HK Stock Market Move | Storage concept stocks fall, GigaDevice Semiconductor Inc. (03986) drops over 5%, Google TurboQuant raises concerns about storage demand.

Storage concept stocks fell, as of the time of writing, GigaDevice Semiconductor Inc. (03986) dropped 5.3% to HK$386; Montage Technology (06809) fell 2.42% to HK$177.6; CSOP SK Hynix Daily (2x) Leveraged Product (07709) dropped 12.72%, CSOP Samsung Electronics Daily (2x) Leveraged Product (07747) dropped 10.67%. On the news front, the storage sector of the US stock market weakened overnight, with Micron Technology and SanDisk dropping more than 3%. In the South Korean exchange today, SK Hynix's stock price fell more than 6% at one point. According to reports, Google has launched a new memory compression technology called TurboQuant, which can compress large language model key value caches to 3 bits, achieving a 6-fold reduction in memory and up to 8 times acceleration, sparking concerns in the market about the future demand for storage. However, some analysts believe that this is more likely just a short-term fluctuation, rather than a disruptive threat.