Memory and semiconductor stocks dragged Wall Street lower, sending the Nasdaq 100 down around 2%, the Dow Jones Industrial Average down 0.3%, and the S&P 500 down 0.5%. Shares of Micron, SanDisk, Intel, Applied Materials, and Marvell fell between 6% and 10%, triggered by the market's negative reaction to Samsung's earnings. The selloff reflected deteriorating sentiment toward artificial intelligence, while geopolitical tensions escalated following attacks on commercial vessels near Oman and the Strait of Hormuz. Higher oil prices also weighed on technology stocks. Nvidia shares fell after Reuters reported that Chinese startup DeepSeek is developing its own AI chip, sparking a broad selloff. The Philadelphia Semiconductor Index dropped more than 5%. Investors took profits amid concerns that valuations have become stretched and that upcoming earnings season could bring higher volatility. Although Samsung reported exceptionally strong profit growth, its shares declined. The market is also preparing for SK Hynix's upcoming Nasdaq listing while awaiting minutes from the first Federal Reserve meeting chaired by Kevin Warsh.