Wall Street Exits AI Chip Stocks After June Peak, Western Digital Down 40% From $746 Record

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According to Jim Cramer on CNBC Tuesday, investors are taking profits in artificial intelligence infrastructure stocks and rotating capital into companies with alternative growth drivers. Memory chip makers including Western Digital, Micron, and Seagate have pulled back sharply after peaking in June as investors bet supply shortages that fueled extraordinary pricing power won't persist. Western Digital hit an all-time closing high of $746 per share on June 18, up 333% year-to-date at that point, but has since declined nearly 40% from its record.
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