The U.S. stock market's memory chip sector collectively weakened due to Samsung's financial report
After Samsung released its latest quarterly report, the stock prices of U.S. storage chip and data storage companies were caught up in the decline of tech stocks. Micron Technology fell 5% in pre-market trading, reporting $9.33; Sandisk and Seagate Tech saw their stock prices drop by about 6%, while Western Digital plummeted 7% in pre-market. This wave of selling began after Samsung Electronics disclosed impressive earnings: the company's profits surged 19 times, and it expects continued growth in profits for the second half of this year. However, investors sold off Samsung stocks, leading to declines in its upstream and downstream suppliers, competing storage chip manufacturers, and other tech giants. The negative market reaction to Samsung's strong earnings report is seen as a signal of weakening momentum in the tech stock market. Previously, the tech sector had experienced a significant rise due to the widespread adoption of artificial intelligence and massive investments in AI infrastructure
