Movement Alert｜Silicon Motion Falls 7.98% in Regular Trading, Storage Chip Sector Broadly Sells Off as Korean Market Rout Spreads to US

Market Focus06-23

On June 23, Silicon Motion fell 7.98% in regular trading, trading at $304.18/share, with turnover of $36.97 million.

On the news front, Korean market storage concept stocks crashed during the Asian session, triggering a broad sell-off that spread to US-listed storage names. The storage ETF plunged over 12%, while peers including SanDisk and Micron Technology fell over 9%, Western Digital and Silicon Motion dropped over 8%, Seagate declined over 7%, and Rambus lost over 6%. The broader semiconductor sector also faced pressure, with TSMC down 5% and ASML falling 7%.

The sell-off marks a sharp reversal from the prior week's rally, which was fueled by a storage supply shortage narrative. Silicon Motion had climbed to $347.50 on June 22, supported by company executives warning that NAND shortages were just beginning and institutional upgrades including a new Buy rating citing the company's leadership in 6nm PCIe 5.0 SSD controller chips.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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