Nvidia, AMD, and Micron fall as investors question AI spending

Nvidia, AMD, and Micron shares fell sharply in US premarket trading on Thursday as investors questioned whether the AI boom can satisfy Wall Street amid conflicting spending signals from major customers. Nvidia dropped 2.4%, while AMD and Micron declined between 2.9% and 5.3%. Tesla cut its 2026 capital expenditure forecast to roughly $20 billion from over $25 billion, raising doubts about AI-driven growth, while Meta raised its minimum spending commitment to $135 billion. Lam Research beat earnings expectations but still fell 8.5% premarket after issuing guidance roughly in line with consensus. The selloff reflects investor frustration with mixed signals from key AI customers, as higher spending raises return concerns and lower spending creates growth doubts. Memory market conditions may persist for two to three years, according to Stifel analyst Brian Chin.