Semiconductors experienced a collective sell-off in this wave. $Arm(ARM.US), $Infineon Technologies(IFNNY.US), and $Rambus(RMBS.US) all fell by six to seven percentage points, while $ASML(ASML.US) and $GlobalFoundries(GFS.US) dropped by four to five points. Samsung's earnings report fell short of expectations, and coupled with the news of DeepSeek's plans to develop its own chips, it cast doubt on the capital expenditure expectations for the entire AI chip supply chain. The Nasdaq led the decline that day.

However, physical demand indicators such as copper and oil prices remained relatively stable that day, and the VIX was also suppressed at just over 15. The sell-off targeted the sustainability of AI estimates, not a macroeconomic recession. The fact that equipment-side $ASML(ASML.US) and manufacturing-side $Infineon Technologies(IFNNY.US) and $GlobalFoundries(GFS.US) were pushed down together looks more like a repricing of the investment pace in AI computing power.