US Stock Market Move | Chip stocks collectively fall, SanDisk (SNDK.US) drops over 12%

On Tuesday, chip stocks collectively fell sharply, with SanDisk (SNDK.US) dropping over 12%, Micron Technology, Inc. (MU.US) dropping nearly 12%, Seagate Technology Holdings PLC (STX.US), Western Digital Corporation (WDC.US), Qualcomm (QCOM.US) dropping over 8%, ASML Holding NV ADR (ASML.US) dropping over 7%, Intel Corporation (INTC.US) dropping over 6%, Advanced Micro Devices Inc. (AMD.US), Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM.US) dropping over 5%, NVIDIA Corporation (NVDA.US) dropping over 3%, and Broadcom Inc. (AVGO.US) dropping over 2%. On the news front, June 23rd saw a "Black Tuesday" in global stock markets. As a core subject of the AI investment boom in South Korea, leading memory chip manufacturer SK Hynix closed down by over 12%, with the South Korean KOSPI index dropping nearly 10%; the Japanese Nikkei 225 index also dropped by 3.55%, ending an eight-day streak of gains. Morgan Stanley senior portfolio manager Andrew Slimmon said on Monday, "AI beneficiary stocks are experiencing a sell-off. I do not think they are overvalued, but positions are overly crowded. They have become hot spots chased by momentum traders, leading to the sharp pullback we are seeing now. I believe this is actually a healthy phenomenon."