Nvidia, Intel, Apple, Tesla, Google, Amazon, and Meta, known as the "tech sisters" in the US stock market, faced a "selling wave" this week, with Apple experiencing its largest single-day drop since September 2022.
The Philadelphia Semiconductor Index has fallen by 13.64% since August, having previously reached a historical high of 5,931.83 points in early July, with a cumulative maximum drawdown of about 27%.
On August 6th, the A-share technology sector showed an "independent trend". The China Semiconductor Chip Index, representing the semiconductor chip sector, fell by 0.75% at one point during the day but rebounded in the last half hour, closing up by 0.64%.
The performance of over 150 stocks in the sector was mixed, with 135 stocks experiencing an increase in share price.
Specifically, Xindong Lian Ke (688582.SH) rose by more than 9%, leading the sector, with Zhongke Fei Ce, Puran Shares, Weijie Chuangxin, Shengke Communication, and Xinyuan Microelectronics all showing significant gains.
Additionally, the first IPO after the "Science Eight Articles," Longtu Photomask (688721.SH), also performed well upon its market debut today, closing up by 88.65%.
Regarding the significant adjustment in US tech stocks, CITIC Futures Research points to three factors: First, the trading of Trump-related events and his trade protection stance towards tech companies, which may form a bearish impact on tech companies' revenues in the short term; second, despite ASML (ASML Holding N.V.) significantly exceeding expectations in its second-quarter performance, its full-year expectations remain unchanged, leading to concerns that ASML's performance guidance for the second half of the year is below expectations, and the market worries about further pressure on ASML's performance in the latter half of the year; third, there has been a shift in the style of capital allocation.
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The Federal Reserve's interest rate cut expectations have been brought forward to September. Under the expectation of "interest rate cuts + soft landing," the risk appetite of capital has increased, shifting from large-cap tech stocks to smaller-cap growth stocks with greater elasticity.
Nvidia is a core component of the Philadelphia Semiconductor Index, which has risen by 149.5% in the first half of this year. Coupled with market expectations for the development of AI servers and chips, this has collectively driven the Philadelphia Semiconductor Index higher.
However, according to a recent report by The Information, due to design flaws, the shipment of Nvidia's next-generation Blackwell architecture AI chip, the GB200, will be delayed by at least three months, further exacerbating market expectations.Looking back at the domestic semiconductor industry, after the AI hype at the beginning of 2023, valuations have continued to adjust, and market transactions are more based on performance expectations and the certainty of implementation.
This year, industry prosperity has become the "key to victory" for the mid-year performance of semiconductor listed companies. The continuous recovery of terminal demand, represented by smartphones, has driven the repair of the profitability of related listed companies, and many sub-directions of electronics have shown a significant acceleration in performance. Among the 55 semiconductor mid-year reports that have been released, 1 company continued to be profitable, 14 companies turned losses into profits, 8 companies slightly increased, and 18 companies significantly expected to increase, showing a significant improvement in overall conditions compared to the same period last year and the previous quarter.
In the current semiconductor prosperity cycle superimposed with the innovation cycle (AI innovation), the market generally believes that the development of AI may lead the domestic semiconductor industry chain out of a structural market, mainly due to the marginal pull of AI computing power demand and the innovation expectations of a new round of terminal AIization. Relevant listed companies are facing an upward cycle with strong sustainability, and performance is the cornerstone of determining the valuation imagination space.