US Open: Are Markets Turning Away from AI?

From the early morning hours, there has been a sharp deterioration in sentiment towards companies within the broader AI ecosystem. SK Hynix, listed on the Korean stock exchange, lost over 12% after reaching a new peak, dragging the entire KOSPI index down with it (-10%).

There are growing voices regarding the overvaluation of companies in the sector, which is strongly reflected today in both the S&P 500 (-1.3%) and the Nasdaq Composite (-1.4%). Near the bottom of the list today, we find companies such as Micron (-11.9%), SanDisk (-11.5%), Marvell (-8.6%), AMD (-7%), and Intel (-6.7%). It is worth mentioning here that Micron is due to publish its Q3 results tomorrow after the market closes.

• The market expects revenue of approximately USD 35 billion, compared to just USD 9.3 billion in the same quarter last year (more than a threefold increase!).
• The estimated earnings per share (EPS) is expected to exceed USD 20 (compared to USD 1.9 a year ago).

If Micron shows even the slightest stumble in terms of forecasts or margins (which are expected to reach a staggering 81%), today's correction could turn into a deeper decline.

Figure 1:Nasdaq 100 Dashboard (23.06.2026)

Source: XTB Research, 23.06.2026

The sell-off today does not spare the main barometer of the AI revolution, Nvidia, whose shares are sliding by 2.7%. The entire Philadelphia Semiconductor Index (SOX) is recording one of its worst sessions this quarter. Investors are clearly taking profits after months of euphoric gains, revising their expectations regarding the pace of monetization of AI investments. The deterioration in sentiment is also reflected in the VIX volatility index (known as the "fear index"), which is rising by over 11% today.

Figure 2: Nasdaq 100 Winners and Losers (23.06.2026)

Source: Bloomberg, 23.06.2026

Thursday's session highlights a classic capital rotation. Funds withdrawn from high-premium growth stocks are seeking a safe haven in traditional defensive sectors (the so-called value), as seen in the relative strength of the Dow Jones Industrial Average (+0.0%) against the technology-heavy Nasdaq.

Figure 3: Nasdaq 100 Sector Heatmap (23.06.2026)

Source: XTB Research, 23.06.2026

Technical Analysis

Figure 4: US100 [D1] (13.10.2025 - 23.06.2026)

Source: xStation, 23.06.2026

Despite today's sell-off, the medium-term uptrend that began in mid-March remains technically unchallenged. The declines fit the scenario of the long-awaited market cooling after previous strong gains. A key defensive area for the bulls is now the 28.9k-29k point region, where the 50 SMA moving average runs. As long as quotes remain above this demand zone, today's pullback should be interpreted as a purely corrective movement within the dominant trend.

Today's declines, however, are clearly reflected in momentum indicators, which are beginning to favour the supply side more strongly in the short term. The RSI oscillator has fallen to around 52.9 points, which neutralises earlier overbought conditions and confirms a state of transitional equilibrium with a slight bearish tilt. Meanwhile, the MACD indicator consistently maintains a sell signal, suggesting the fading of the previous upward momentum, which opens space for the bears to test lower support levels.

Company News

• AMC Entertainment (AMC.US): Share prices are falling by over 23% after the company entered into an agreement with institutional investors regarding the issuance of nearly 100 million new common shares, from which it is to raise approximately USD 200 million in capital. The issuance causes significant dilution of share capital.
• IBM (IBM.US): The rise in share price (4.3%) is supported by two pieces of positive news: an upgrade of the recommendation to "overweight" by JPMorgan analysts and the company's inclusion in the OpenAI Daybreak Cyber Partner Program.
• Primoris Services (PRIM.US): The company significantly lowered its adjusted profit forecast for the entire year 2026, which met with a very negative investor reaction (-28%).
• Avis Budget Group (CAR.US): Information regarding reaching a settlement with the Pentwater Capital Management fund and related entities signifies the conclusion of litigation regarding the return of profits from so-called short-swing profits, i.e., those generated by insiders as a result of buying and selling (or selling and buying) shares of their own company in a period shorter than 6 months. Shares up 6.7%.

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Michał Jóźwiak, Financial Markets Analyst at XTB