Yahoo Finance
The tech sector took a hit on June 22, 2026.
The Nasdaq 100 ($IUXX) dropped 3.29%, while the iShares Semiconductor ETF (SOXX) fell 7.88%.
In Asia, South Korea's Kospi slid over 10% as foreign investors pulled more than $2.5 billion from chip stocks.
Sandisk (SNDK) lost 13.64%, Micron Technology (MU) lost 13.18%, while Samsung Electronics dropped more than 12%.
The sell-off started in Asia and spread globally as investors began questioning whether heavy AI spending can really support current chip valuations.
But while chip stocks were falling, International Business Machines (IBM) moved the other way.
The stock jumped 5.3% in midday training to lead the Dow Jones industrials after JPMorgan upgraded it to "Overweight" from "Neutral" and raised its price target to $291.
The firm pointed to stronger confidence in software growth going into the second half of 2026, noting that software makes up about 45% of revenue but drives roughly two-thirds of total profit.
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Software is already doing most of the heavy lifting, yet IBM still trades below many software-focused peers.
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