--- title: "Overseas tech stocks are diving!" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/42974832.md" description: "Let's talk about the overnight US stock market situation. Overall indices showed mixed performance, but AI tech hardware stocks collectively plummeted. The Philadelphia Semiconductor Index dropped by over 2%, hitting its lowest closing level since May 20th. In terms of specific stocks, NVIDIA fell nearly 5% in a single day, marking its largest decline since June 5th. The storage and optical communication sectors suffered the worst losses; SanDisk crashed over 11%, retracting more than 45% from its late-June highs, while SK Hynix plunged over 7%, breaking below its issue price. The core reasons for this dive in overseas tech stocks are just two. First, NVIDIA is to provide a $250 billion financing guarantee to OpenAI..." datetime: "2026-07-28T02:03:50.000Z" locales: - [en](https://longbridge.com/en/topics/42974832.md) - [zh-CN](https://longbridge.com/zh-CN/topics/42974832.md) - [zh-HK](https://longbridge.com/zh-HK/topics/42974832.md) author: "[点金胜手](https://longbridge.com/en/profiles/12090136.md)" --- # Overseas tech stocks are diving! Let's talk about the overnight US stock market situation. Overall indices showed mixed performance, but AI tech hardware stocks collectively plummeted. The Philadelphia Semiconductor Index dropped by over 2%, hitting its lowest closing level since May 20. In terms of specific stocks, NVIDIA fell nearly 5% in a single day, marking its largest decline since June 5. The storage and optical communication sectors suffered the most severe losses. SanDisk crashed by over 11%, having already retraced more than 45% from its late-June highs; SK Hynix dropped by over 7%, breaking below its issue price directly. The core reasons for this dive in overseas tech stocks are twofold. First, NVIDIA is providing a $250 billion financing guarantee to OpenAI. This cycle of funding customers to buy their own chips has been questioned by the market as fake demand, exacerbating AI bubble risks. Second, the rapid rise of China's chip and semiconductor industry, with accelerated autonomous substitution, is directly squeezing the long-term profit margins of overseas giants. However, there were also bright spots. Apple rose over 1% against the trend, with its total market capitalization approaching $5 trillion, once again surpassing NVIDIA to reclaim the title of the world's most valuable company. This is a clear positive for the Apple supply chain and consumer electronics sector. Turning to A-shares, they completely recovered yesterday! The core reason was the listing of CXMT (ChangXin Memory Technologies), which marked the end of the previous capital drain effect. The broader market surged across the board: the Shanghai Composite Index rose 1.15%, the Shenzhen Component Index rose 2.72%, and the ChiNext Index surged 3.16%. The profit-making effect on the trading floor was maximized. 5,195 stocks rose in both markets, with hundreds hitting the daily limit up. The median change in price and volume was a high +2.73%. Only 286 stocks fell, meaning the vast majority of investors made money. But there is a hidden risk to note here. Yesterday's total turnover in both markets was 2.09 trillion yuan. While it appeared to be an increase of over 140 billion compared to the previous day, the incremental volume was basically entirely due to the trading activity generated by CXMT's listing. Excluding this part, the rest of the market directions did not see increased volume, representing a typical rebound on shrinking volume. Its sustainability is questionable. Was yesterday's tech stock rebound a sustained trend driven by CXMT, or just a short-term oversold bounce? How far can the rise in tech stocks go? From yesterday's market action, it is obvious that small-cap stocks performed stronger. The CSI 2000 and micro-cap index both surged 3.5%. The core logic is rhythm misalignment: small-cap stocks adjusted earlier in mid-May, while the STAR Market and ChiNext boards didn't start falling until late June/early July. There was a one-and-a-half-month gap in adjustment times, meaning small-caps had adjusted more fully and faced less resistance in their rebound. Additionally, the current market landscape has changed. Previously, public mutual funds' holdings in tech stocks hit a historical peak of 60%, with extreme herding behavior. Now, with shrinking market volume, capital simply lacks the strength to continue pulling up high-priced, large-market-cap tech leaders. Moreover, there is a huge amount of trapped overhead supply, making it difficult for large caps to sustain strong performance. My judgment: After CXMT's listing, the market returns to a normal rhythm. The upcoming recovery will likely favor small and mid-cap stocks. The era of extreme herding into large caps is over; the market will move towards balance. Large, mid, and small caps will all have rotation opportunities, rather than a single tech giant leading the charge alone. Finally, let's discuss sector themes: 1\. Optics + Electronic Components These two sectors moved in sync and were the leading direction in the tech line yesterday. The catalyst was rumors of continuous price hikes in electronic cloth and MLCCs. Furthermore, these sectors had fallen deeply previously, creating a strong inherent demand for an oversold rebound. However, a key reminder: the overall market is currently shrinking in volume. It is highly probable that divergence will occur the day after a market climax. Chasing highs is not recommended. Within the sector, prioritize copper-clad laminates and PCB sub-sectors; small caps have far greater elasticity than large caps. Be clear that for most sub-sectors, this is merely a price hike expectation; earnings have not yet materialized. It is purely a short-term rebound driven by capital flows, suitable only for elastic arbitrage. Do not get bogged down in fundamentals. Additionally, comparing the two, the optical communication sector has more retail investor chips, leading to higher volatility. Prioritizing the components sector is safer. 2\. Domestic Computing Power Yesterday, apart from oil, gas, and chemicals, this was the only theme that closed green (down), which fully met expectations. The core target, Ruijie Networks, experienced a catch-up drop, directly dragging down the sector's strength. However, do not immediately declare the sector dead. For now, wait and see is the main strategy. The biggest problem with domestic computing power is that it has never completely separated from the AI tech sector and is always treated as a follower theme. Once tech stocks rebound and recover, capital will flow back from computing power to tech, causing the sector to weaken. Future sustainability depends on whether it can forge an independent trend. 3\. Pharmaceutical Sector Borrowing from weekend news on brain-computer interfaces, the pharmaceutical sector surged across the board yesterday. However, I still define this as a pure arbitrage play, lacking main-line level opportunity. The signs of capital rotation are very obvious: Two weeks ago, they traded pharmaceutical consecutive limit-ups; last week, they switched to power sector consecutive limit-ups; this week, they flowed back into pharmaceuticals. It is purely short-term capital tossing around repeatedly. Compared to pharmaceuticals, I am more bullish on the power direction. Small-cap pharma stocks have poor liquidity; most have a daily turnover of only 100-200 million yuan. A small amount of capital can easily leverage the stock price, resulting in extremely bizarre volatility and very low error tolerance. It is only suitable for ultra-short-term speculation, not for medium-term positioning. ### Related Stocks - [SKHY.US](https://longbridge.com/en/quote/SKHY.US.md) - [SKHYV.US](https://longbridge.com/en/quote/SKHYV.US.md) - [AAPL.US](https://longbridge.com/en/quote/AAPL.US.md) - [301165.CN](https://longbridge.com/en/quote/301165.CN.md) - [NVDA.US](https://longbridge.com/en/quote/NVDA.US.md) - [AAPB.US](https://longbridge.com/en/quote/AAPB.US.md) - [AAPD.US](https://longbridge.com/en/quote/AAPD.US.md) - [AAPU.US](https://longbridge.com/en/quote/AAPU.US.md) - [AAPX.US](https://longbridge.com/en/quote/AAPX.US.md) - [AAPY.US](https://longbridge.com/en/quote/AAPY.US.md) - [APLY.US](https://longbridge.com/en/quote/APLY.US.md) - [NVDL.US](https://longbridge.com/en/quote/NVDL.US.md) - [07788.HK](https://longbridge.com/en/quote/07788.HK.md) - [07388.HK](https://longbridge.com/en/quote/07388.HK.md) - [NVDY.US](https://longbridge.com/en/quote/NVDY.US.md) - [NVDD.US](https://longbridge.com/en/quote/NVDD.US.md) - [NVDX.US](https://longbridge.com/en/quote/NVDX.US.md) - [NVDQ.US](https://longbridge.com/en/quote/NVDQ.US.md) - [SNDK.US](https://longbridge.com/en/quote/SNDK.US.md) ## Comments (2) - **摸鱼炒股达人 · 2026-07-28T02:54:44.000Z**: The order keeps spinning, is there a solution? - **躺平坐等回本** (2026-07-28T02:55:05.000Z): Just attach the proxy and it's done.