HK Stock Market Move | The concept stocks with the largest decline in storage KX stock price plummeted, market value shrinking by half from its peak. The global technology sector has once again encountered a comprehensive sell-off.

Storage concept stocks lead the decline, as of press time, GigaDevice Semiconductor Inc. (03986) fell by 10.25%, to 538.5 Hong Kong dollars; Montage Technology (06809) fell by 7.47%, to 257.8 Hong Kong dollars. The decline of storage-related ETFs expanded, with CSOP SK Hynix Daily (2x) Leveraged Product (07709) falling by 17.32%, to 46.38 Hong Kong dollars; CSOP Samsung Electronics Daily (2x) Leveraged Product (07747) fell by 25.4%, to 61.92 Hong Kong dollars. On the news front, in early trading on Friday in Tokyo, shares of Kioxia plummeted by 14%, down 51% from their peak last month, resulting in a market value decrease of at least 2.95 trillion yen (181.7 billion US dollars). Since becoming Japan's most valuable company, the market value of storage chip manufacturer Kioxia has halved in a month, as investors are increasingly concerned that the AI-driven industry boom is overheated. A strategist from Daiwa Securities stated that the chip industry has obvious cyclicality, and similar trends have occurred multiple times in the past. It is now difficult for the market to continue betting on further acceleration in profit growth, and investors chasing short-term gains may have already taken profits at this stage. Meanwhile, TSMC announced impressive Q2 performance, but US stocks fell overnight. Andrew Jackson, a strategist at Ortus Advisors, stated that US tech stocks and AI sectors are once again experiencing widespread selloff, as TSMC's financial results were not deemed sufficient to support further gains in the sector, but instead raised concerns about overspending in the AI field. However, Andrew Jackson believes that this round of selloff reflects a concentrated unwinding of crowded positions in the hot AI trading, rather than a deterioration of the industry's long-term fundamentals.