US chipmakers led the market lower Tuesday. NVDA fell as the Nasdaq dropped for a second consecutive session. Rising US bond yields are the driver. SpaceX lost more than $400 billion in market value as its debut rally reversed sharply — down over 16% — adding fresh unease to speculative and AI-linked names.
Short sellers are piling into AI names. Wolfspeed now carries a staggering 104.7% short interest as a percentage of free float, up 15.8 points in just one week. Zero shares remain available to borrow. SharonAI Holdings saw its SI % FF nearly double to 49.1% over the same period. CoreWeave sits at 22.2%, with availability still high — meaning more pressure could build. The SpaceX selloff is amplifying nerves across the entire speculative tech complex, with quantum names like IonQ and Rigetti also in focus.
Applied Materials saw over $113M in insider sales filed this week. CEO Gary Dickerson sold $49.2M alone. The CTO, two division presidents, and the CFO all filed sales in a compressed window. That cluster of C-suite selling is rare and worth watching closely.
Micron reports Q3 results today after the close. The print will shape AI memory demand sentiment for weeks. Nike follows on June 30. Analysts are divided — BNP Paribas just initiated with a Sell and a $23 target. Meanwhile, Morgan Stanley raised its target on DuPont by 200%, from $52 to $156 — one of the boldest single revisions seen this year.
European stocks slid but the defense sector held firm after Ukraine ratified a $105 billion EU loan deal. Rising bond yields are pressuring growth names on both sides of the Atlantic.
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