U.S. Stock Market Midday Update

Credo Tech fell 10.95%. Based on recent news,

1. On July 23, the sentiment towards Credo Tech in the r/wallstreetbets community on Reddit remained between 66 and 68, consistent with the market reaction following the earnings report. Concerns over order cuts from its largest customer or the faster adoption of co-packaged optical technology in hyperscale data centers led to the decline in stock price.

2. On July 23, the U.S. Securities and Exchange Commission released a document that may involve regulatory information regarding Credo Tech, increasing market uncertainty and further pressuring the stock price.

3. Recently, analysts discussed the competitive landscape in the AI connectivity sector, noting that Marvell has advantages in cash reserves and custom silicon pipelines, which puts pressure on Credo Tech's market position. The competition in the AI connectivity sector is fierce, leading to volatile market sentiment.

Top Stocks by Trading Volume in the Industry

Micron Technology fell 8.44%. Based on recent news,

1. On July 23, Tesla's earnings report fell short of expectations, causing a significant drop in its stock price. Tesla's adjusted earnings per share for the second quarter were $0.33, below the market expectation of $0.51, and free cash flow turned negative at $1.1 billion, leading to a nearly 15% plunge in Tesla's stock price, which also affected Micron Technology's stock.

2. On July 23, Alphabet reported strong earnings, but increased capital expenditures raised market concerns. Despite strong revenue growth, Alphabet's significant increase in capital expenditures led investors to worry about future profitability, triggering a general decline in tech stocks, including Micron Technology.

3. On July 22, concerns about memory prices persisted in the market. The chairman of SK Group stated that memory prices are "not normal" and will return to normal levels in the future, exacerbating market worries about memory demand and impacting Micron Technology's stock price. The overall performance of tech stocks was weak, with funds flowing towards the memory and chip supply chain.

NVIDIA fell 1.79%, with increased trading volume. Based on recent key news:

1. On July 24, NVIDIA signed a $1.5 billion agreement with Amkor Technology, driving Amkor's stock price up 15% in after-hours trading. The agreement aims to enhance Amkor's production capacity in Arizona, focusing on AI chip packaging and testing technology. Source: Zhitong Finance

2. On July 22, Wistron announced the activation of its first AI server facility in the U.S. to build AI servers for NVIDIA, leading to a stock price surge. This move will increase NVIDIA's AI server output and expand domestic assembly and testing capacity in the U.S. Source: Zhitong Finance

3. On July 23, NVIDIA announced the global deployment of the Vera Rubin platform, boosting the stock prices of related partners. JP Morgan stated that investor concerns about NVIDIA's market share are overblown, and the company is expected to benefit from AI development in the future. The semiconductor industry is experiencing strong demand, driven by AI growth Intel fell 7.68%. Based on recent news,

4. On July 24, Intel announced its second-quarter financial report, with revenue of $16.13 billion, a year-on-year increase of 25%, but market sentiment shifted, leading to a decline in stock price. Analysts pointed out that despite the impressive performance, the stock price volatility was more due to changes in market sentiment.

5. On July 24, Intel projected third-quarter revenue to reach between $15.8 billion and $16.8 billion, exceeding analysts' expectations, but high valuation became the main reason for the stock price decline. Intel's forward 12-month price-to-earnings ratio reached as high as 74 times, far exceeding its 10-year average.

6. On July 24, Intel confirmed layoffs in its data center group to reduce costs, which temporarily boosted the stock price, but overall market enthusiasm for chip manufacturers is waning. The semiconductor industry is showing overall weak performance, and investor sentiment is changing.

Stocks ranked at the top of the industry market capitalization

TSMC fell 3.27%, with increased trading volume. Based on recent key news:

1. On July 24, poor financial reports from Google and Tesla led to a decline in U.S. stocks, putting pressure on the Taiwan stock market, with TSMC dropping over 2% during trading. The financial reports from Google and Tesla showed negative free cash flow and increased capital expenditures, causing market unease and leading to a drop in TSMC's stock price.

2. On July 23, TSMC announced an increase in its annual capital expenditure to between $60 billion and $64 billion and ramped up investment in its Arizona plant, reflecting the growing global demand for AI. This move shows TSMC's confidence in future AI demand but also raises market concerns about increased costs.

3. On July 22, TSMC plans to raise chip prices by 5% to 10% starting in 2027 to cope with rising costs. This news has drawn market attention to its future profitability. With strong AI demand, the Taiwan stock market is experiencing increased volatility