- The three major U.S. stock indices showed mixed overnight movements. The Dow Jones Industrial Average rose by 262.83 points, the S&P 500 edged up by 0.02%, while the Nasdaq Composite fell by 0.18% due to the drag from tech stocks.
- The AI hardware sector faced collective pressure, with optical communication and storage chips leading the decline. Kioxia ADR and SK Hynix both fell by over 7%, with SK Hynix's stock price dropping below its U.S. IPO issue price.
- Large tech stocks showed significant divergence. Apple (AAPL:US) rose by 1.17%, with its market cap nearing $5 trillion, reclaiming the top global position. In contrast, Nvidia (NVDA:US) plummeted by 4.99%. In commodities, WTI crude oil futures dropped sharply by 8.29% in a single day.
Market Overview and Divergence of the Three Major Indices
The three major U.S. stock indices exhibited clear divergence. The Dow Jones Industrial Average rose by 0.51%, closing at 52,210.08 points; the S&P 500 edged up by 0.02%, closing at 7,413.18 points; while the Nasdaq Composite fell by 0.18% under the pressure of tech stock adjustments, closing at 24,932.08 points. Capital flows indicate that market funds are rotating from overvalued semiconductor sectors to traditional blue-chip stocks, with risk aversion and sector rotation characteristics appearing simultaneously.
Divergence Among Tech Giants and Market Cap Leadership Change
Large tech stocks showed dramatic divergence. Apple's (AAPL:US) stock price rose by 1.17%, with its market cap nearing the $5 trillion mark, once again surpassing Nvidia (NVDA:US) to reclaim the top spot in global market capitalization. In contrast, Nvidia fell by 4.99%, Google rose by over 2%, Microsoft increased by nearly 2%, while Tesla and SpaceX slightly declined by over 1%. The divergence in tech giants' performance reflects a marginal change in the market's assessment of the AI investment return cycle.
AI Hardware Leads Decline and Storage Chips Under Pressure
The AI hardware and semiconductor sectors experienced a deep correction, with the Philadelphia Semiconductor Index dropping by over 2%. The storage and optical communication sectors were hit hardest, with SanDisk plummeting by over 11%, Kioxia ADR (KXIAY:US) tumbling by 7.56%, and SK Hynix (SKHY:US) significantly dropping by 7.47%, falling below its U.S. IPO issue price. Concerns over excess storage chip capacity and short-term inventory reduction in the supply chain intensified, leading to concentrated selling of high-valuation chip stocks.
Rebound in Chinese Stocks and Commodity Volatility
Popular Chinese stocks saw a general rise, with the Nasdaq Golden Dragon China Index closing up by 2.51%, and the Hang Seng Index ADR rising by 0.45% in tandem. The commodity market experienced significant volatility, with New York WTI crude oil futures for the current month contract plunging by 8.29% in a single day, closing at $81.91 per barrel; COMEX gold futures slightly rose by 0.19%, reaching $4,078.6 per ounce, indicating a repricing of global macro demand expectations and geopolitical premiums.
