After TSMC broke through 800 yuan, it quickly rebounded, with margin calls adding short pressure

The four major U.S. stock indices were mixed last night, with the tech-heavy Nasdaq and the Philadelphia Semiconductor Index both turning positive, as Nvidia and Micron rebounded strongly. However, the ADRs of Taiwanese stocks continued to weaken. TSMC (2330) futures plummeted by 55 TWD after hours, breaking below 800, closing at 793 TWD, while the Taiwan index futures continued to drop by 761 points, closing at 18,406 points. On the 8th, the Taiwan stock market opened, with the main market continuing to decline by 167.88 points, reporting 19,064.47 points; the over-the-counter market fell by 3.37 points, reporting 211.01 points. However, the selling pressure from margin calls emerged, causing the market drop to quickly expand to over 900 points. Fortunately, after TSMC dipped to 797 TWD, it quickly rebounded back to the 800 level, and MediaTek (2454) also showed strong buying support. Additionally, sectors such as finance, food, cement, and plastics joined forces to resist the downturn, stabilizing the market drop around 850 points. Moreover, the New Taiwan Dollar exchange rate also depreciated again, opening at 33.07 TWD against the U.S. dollar, a depreciation of 1.5 points. At today's opening, TSMC fell by 51 TWD, reporting 797 TWD, MediaTek fell by 40 TWD, reporting 1,255 TWD, Hon Hai (2317) fell by 11.5 TWD, reporting 127 TWD, Chunghwa Telecom (2412) rose by 1.5 TWD, reporting 125.5 TWD, and Delta Electronics (2308) fell by 32.5 TWD, reporting 300.5 TWD. Local investment advisors indicated that the selling pressure in the Taiwan stock market has not stopped, with the VIX fear index rising. Today, institutional stop-loss selling pressure and margin calls are expected to emerge, suggesting waiting for the market to stabilize and observing the movements of the National Security Fund and the clarity of the tariff war as indicators, with a conservative approach advisable in the short term. Looking back at last night's U.S. stock performance, U.S. President Trump demanded on the 7th that China withdraw its retaliatory measures against the U.S., or else he would impose an additional 50% tariff and suspend all talks between the U.S. and China, stating that he currently "does not plan" to delay the implementation of large-scale reciprocal tariffs. Additionally, the Federal Reserve suddenly held a closed-door meeting, causing the VIX fear index to soar to 65 at one point. U.S. stocks were mixed, with the Dow Jones Industrial Average at one point plunging 1,703 points, ultimately falling by 349.26 points, a decrease of 0.91%, and the S&P 500 index falling by 0.23%. However, the tech-heavy Nasdaq and the Philadelphia Semiconductor Index both turned positive, rising by 0.1% and 2.7%, respectively. Chip giant Nvidia surged by 3.53%, and Micron soared by 5.64%, but the ADRs of Taiwanese stocks continued to decline, with TSMC ADR down by 0.43%, UMC (2303) ADR down by 1.61%, Chunghwa Telecom ADR down by 2.78%, and ASE (3711) ADR down by 1.04%