind regional peers . In the United States, the Dow Jones Industrial Average managed to close nearly unchanged, a rare bright spot in an otherwise subdued trading session .

Analysts attributed the market’s nervousness to a confluence of factors, including profit-taking after a prolonged rally in AI-related stocks and growing skepticism about the pace of adoption for next-generation technologies. The delay of OpenAI’s IPO, a bellwether for the sector, has further dampened sentiment, raising questions about the long-term viability of current valuations .

Asian markets remained relatively stable in holiday trading, with most indices holding flat, though the broader trend of caution is expected to persist into next week. Investors will be closely monitoring corporate earnings reports from major tech firms, particularly those exposed to AI and semiconductor supply chains, for signs of whether the current pullback is a temporary correction or the beginning of a more sustained downturn .