Memory chip stocks slump across the board as US premarket trading opens lower

Deep News17:33

On October 12, US memory chip stocks broadly declined in premarket trading, with Micron Technology and SanDisk extending their premarket losses to 2%, while SK Hynix, Western Digital, and Seagate Technology PLC each fell more than 1%.

US optical communication stocks showed mixed premarket performance, with Applied Optoelectronics and Coherent dropping about 2%, and Corning and Ciena following the downward trend.

Most US-listed Chinese concept stocks declined in premarket trading, though JD.com rose 1.85% and NetEase gained 1.8%, while NIO, Baidu, Alibaba, and Bilibili led the declines.

Additionally, the world's largest advanced AI chip foundry, Taiwan Semiconductor Manufacturing, briefly rose more than 1% in premarket trading. On the news front, TSMC is scheduled to release its third-quarter earnings report on October 15. Market consensus widely predicts that, driven by the AI boom, TSMC is poised to achieve a record-high profit for the sixth consecutive quarter.

According to forecast data compiled by LSEG SmartEstimate from 16 analysts, TSMC's third-quarter net profit is expected to surge 65% year-on-year to NT$746.3 billion (approximately US$23.4 billion). If net profit exceeds NT$706.56 billion, it would once again set a new historical high for the company's single-quarter net profit while also achieving 11 consecutive quarters of profit growth.

Last Thursday, TSMC released preliminary data showing that the company's third-quarter revenue reached NT$1.49 trillion (approximately US$46.7 billion), up 51% year-on-year, beating market expectations and setting a record high.

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