Intel, AMD, and Applied Materials Drop 4% as SK Hynix Rout and Oil Spike Hit Chip Stocks

Intel, AMD, and Applied Materials fell about 4% after a weaker-than-expected SK Hynix profit estimate reignited fears of a memory-chip slowdown and hit sentiment across the semiconductor complex. The selloff was compounded by a spike in WTI crude to about $74 a barrel amid renewed U.S.-Iran tensions over the Strait of Hormuz, raising concerns about higher energy costs and broader risk-off pressure on tech. The move also pulled down related chip names, including Lam Research, and weighed on the SOXX semiconductor ETF. Despite the drop, the article notes the group has had a huge year-to-date rally, making the day’s move look like profit-taking after strong gains. Intel’s upcoming Q2 2026 earnings later this month are seen as the next major catalyst for the sector.