The three major US indexes couldn’t agree on a direction Wednesday. The Dow Jones Industrial Average eked out a 0.14% gain to close at 51,920.62, the S&P 500 finished essentially flat with a 0.01% decline at 7,357.49, and the Nasdaq Composite dropped 0.46% to 25,358.60.

The culprit behind the split: semiconductor stocks surged on the back of Micron Technology’s earnings report, but mega-cap tech names like Apple and Nvidia had a rough day, and their sheer weight dragged the broader indexes down.

Micron’s monster quarter vs. mega-cap pain

Micron Technology delivered fiscal Q3 revenue of $41.46 billion, blowing past analyst expectations of roughly $35.8 billion. The company’s adjusted earnings per share came in at $25.11, also beating estimates. Investors rewarded the memory chipmaker with an approximately 15% stock price surge in a single session.

The company raised its Q4 revenue guidance to around $50 billion, signaling that AI-related demand for memory chips isn’t slowing down anytime soon.

That semiconductor enthusiasm couldn’t carry the rest of tech. Apple shares fell roughly 6%. Nvidia slipped about 2%. When two of the market’s heaviest stocks move in the wrong direction, index math gets unforgiving fast.

What happened with Bitcoin and crypto

Bitcoin traded in the $59,000 to $61,000 range throughout Wednesday’s session, inching higher after initial declines earlier in the day.

MicroStrategy (MSTR) shares declined approximately 9%, a notably sharper drop than Bitcoin itself experienced.

For Bitcoin specifically, the $59,000 to $61,000 range has become something of a holding pattern. MicroStrategy’s 9% decline is worth watching separately. When MSTR falls significantly harder than Bitcoin, it can signal that equity investors are repricing the premium they’re willing to pay for leveraged Bitcoin exposure.