On Wednesday, the top stock by trading volume was Micron Technology, which closed down 4.7% with a turnover of $49.293 billion. The semiconductor sector was broadly lower. Analysis suggests the AI trade in US stocks has become overly crowded, with both long funds and institutional capital highly concentrated in a few leading companies in sectors with supply constraints for AI infrastructure. Any change in the Federal Reserve's interest rate path or if key companies report earnings growth below expectations could intensify market selling.
The second most traded stock was NVIDIA, closing down 3.73% with a turnover of $31.911 billion. AI chip-related stocks collectively declined in Wednesday's session.
Tesla was third, closing down 3.8% with a turnover of $18.854 billion. The Flemish Minister of Transport in Belgium stated on Wednesday that Tesla's Full Self-Driving (FSD) system had been approved for use in Belgium.
Space Exploration Technologies Corp. (SpaceX), led by Elon Musk, is set to list on the Nasdaq this Friday. This potentially record-breaking IPO is breaking Wall Street conventions in several ways, most notably through its unprecedented focus on retail investors.
According to public disclosures, SpaceX plans to allocate a significant 25% to 30% of the offering shares to retail investors, far exceeding the typical industry practice of 5% to 10% for large IPOs. The company has specifically designated five online brokerages to distribute shares: Robinhood, SoFi, E-Trade, Charles Schwab, and Fidelity Investments. Fidelity has notably lowered the participation threshold for retail investors from a previous $500,000 to just $2,000, highlighting SpaceX's focus on attracting ordinary investors.
Broadcom was the sixth most traded stock, closing down 5.12% with a turnover of $14.047 billion. Semiconductor solutions stocks saw another collective decline on Wednesday.
Advanced Micro Devices (AMD) ranked ninth, closing down 4.86% with a turnover of $12.492 billion. AI chip-related stocks were generally lower in the market.
Amazon was twelfth, closing down 2.53% with a turnover of $9.028 billion. The company disclosed in a regulatory filing that it has entered into a $17.5 billion loan agreement with a syndicate of banks led by Citigroup. According to the filing submitted Wednesday, the lenders agreed to provide this Delayed Draw Term Loan (DDTL), with the commitment available until the end of September this year. Each time Amazon draws on the credit line, it must repay the borrowed amount within three years from the drawdown date. The loan's interest rate will be based on the Secured Overnight Financing Rate (SOFR) plus a spread of 0.625 to 0.875 percentage points, depending on Amazon's credit rating. Other banks involved in the deal include JPMorgan Chase, Bank of America, HSBC, and Wells Fargo. Additionally, more than a dozen other banks participated in the financing.
SUPER MICRO COMPUTER INC (SMCI) ranked sixteenth, closing down 27.98% with a turnover of $5.976 billion. The company announced plans to conduct a series of concurrent equity and equity-linked financing transactions, expected to raise a total of $7 billion.
Super Micro Computer stated the move aims to fund component procurement for recent high-performance AI server orders it has received.
The equity financing will include a $5 billion underwritten offering, consisting of approximately $1.25 billion in common stock and about $3.75 billion in depositary shares; plus an at-the-market offering of common stock of up to $2 billion, expected to commence as early as the third quarter of 2026.
Taiwan Semiconductor Manufacturing Company (TSMC) was eighteenth, closing down 4.44% with a turnover of $5.4 billion. The company's Chief Financial Officer, Wendell Huang, recently stated in an interview that inflation is increasing its operating costs and did not rule out the possibility of raising chip prices. However, Huang also noted that TSMC would not suddenly increase prices by "four or five times."
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