Tuesday's top stock by trading volume was Micron Technology, closing down 1.41% with a turnover of $65.481 billion. The company is scheduled to release its Q3 FY2026 earnings on June 24, and the options market is pricing in a potential significant move of around 20% for its stock, reflecting high anticipation and nervousness among investors regarding the AI memory chip giant's performance.

Wall Street analysts widely expect Micron to deliver explosive growth. Market data projects Q3 earnings per share of approximately $19.72, a year-over-year increase of about 932%, with revenue forecast around $34.38 billion, up roughly 270%. This outlook slightly exceeds the company's prior guidance of $33.5 billion in revenue and about $18.90 EPS. Demand for its core product, high-bandwidth memory for AI servers, remains robust, with its HBM supply for the entire 2026 calendar year already sold out.

However, Micron's stock has experienced significant volatility recently. In the week ending June 5, it retreated about 20% from its all-time highs, partly due to Broadcom's lower-than-expected AI sales forecast, which sparked concerns across the AI hardware sector. Despite this, Wall Street remains largely optimistic on Micron, with a consensus rating of "Strong Buy" and an average analyst price target near $919. Several institutions have recently raised their targets substantially, citing tight memory supply and favorable pricing trends.

The second most traded stock was NVIDIA, which closed down 0.22% with a turnover of $36.73 billion. Media reports indicate that D-Matrix has launched an AI inference chip named "Corsair," claiming it can be up to 10 times faster than NVIDIA GPUs for certain smaller compute tasks while consuming only one-fifth the power.

This chip uses an SRAM architecture and does not rely on DRAM, but it has a notable limitation: it cannot handle extremely large parameter inference models. D-Matrix has raised about $500 million in total funding and is valued at roughly $2 billion, with Microsoft's venture capital arm M12 among its investors. The company has secured purchase intents from several cloud service providers and AI labs and has begun shipping in volume this month. Its chips are manufactured by TSMC using a 6-nanometer process, cost tens of thousands of dollars per card, and can be deployed in existing data center racks as plug-and-play solutions.

Ranked third by volume was SanDisk, which closed up 0.28% with a turnover of $25.832 billion. NVIDIA CEO Jensen Huang recently stated that the tight supply of memory chips will persist for several years. He noted that "the entire industry supply chain, from wafers and packaging to silicon photonics modules, is insufficient, rooted in persistently high market demand. This shortage condition will continue for years."

Bank of America recently raised its price target for SanDisk from $1,550 to $2,100, maintaining a "Buy" rating. Investor focus is currently centered on the company's multi-year supply and cooperation agreements with customers, which SanDisk refers to as its "New Business Models (NBMs)." These are structured agreements featuring fixed pricing in the initial contract phase and floating pricing for the remainder. BofA views this structure as a "win-win," securing stable supply for customers and providing financial certainty for SanDisk. Mizuho also raised its SanDisk target from $1,825 to $2,200, maintaining an "Outperform" rating.

Marvell Technology was fourth, closing down 7.61% with a turnover of $24.884 billion. Recent data shows a notable shift in the trading preferences of US retail investors after months of sustained inflows into the semiconductor sector. Funds are beginning to move out of artificial intelligence (AI) and chip-related stocks and into more volatile, speculative equities.

Latest retail flow data from market research firm Vanda Research indicates that individual investors have recently been reducing holdings in semiconductor-related stocks while increasing allocations to high-beta names.

This rotation of funds follows a substantial rally in the semiconductor sector. Over the past year-plus, fueled by the generative AI boom and data center construction wave, chip stocks represented by NVIDIA, AMD, Micron Technology, Broadcom, and Marvell Technology were consistently favored by retail investors and became one of the strongest-performing segments in the US stock market.

However, as valuations for some leading stocks continued to climb and volatility in the semiconductor sector increased recently, some retail investors have begun taking profits and shifting capital toward higher-risk, speculative targets.

Vanda Research suggests this change may reflect investors proactively increasing liquidity levels and preparing for potential market volatility ahead.

Apple ranked sixth, closing down over 3.6% with a turnover of $20.218 billion. As Apple's Worldwide Developers Conference concluded, hidden code clues within the first beta of iOS 27 have drawn significant attention. Software researchers have discovered multiple pieces of code in the system directly related to foldable hardware, suggesting the software foundation for Apple's first foldable iPhone is quietly being laid.

Code explorers found several key strings within iOS 27, including "foldState" for identifying whether a device is folded or unfolded, and entries like "mechanicalAngleDegrees" and "angleDegrees" that can detect hinge deployment angles. These codes were not present in iOS 26 and are seen as the most direct evidence yet of Apple's imminent foldable device.

New user-facing features in iOS 27 also hint at foldable screen design intentions. The system adds a new full-page widget format, allowing apps like Music and News to occupy the entire home screen, a design that would be particularly useful on a foldable iPhone with a larger interior screen. Furthermore, an update to the iPhone mirroring function in macOS 27 allows a connected iPhone to be adjusted to an iPad-sized layout, aligning with rumors that a folded-out device would be close to the size of an iPad mini.

Microsoft was tenth, closing down 2.02% with a turnover of $13.809 billion. As agentic AI applications proliferate, computing power is shifting from the cloud to the device side, making "device-cloud collaboration" a new trend. Seizing this opportunity, NVIDIA introduced the RTX Spark Superchip at Computex and jointly announced with Microsoft a move into the personal computer chip market. This chip runs Windows on an Arm architecture, integrates a Blackwell RTX GPU with a custom Grace CPU, supports up to 128GB of unified memory, and brings data-center-level AI capabilities down to personal devices.

Lumentum Holdings ranked sixteenth, closing down 8.22% with a turnover of $6.522 billion. The stock had been rising recently as investors focused on its positioning within AI infrastructure and optical networking demand. Recent reports highlighted the company's stronger performance guidance, optimistic analyst commentary, and sustained demand for key components used in cloud and AI networks.

Some analyst comments noted that Lumentum has fallen about 15% over the past month, reflecting investor concerns that expectations for an AI expansion may have been partially priced in by the market.

Overall, Lumentum's recent strength was driven by market optimism about AI-driven optical demand and positive analyst reviews, while the recent weakness reflects worries that the stock's previous strong rally may have pushed valuations too high in the near term.

Nuvalent ranked seventeenth, closing up 39.28% and hitting a record high, with a turnover of $6.354 billion. The catalyst was news that GlaxoSmithKline PLC (GSK) has agreed to acquire Nuvalent for approximately $10.6 billion. The announcement stated that GSK will acquire Nuvalent for $124 per share in cash, representing a 40% premium to its closing price on Monday, June 8. The transaction is subject to regulatory approvals and is expected to close in the third quarter. Nuvalent designs small molecule and precision targeted therapies for cancer patients, including those with lung cancer.