Key Highlights
- Semiconductor and technology stocks experienced significant declines Friday as investors retreated from AI-focused equities, with Micron falling 5.2% pre-market following Thursday’s 16% rally
- ON Semiconductor plummeted 12% following the announcement of its approximately $7 billion all-stock acquisition of Synaptics
- Apple gained 0.6% in pre-market trading, recovering slightly after Thursday’s 6% plunge—its steepest single-day loss in over twelve months
- Titan Mining skyrocketed 42% on news of U.S. Army lease agreements for constructing a domestic graphite purification plant
- Nano-X Imaging plunged 12% after disappointing Q1 revenue results and pulling its 2026 financial guidance
Technology investors faced another brutal session on Friday. Equities that had benefited from the artificial intelligence boom found themselves among the hardest hit during pre-market hours.
Micron Technology shed 5.2% ahead of the market open. The decline reversed momentum from Thursday’s impressive 16% rally following the memory chipmaker’s robust third-quarter financial results.
The semiconductor industry witnessed widespread selling pressure. Sandisk retreated 5.1%, while Seagate Technology and Western Digital declined 3.5% and 3.8% respectively.
Optical networking companies weren’t spared either. Both Coherent and Lumentum lost approximately 4%. Marvell Technology dropped 4.6% while Intel decreased 3.6%.
Nvidia joined the downturn, losing 1.1%. Additional decliners included Qualcomm, Lam Research, KLA, and Applied Materials.
Market participants are becoming increasingly anxious about the massive capital expenditures required to develop AI infrastructure. These worries put sustained pressure on technology stocks throughout the trading session.
Apple managed a modest recovery, advancing 0.6% before the opening bell. The tech giant had suffered its most severe daily loss in over a year Thursday, tumbling 6% following announcements of higher prices for MacBooks and iPads.
Synaptics Acquisition Triggers ON Semiconductor Selloff
ON Semiconductor emerged as the S&P 500’s weakest performer in pre-market activity, collapsing 12%.
The semiconductor manufacturer revealed Thursday evening it had reached an agreement to acquire Synaptics through an all-stock transaction valued at approximately $7 billion. The exchange ratio was established at 1.35 ON Semiconductor shares per Synaptics share.
Market analysts expressed concerns that the acquisition would redirect the company’s strategic emphasis away from AI data center supply chains toward consumer electronics and smart device segments.
ON Semiconductor indicated the transaction would broaden its total addressable market to $243 billion by decade’s end. Management anticipates $200 million in yearly cost savings and projects the deal becoming earnings-accretive within 18 months after completion.
Synaptics shares advanced 6% on the announcement.
Market Gainers: Titan Mining and Wise Financial Services
The market wasn’t entirely negative. Titan Mining soared 42% following reports that the U.S. Army granted it extended lease agreements to establish a graphite purification operation at Pine Bluff Arsenal and Anniston Army Depot.
This initiative represents part of a comprehensive effort by the Trump administration to boost domestic manufacturing of strategically important minerals.
Wise Group climbed 7% after unveiling a stock repurchase initiative anticipated to surpass $500 million. The financial technology firm also confirmed its medium-term projections, including annual net revenue expansion of 15% to 20%.
Nano-X Imaging tumbled 12% after posting $4.3 million in first-quarter revenue, falling short of analyst forecasts. The Israeli medical imaging enterprise also withdrew its full-year 2026 forecast, referencing going-concern uncertainties.
FedEx Freight edged down 0.3% despite fourth-quarter revenue marginally exceeding analyst projections.
Wendy’s slipped 0.1%, continuing weakness after Thursday’s 6.7% decline that followed a brief rally fueled by retail investors on Reddit’s WallStreetBets forum.
