On Tuesday, U.S. Eastern Time, the three major U.S. stock indices all closed lower. By the end of trading, the Dow Jones Industrial Average had fallen by 0.25%, the Nasdaq Composite Index dropped by 1.16%, and the S&P 500 Index declined by 0.45%. The semiconductor and memory sectors were particularly hard hit, with the Philadelphia Semiconductor Index plunging 4.65%.
Intel Corp shares tumbled more than 9%, while Western Digital Corp and SanDisk fell over 7%. Shares of Arm Holdings, Advanced Micro Devices Inc (AMD), and Applied Materials Inc dropped more than 6%. Micron Technology Inc, ASML Holding NV, and Seagate Technology Holdings PLC all declined by over 4%.
SpaceX was officially added to the Nasdaq 100 Index. On the same day, the stock plunged 6.83%, bringing its total market capitalization down to $1.95 trillion. This represents an overnight loss exceeding $143.2 billion, equivalent to approximately 973.3 billion yuan.
Market Concerns Weigh on AI Sector
Recent weeks have seen sustained pressure on the U.S. stock market's artificial intelligence sector. Market concerns center on the possibility that the gains in related stocks have outstripped their valuations. There is apprehension that the AI industry may not be able to generate sufficient production efficiency and profits to justify the massive investments currently flowing into chips and data centers.
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