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Cailianshe News, July 18 (Editor: Shi Zhengcheng)The "bullet" fired from Pennsylvania last Saturday flew for four days and finally hit Wall Street. Investors who were still happily calculating which sectors would benefit from the "Trump deal" a few days ago began to realize that profits and losses come from the same source.

As of closing,S&P 500The index fell 1.39% to 5588.27 points;The Nasdaq index fell 2.77% to 17,996.92 points, marking its biggest one-day drop since December 2022.; The Dow Jones Industrial Average rose 0.59% to 41,198.08 points,Continue to set new historical highs。

(Nasdaq index daily chart, source: TradingView)

After studying "Trump's latest speech" for a whole day, investors began to sell off technology stocks frantically at the opening. By the close of Wednesday, among the top ten stocks in the U.S. stock market, except for Buffett'sBerkshireExcept for the concept of "value rotation", the other 9 stocks all fell.Nvidia、TSMCThe declines of individual stocks such as , Meta, etc. all started from 5%.

To put it another way,The top ten stocks by market value in the U.S. stock market have lost a total of more than $600 billion in market value last night and this morning.In addition, even worse examples can be found in the semiconductor sector, where the market value evaporated by nearly $500 billion - ASML's US stocks fell 12.74%, AMD fell 10.21%,QualcommDown more than 8%.

The semiconductor sector fell so much on Wednesday, not only because of Trump's interview, but also because of rumors about the Biden administration's policies. So strictly speaking,The Philadelphia Semiconductor Index fell 6.81% on Wednesday, its biggest one-day drop since March 2020., and is related to two old men who are 159 years old in total.

What is worth noting for Chinese investors is that these technology stocks are not only large-cap stocks, but also the "favorite stocks" of many active equity fund managers. Therefore, Chinese investors who hold US stock QDII funds are likely to have been affected.

A large amount of funds that had been invested in technology stocks fled in a hurry, which not only pushed blue-chip value stocks to continue to rise and pushed the Dow Jones Industrial Average to a new high, but also gave rise to some unique hype ideas.

As TSMC and Nvidia plummeted, some funds began to hype the concept of "American production substitution" -GLOBALFOUNDRIESIt closed up 6.82% on Wednesday.IntelIt rose nearly 8% after opening, but investors seemed to remember that Intel's foundry business was not even among the top ten in the world, and by the close of trading the increase was only 0.35%.

(23Q4 global foundry revenue ranking, source: TrendForce)

Hot Stock Performance

Most of the U.S. tech giants suffered sharp declines on Wednesday.applefell 2.53%, Microsoft fell 1.33%, Amazon fell 2.64%, META fell 5.68%, Google-A fell 1.58%, Tesla fell 3.14%, Nvidia fell 6.64%, Intel rose 0.35%, Qualcomm fell 8.61%, and AMD fell 10.21%.

Chinese stocks were also dragged down, with the Nasdaq China Golden Dragon Index falling 1.86%. Alibaba fell 1.71%, Baidu fell 2.82%, Pinduoduo fell 2.96%, JD.com fell 0.81%, NetEase fell 0.03%, NIO fell 6.33%, Li Auto fell 2.82%, Xpeng Motors fell 3.91%, and JinkoSolar fell 6.38%.

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(Shi Zhengcheng, Cailianshe)