What Happened Last Week · What Is Coming This Week
Chip Selloff Drags the Nasdaq 100 Down 5.5% for the Week
Last Week
The week belonged to the selloff in chips and AI infrastructure, as a Chinese memory breakthrough and doubts over debt-funded data center spending landed at the same time. For the Nasdaq Composite, it was the worst week since late June.
The selling started in Seoul. On news of a new DRAM design from China's ChangXin Memory (CXMT), the Kospi fell 3.65% on Monday, 5.5% on Tuesday and 7.6% on Thursday. Supply worries put memory names Micron, SK Hynix and SanDisk among the biggest losers.
A second wave hit on Wednesday. After a Gartner warning on neocloud providers, fell 15.5% that day and ended the week down 25%. Reports that some investors want Anthropic's IPO priced near $1.5T rather than $2T added to the same concern.
