US and South Korea chip stocks plummet for 48 hours, China's semiconductor industry reaches a breakthrough point

In the past 48 hours, US and South Korean chip stocks have experienced a sustained sharp decline. In the US stock market, on July 28, the Philadelphia Semiconductor Index (SOX.GI) fell by 4.49%, Micron Technology (MU.US) dropped nearly 9%, Arm Holdings (ARM.US) fell over 8%, Marvell Technology (MRVL.US) declined more than 7%, Intel (INTC.US) fell over 5%, and SanDisk (SNDK.US) dropped over 14%.

In South Korean stocks, on July 28, SK Hynix (000660.KS) and Samsung Electronics (005930.KS) fell by over 14% and 13% respectively; on July 29, the Korea KOSPI index plummeted 6% intraday to a low of 5262.77 points, with SK Hynix falling over 9% and Samsung Electronics dropping over 5%.

Regarding the direct trigger for this round of sharp declines in US and South Korean chip stocks, Tian Lihui, a finance professor at Nankai University, stated that it was concerns over "circular financing" sparked by Nvidia's massive AI investment plan, coupled with SK Hynix's performance guidance falling short of expectations and the listing of a Chinese memory giant, which burst the market's illusion of unlimited expansion in US and South Korean AI capital expenditure. Short-term external fluctuations disturb the sentiment of A-share semiconductor sectors, but the long-term logic of domestic substitution remains unchanged. The sector's investment logic has shifted from theme speculation to performance orientation, with funds concentrating on leading companies with core technologies and stable profitability.

Industry insiders believe that the market urgently needs multiple stabilizing signals such as policy support, fundamental verification, and improved liquidity. In the future, US and South Korean chip stocks will continue to fluctuate to "digest" valuations, while A-share semiconductors are expected to gradually break free from external emotional constraints, relying on domestic substitution to form an independent structural market trend, accelerating the industry's survival of the fittest.