$Amkor Tech(AMKR.US), $Onto Innovation(ONTO.US) both fell around seven percentage points, $Tower Semicon(TSEM.US) dropped nearly six points—the entire series of semiconductor manufacturing links, including packaging and testing, metrology, and wafer foundry, were all pressed down together.

This round of selling is driven by concerns about peak demand for memory and AI, which have transmitted from the design end to the manufacturing end. $Tower Semicon(TSEM.US) itself actually had good news about silicon photonics, but under sector-wide negative sentiment, even good news couldn't hold up. This is typical for the high-beta manufacturing chain when risk appetite contracts; it has little to do with fundamentals and gets cut first by capital flows.