Micron Technology stock fell 6.3% on Thursday, Oct. 22, as rising oil prices and concerns about AI spending weighed on chip stocks, with the S&P 500 down 1.2% and the Nasdaq Composite down 2.6%. Brent crude topped $112 a barrel after attacks in Saudi Arabia raised concerns about energy supply disruptions, up from around $72 before the conflict began. The article notes that high oil prices can fuel inflation and keep interest rates and borrowing costs elevated, which could pressure companies funding AI infrastructure and slow chipmakers' orders. Meta reported negative free cash flow for the first time since 2012 and plans to raise money through a new class of stock, which the article says may signal that lenders are less willing to extend credit. Treasury yields fell on Thursday but remain well above prewar levels.
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