Shares of Micron Technology (NASDAQ: MU) have plunged over 8% so far on Tuesday, dropping from Monday’s close of $900.20 to as low as $789 intraday before moving to around $821, as the artificial intelligence memory-chip rally continued to unwind sharply.

The selloff was triggered by a broad, global rout in semiconductor and memory stocks. Overnight, South Korea’s Kospi index collapsed nearly 11%, with memory giants Samsung Electronics and SK Hynix tumbling 13% and 15%, respectively, while Japan’s Nikkei fell about 4% on an 18% plunge in memory maker Kioxia. That weakness spilled directly into U.S. trading, dragging down Micron, SanDisk, and Western Digital.

Several catalysts converged to spook investors. Chief among them is…