US chip stocks fall as China's CXMT advances in memory chips

Shares of US chip manufacturers tumbled following competitive advances by China's CXMT in memory chips. Concerns over rivalry escalation and artificial intelligence investment demands pressured the sector. Micron Technology, Seagate Technology, and Western Digital experienced notable stock declines. The market sentiment was further weighed by questions about the sustainability of the AI rally. However, some chipmakers like Nvidia gained ground despite global AI valuation concerns.