Semis just got smoked.
SOX down ~2.7%. Memory names led the drop. Nvidia, AMD, Micron, SK Hynix all red.
Why?
Chinese chipmaker CXMT said it’s coming for server DRAM by end of 2026.
OpenAI’s revenue run-rate came in softer than the hype. $50b instead of $70b.
Yields still above 5%.
Classic sentiment flush after a massive run.
Short-term traders: respect the volatility.
Long-term investors: this still looks more like positioning than a broken AI cycle.
Same movie we’ve seen before.
The ones who panic sell usually miss the rebound.
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- moxieoo·10-13TOPCXMT is one piece, but mature-node capacity and fading subsidy support could pressure margins too. Feels more like a profit reset than AI demand breaking1Report