Stock Markets July 2, 2026 02:05 PM

Broad sell-off pulls Tesla, Arm and multiple chip-related stocks lower

Mega-cap technology names lead declines while large-, mid- and small-cap issues post double-digit moves

By Derek Hwang
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SNDK KLAC STX WDC TSLA

Equity markets on Thursday saw pronounced selling across a range of market-cap segments, with several mega-cap technology and memory-related stocks among the biggest decliners. Tesla and Arm were notable losers in the mega-cap cohort, while a number of large-cap and mid-cap semiconductor and equipment names fell by double digits. A small set of issues posted sharp losses in the small-cap universe, and one mid-cap name recorded a notable gain.

Broad sell-off pulls Tesla, Arm and multiple chip-related stocks lower
SNDK KLAC STX WDC TSLA
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Key Points

  • Mega-cap technology and memory-related stocks posted notable declines, including Tesla (TSLA) and Arm (ARM).
  • Large- and mid-cap semiconductor and equipment names experienced widespread double-digit drops.
  • A single mid-cap, Chenghe Acquisition II (PLBL), rose by 19.59% on news of an MOU to evaluate an AI computing center in Thailand; small-cap names produced some of the steepest losses.

Thursday's session produced sizable swings in share prices across market-cap brackets, driven by a mixture of company-specific items and broader selling pressure. Below are the most significant movers grouped by market-cap category, with the percent changes reported during the session.


Mega-Cap Movers (Market Cap $200B+ USD)

  • SanDisk Corp-Exch (SNDK): -15.92%
  • Kla-tencor Corp (KLAC): -13.51%
  • Seagate Technology (STX); Apple In Discussions To Buy Memory Chips From Chinese Companies - Bloomberg: -12.57%
  • Western Digital (WDC); Apple In Discussions To Buy Memory Chips From Chinese Companies - Bloomberg: -12.09%
  • Tesla Motors (TSLA): -7.87%
  • Arm (ARM): -7.83%

Large-Cap Stock Movers (Market Cap $10-$200B USD)

  • Applied Opt (AAOI): -17.33%
  • Vicor Corp (VICR): -17.2%
  • FormFactor (FORM): -16.69%
  • Teradyne Inc (TER): -14.85%
  • Sitime Corporation (SITM): -14.16%
  • Bending Spoons S p a (BSP): -14.3%
  • Allegro Microsystems Inc (ALGM): -15.81%

Mid-Cap Stock Movers (Market Cap $2-$10B USD)

  • Arteris (AIP): -20.59%
  • Regencell Bioscience Holdings (RGC): -19.8%
  • Axcelis Tech (ACLS): -19.76%
  • Veeco Instruments (VECO): -19.46%
  • Chenghe Acquisition II (PLBL); Polibeli signs MOU to evaluate AI computing center in Thailand: +19.59%

Small-Cap Stock Movers (Market Cap $300M-$2B USD)

  • SNDU (SNDU): -32.25%
  • MVLL (MVLL): -24.51%
  • LITX (LITX): -21.92%
  • Silvaco (SVCO): -19.23%
  • Centricus Acquisition (ARQQ): -17.54%
  • TKB Critical Tech 1 (SHAZ): -16.24%

Thursday's data highlight widespread declines that span mega-cap technology names through to smaller-cap listed companies. The session included pronounced weakness among companies tied to memory and semiconductor supply chains, as well as steep moves in specialist technology and acquisition vehicles. One mid-cap issuer bucked the downtrend with a double-digit gain related to an announced memorandum of understanding.

Risks

  • Shifts in memory sourcing discussions involving Apple - as noted for Seagate Technology (STX) and Western Digital (WDC) - present uncertainty for memory-focused vendors and related suppliers.
  • Heavy single-session declines across multiple market-cap segments indicate elevated near-term volatility for technology and semiconductor-related equities.
  • Steep losses in small-cap names reflect idiosyncratic risk and potential liquidity or headline-driven moves within lower market-cap stocks.

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