Daily Market Update: Nvidia, Micron, AMD All Tank — And Crypto Is Feeling It Too

TLDR

• US stock futures fell Tuesday and Wednesday as AI chip stocks sold off for a second straight day
• Nvidia, AMD, and Micron led declines, with Micron dropping 13% on Tuesday
• Bitcoin slid toward $62,000, down nearly 5% on the week, with Ether and XRP falling harder
• US spot Bitcoin ETFs recorded record 30-day net outflows of over $6 billion
• FedEx earnings missed, with the company citing shifting trade policy as a headwind

Bitcoin fell toward $62,000 on Wednesday as semiconductor stocks continued their two-day selloff, dragging risk assets lower across the board.

US stock futures also slipped, with Dow and S&P 500 futures each falling 0.1%. Nasdaq 100 futures held near flat.

The Philadelphia Semiconductor Index dropped 7.9% on Tuesday. All 30 of its members fell. Nvidia, Micron, and AMD led the declines.

Micron fell 13% on Tuesday alone. The stock had risen more than 250% in 2026 before the pullback. Its earnings report, due Wednesday after the bell, is being closely watched by Wall Street.

The S&P 500 dropped 1.4% on Tuesday. The Nasdaq 100 fell 3.3%. An attempted recovery in Asian chip stocks on Wednesday failed to hold, with Taiwan Semiconductor down more than 3%.

FedEx also reported earnings and fell. The logistics company, widely seen as a gauge of economic health, pointed to shifting trade policy as a key challenge.

Cerebras, an AI chip company that recently went public, reported its first earnings after the bell. Shares dropped as investors worried about its ability to compete with larger chip makers.

Crypto Takes the Hit Too

Bitcoin traded around $62,546, down 2.1% in 24 hours and 4.9% on the week. The token has stayed near the lower end of its monthly range.

Ether dropped 3.7% to $1,661, down 7.2% for the week. XRP fell 2.2% to $1.10 and is down 9.3% on the week. Solana lost 3.3% to $69. Dogecoin slid 9.8% over seven days.

Hyperliquid’s HYPE was the hardest hit, falling 8.8% on the day and 18.6% on the week to around $61. Tron was the exception, up 3.7% on the week.

ETF Outflows and Options Expiry Add Pressure

US spot Bitcoin ETFs recorded a record 30-day net outflow of more than $6 billion. Mike McCluskey, co-founder of tx, described this as sustained institutional de-risking by the same buyers who drove the current cycle.

McCluskey said that until those flows clearly reverse, any relief rallies are likely to hit a ceiling.

He also flagged a large options expiry on Deribit set for Friday. Around $10.6 billion in notional value is due to expire. Nearly 80% of open positions are out of the money, clustered around a $60,000 put and an $80,000 call.

The $60,000 level has already been tested this month and is seen as a key technical floor.

On the macro side, oil continued falling. Brent crude slipped around 1% toward $76 a barrel. The dollar rose to a seven-month high as investors moved toward safer assets.

Bitcoin remains caught between a weakening AI trade and a softening oil market, holding above $60,000 but with little momentum to push higher while institutional buyers stay on the sidelines.

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