Nike Shares Plummet to Multi-Year Low Amid Soaring Memory Chip Stocks

Nike Inc (NYSE:NKE) shares hit a multi-year low as soft direct-to-consumer sales and an analyst downgrade weighed on the stock. The company's market value has dropped by over $200 billion since its 2021 record high, with the latest decline wiping out 78% of that value.

The US administration is discouraging domestic tech companies from buying conventional memory chips from Chinese suppliers, which led to a surge in shares of memory and storage chipmakers. Micron Technology Inc (NASDAQ:MU) rose 5.7%, while Sandisk jumped 8.7%. Western Digital Corp (NASDAQ:WDC) gained 5.4% and Seagate Technology Holdings PLC (NASDAQ:STX) added 1.7%.

SpaceX Corp (NASDAQ:SPCX) could be on the cusp of a major growth inflection for its Starlink satellite broadband business, according to UBS analysts. They argue that the company's next-generation satellites and an unconventional ground-network strategy could significantly expand its reach.