Markets & Technology

Micron and Dell each surged 5% on June 25 as investors rotated out of AI software into semiconductor and HPC hardware worldwide. Intel gained 3.8%, SanDisk 4%, while enterprise software stocks fell — a divergence playing out across U.S., Asian, and European markets. The shift signals a global repricing of where AI value is created: in silicon and servers, not applications.

Intel has surged 240% year-to-date in 2026 while Nvidia — the world's dominant AI chipmaker — has returned just 15%. The divergence reflects how global AI infrastructure spending is flowing beyond training GPUs into inference-optimised hardware. Markets from Wall Street to Tokyo are repricing chipmakers at the edges of Nvidia's ecosystem.