Nasdaq falls 5.52% as AI storage stocks lead selloff

The concentration of losses in memory and storage names, rather than across the whole semiconductor complex, points to a repricing of the AI buildout's most cyclical link: pricing power in memory. That matters for the AI-capex narrative itself, since storage demand has been treated as a proxy for how real and how durable that spending is. The open question is whether this is a valuation reset in the most levered corner of the trade or the start of a broader reassessment of AI capex durability — watch whether the weakness stays confined to memory names or spreads to the compute side.