Shares of major memory-chip and semiconductor companies fell sharply as investors reassessed the outlook for the artificial-intelligence boom. The decline came amid broader weakness across technology markets after prominent AI industry figures called for greater caution over the speed of AI development.

Companies closely connected to AI infrastructure were among those affected. Micron, a major supplier of memory products used in AI systems, fell more than 5%, while other semiconductor companies also recorded significant declines. Asian chipmakers, including Samsung and SK Hynix, were similarly affected as the selling spread across global markets.

The pressure is notable because memory chips have become increasingly important to the AI industry. High-bandwidth memory (HBM) is essential for many advanced AI accelerators, while conventional DRAM and other memory technologies support the servers and data-centre infrastructure running AI applications. Strong AI demand has helped push memory companies into one of the industry’s most important growth cycles.

Investors are now questioning whether the enormous spending on AI infrastructure can continue at its previous pace. Recent warnings from technology leaders about the risks of rapidly advancing AI have added to concerns that companies could eventually slow certain investments. At the same time, higher oil prices and rising bond yields have created additional pressure on technology valuations.

Despite the latest sell-off, demand for AI memory remains structurally strong, and analysts continue to expect substantial long-term requirements for HBM and other advanced memory technologies. The market’s immediate reaction therefore reflects uncertainty rather than proof that the AI hardware cycle has ended. The coming months will show whether investors are witnessing a temporary correction or a broader reassessment of the enormous expectations surrounding AI infrastructure.