No. 1 SpaceX (SPCX) fell 9.14% with turnover of $28.936 billion. SpaceX released its second quarterly earnings report since going public on October 21, followed by a large-scale share lockup expiration. Under the IPO prospectus arrangements, up to approximately 1.3 billion shares became eligible for trading on October 22, with another roughly 329 million shares set to enter tradable status on October 26. Although the company's third-quarter results were boosted by growth in AI and Starlink businesses, the potential selling pressure from the lockup expiry, combined with market concerns about returns on AI capital expenditure, made it the highest-turnover US stock of the day.
No. 2 Micron Technology fell 6.26% with turnover of $26.721 billion. Micron declined along with the broader semiconductor sector. Market concerns intensified over returns on AI infrastructure investment and the sustainability of memory chip demand growth, while semiconductor equipment maker Lam Research's business outlook further exacerbated sector selling pressure.
No. 3 Meta Platforms fell 6.98% with turnover of $26.328 billion. After Meta released its third-quarter earnings, investors grew concerned about its massive AI capital expenditure and financing plans. The company reported negative free cash flow of $2.12 billion in the third quarter, marking its first quarterly net cash outflow in more than a decade. Meanwhile, Meta plans to issue new Class C shares to raise funds for AI investment. The company's capital expenditure this year could reach as high as $145 billion, and the market is worried about the continuously expanding investment scale, funding needs, and potential equity dilution risks.
No. 4 NVIDIA fell 4.40% with turnover of $25.977 billion. NVIDIA declined along with the AI chip sector. Financing concerns triggered by Meta's massive AI investment plan, along with market doubts about the sustainability of capital expenditure by large technology companies, prompted investors to reassess the growth prospects for AI computing demand.
No. 5 Tesla fell 3.08% with turnover of $19.480 billion. Tesla released its third-quarter earnings after the bell on Wednesday, with revenue and profit both beating market expectations, but the company lowered its full-year capital expenditure forecast from $25 billion to $20 billion. Chief Financial Officer Vaibhav Taneja said the move was mainly due to improved capital allocation efficiency. The market is focused on the potential impact of the reduced investment budget on robotaxi, Optimus robot, and AI computing infrastructure development.
No. 6 Apple rose 1.23% with turnover of $14.997 billion. Apple was one of the few tech giants among the top 20 by turnover to gain on the day. Against the backdrop of concentrated selling in AI infrastructure-related stocks, Apple's shares rose against the trend.
No. 7 Advanced Micro Devices fell 8.10% with turnover of $14.091 billion. AMD dropped sharply along with the semiconductor sector. Concerns about the sustainability of AI infrastructure capital expenditure intensified. As a supplier of data center CPUs and AI chips, AMD's business prospects are closely tied to the computing investment of major cloud computing companies.
No. 8 SanDisk fell 8.51% with turnover of $13.019 billion. SanDisk declined along with the memory chip sector. Micron and other semiconductor stocks came under broad pressure as investors reassessed the pace of AI infrastructure buildout and future memory chip demand growth prospects.
No. 9 Amazon fell 4.57% with turnover of $12.137 billion. Amazon declined along with the broad selloff in large technology stocks. After Meta disclosed its massive AI capital expenditure and financing arrangements, the market shifted further focus to other major cloud service providers, particularly AWS's future data center construction costs, AI business profitability, and investment return cycles.
No. 10 Intel fell 8.05% with turnover of $11.455 billion. Intel came under pressure ahead of its third-quarter earnings release, and the overall decline in the semiconductor sector further increased market volatility. Investors are focused on progress in its foundry business, manufacturing costs, demand for AI-related products, and management's guidance for future quarters.
No. 11 Microsoft fell 2.23% with turnover of $10.996 billion. Microsoft retreated along with the broad decline in large technology stocks. Concerns about returns on AI infrastructure investment intensified further, with investors re-examining the relationship between Azure cloud business growth and data center construction costs.
No. 12 Moderna fell 17.57% with turnover of $9.995 billion. Phase III clinical trial data for a personalized mRNA cancer vaccine jointly developed by Moderna and Merck leaked ahead of schedule, triggering sharp stock price fluctuations, and the two companies subsequently released the full primary efficacy data early. The results showed that the vaccine, used in combination with Merck's cancer drug Keytruda, reduced the risk of cancer recurrence or death in melanoma patients by 42%, but this reduction was lower than the 49% shown in a previous study. Although the trial results achieved statistical significance, investors remained concerned about the gap between actual efficacy and previous market expectations.
No. 13 Broadcom fell 4.31% with turnover of $8.969 billion. Broadcom declined along with the broad pullback in the AI semiconductor sector. After Meta disclosed its massive capital expenditure and financing arrangements, investors grew concerned about the sustainability of AI infrastructure buildout by large technology companies. Broadcom's custom AI chip and data center networking businesses are closely tied to the capital expenditure of major cloud service providers.
No. 14 Alphabet Class A fell 3.15% with turnover of $8.873 billion. Google parent Alphabet was affected by the selloff in large technology stocks. Concerns about the scale of AI capital expenditure and financing costs intensified, with investors watching whether Google Cloud's AI investments can continue to translate into revenue and cash flow growth.
No. 15 Alphabet Class C fell 3.08% with turnover of $6.751 billion.
No. 16 TSMC fell 4.52% with turnover of $6.741 billion. TSMC declined along with the semiconductor sector. The market reassessed large technology companies' data center investment plans and their impact on demand for advanced process chips, while weakness in the semiconductor equipment sector also exacerbated industry selling pressure.
No. 17 Marvell Technology fell 8.70% with turnover of $5.495 billion. Marvell Technology dropped sharply along with the AI chip and data center networking equipment sector. Market concerns about returns on AI investment and the continued financing capacity of large technology companies pressured companies related to custom chips and high-speed data transmission.
No. 18 Lam Research fell 11.76% with turnover of $5.323 billion. Lam Research released its earnings after the bell on Wednesday, with third-quarter revenue reaching $8.22 billion, up 22% quarter-over-quarter, and non-GAAP diluted earnings per share of $2.20. Despite record quarterly revenue and profit, the company's revenue guidance for the quarter ending December 27 was $8.6 billion, plus or minus $400 million, which fell short of market expectations. Management said short-term supply chain constraints affected the revenue outlook for the next quarter. The weak business outlook weighed on Lam Research's stock price and also intensified the overall selloff in the semiconductor equipment and chip sectors.
No. 19 Applied Materials fell 8.15% with turnover of $4.902 billion. Applied Materials declined along with the semiconductor equipment sector. Competitor Lam Research issued a below-expectations business outlook and disclosed short-term supply chain constraints, raising market concerns about order delivery and revenue recognition progress in the semiconductor equipment industry.
No. 20 GE Vernova fell 10.64% with turnover of $4.817 billion. GE Vernova was affected by the collective decline in AI infrastructure-related stocks. After Meta disclosed massive capital expenditure and new financing plans, investors began to worry about the funding costs and future investment returns of AI data center construction. GE Vernova is a key equipment supplier for data center power infrastructure and has benefited in recent years from AI-driven growth in demand for power generation and grid equipment.
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