The U.S. stock semiconductor equipment/testing and packaging sector has been collectively pushed down in this wave.

$Credo Tech(CRDO.US) suffered the heaviest decline, falling -11.20%, marking another sharp drop following the -11% wave on 6/22. $Texas Instruments(TXN.US) fell over eight percentage points, while $Amkor Tech(AMKR.US), $Teradyne(TER.US), $Aehr Test(AEHR.US), and $Tower Semicon(TSEM.US) all fell around seven percentage points.

There are three driving factors: first, renewed market concerns about the sustainability of AI capital expenditures; second, profit-taking in the memory sector after Micron's earnings, spreading to upstream equipment and back-end testing/packaging; third, institutional portfolio rebalancing at quarter-end hitting high-beta stocks.

From a sector perspective, valuations on the supply side of the AI computing chain remain relatively high, and a pullback is a necessary pressure release, not the end.