U.S. chip stocks plummeted! Musk’s wealth evaporated by 880 billion yuan in one week
On July 24, Eastern Time, the three major U.S. stock indexes had divergent trends. As of the close, the Dow rose 0.46% and fell 0.38% this week; the S&P 500 rose slightly by 0.05% and fell 0.61% this week; the Nasdaq fell 0.64% and fell 2.13% this week. The trends of large technology stocks were divided. Among them, Tesla fell by more than 2%, and fell by nearly 18% this week, the largest weekly decline since 2022; SpaceX fell by more than 2%, setting the lowest closing price since the company's US IPO last month, and fell by about 7% this week.
On July 24, Eastern Time, the three major U.S. stock indexes had divergent trends. As of the close, the Dow rose 0.46% and fell 0.38% this week; the S&P 500 rose slightly by 0.05% and fell 0.61% this week; the Nasdaq fell 0.64% and fell 2.13% this week. The trends of large technology stocks were divided. Among them, Tesla fell by more than 2%, and fell by nearly 18% this week, the largest weekly decline since 2022; SpaceX fell by more than 2%, setting the lowest closing price since the company's US IPO last month, and fell by about 7% this week. As a result, American entrepreneur Musk's personal wealth evaporated by approximately US$130 billion (approximately RMB 880.386 billion) in a week, and only a few weeks have passed since he became the world's first trillionaire. U.S. chip stocks fell across the board. The Philadelphia Semiconductor Index fell 4.25%. All 30 component stocks closed down. Arm fell more than 8%, Intel fell more than 7%, Micron Technology fell more than 6%, Applied Materials and Lam Group fell more than 4%, ON Semiconductor and AMD fell more than 3%, and TSMC ADR and ASML fell more than 2%. Storage concept stocks collectively fell sharply, with Roundhill Storage ETF (DRAM) falling 8.75%, SanDisk falling more than 10%, SK Hynix ADR falling more than 8%, Micron Technology, Western Digital, and Seagate Technology falling more than 6%. The Goldman Sachs trading desk pointed out that there were almost no large buy orders in U.S. stocks throughout the day on the 24th. The selling pressure on technology stocks mainly came from long-term institutions, and the overall fund flow bias toward selling reached one of the highest levels in recent traceable records. In its latest report, Morgan Stanley warned that the AI-driven semiconductor storage industry carnival is approaching an inflection point, and memory contract prices are expected to peak in the fourth quarter of 2026, marking a profound shift in this industry cycle. Scott Ladner, chief investment officer of Horizon Investments, said the stock market may improve next week - provided that the earnings of public companies can support their high valuations. Next week, more than a third of the S&P 500 stocks will report results, making it the busiest week of the earnings season. Source public information and market data