New Delhi, June 23 -- Shares of Micron Technology slumped 13% in Tuesday's trade, 23 June, falling to $1,055 apiece, amid a broader decline in chip stocks as investor concerns grew that the sector's rally had gone too far, too fast, raising questions over valuations.

The rout in semiconductor stocks deepened after media reports suggested that SK Hynix is slowing the expansion of its AI memory chip production and shifting its focus towards lower-cost commodity DRAM products.

The reports triggered a 12% plunge in both SK Hynix and Samsung Electronics, dragging South Korea's technology-heavy Kospi index down 10% and activating a circuit breaker, marking one of its sharpest intraday declines in recent years.

The sell-off in chipmakers, whi...