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Market Wrap · July 28, 2026

Memory Chips Crater as a Chinese Rival’s $487 Billion IPO Threatens NAND Pricing — Salesforce and ServiceNow Rally

July 28, 2026 · Indices, SanDisk (SNDK), Micron (MU), Nebius (NBIS), CoreWeave (CRWV), ServiceNow (NOW), Salesforce (CRM)

U.S. equities were mixed on Tuesday, July 28, as a sharp, company-specific selloff in memory-chip stocks offset gains in enterprise software. The S&P 500 (SPY) rose 0.24% to $740.86, the Dow (DIA) gained 1.08% to $526.89, and the Russell 2000 (IWM) added 0.16%, while the Nasdaq-100 (QQQ) fell 0.97% to $675.49 on the weight of chip stocks. The semiconductor-tracking SMH fund fell 3.45%, gold (GLD) dropped 1.40%, and crude oil (USO) fell 3.42%.

The session’s sharpest move was in memory chips. Sandisk fell 14.25% to $1,096.10, extending a decline Motley Fool put at roughly 31% over three sessions, tied to two dated developments: Chinese memory maker CXMT priced an $487 billion IPO that raised $8 billion, which investors read as a threat to the NAND pricing power that has driven Sandisk’s and Micron’s earnings recovery over the past year, plus separate, broader concern that AI infrastructure spending could slow. Micron fell 8.85% to $820.53 on the same story.

Neocloud infrastructure names extended a selloff that began this past Friday, July 24, when CoreWeave fell 11.4% and Nebius fell roughly 15% on investor concern over the companies’ capital-expenditure pace relative to revenue — CoreWeave’s 2026 capex guidance of $31–35 billion compares to $6.2 billion in trailing revenue, per Motley Fool. Nebius fell a further 9.68% Tuesday to $169.69, and CoreWeave fell 4.93% to $67.30.

Enterprise software provided one of the day’s few bright spots. ServiceNow rose 4.79% to $110.62 and Salesforce rose 4.55% to $181.50, the latter still carrying momentum from a $1.6 billion U.S. Department of Veterans Affairs contract for its Agentforce AI-agent product, awarded this past Friday. Uber rose 3.75%, Netflix added 2.83%, and Alphabet gained 2.19%.

Elsewhere on the tape

American Airlines rose 2.74% and SpaceX added 2.56% without a clear same-day catalyst. Bitcoin and Ethereum were little changed, up 0.24% and 1.55% respectively against the prior day’s close.

Sources: The Motley Fool, The Motley Fool, The Motley Fool, The Motley Fool. Price data via Massive Market Data. This article is educational and reflects my own analysis; it is not investment advice.