6.24 U.S. Stock Market Recap The storage chips that were still hitting new highs yesterday were wiped out overnight by Asia, and tonight is their life-or-death night

Last night (Tuesday, 6/23), the script flipped a bit quickly. Remember I mentioned a few days ago that storage chips were outperforming against the trend, with Micron hitting new highs?
In just one night, it became the worst performer
The S&P fell 1.44% to close at 7,365, the Nasdaq dropped 2.21%, and the Dow was the exception, rising 0.2 against the trend thanks to bank stocks. But the real heavy damage was in chips: Micron plunged 13%, SanDisk also fell 13%, Seagate dropped over 5%, Intel fell 6%, AMD and Qualcomm declined 6% to 8%, and the Philadelphia Semiconductor ETF dropped 7% in a single day
【The trigger this time comes from Asia】
Unlike a few days ago, this time the shock wasn’t caused by the U.S. itself, but came from Asia
Korea’s KOSPI index plummeted 10% in one day, led by SK Hynix which fell over 12%. Korea’s stock rally this year, driven by AI and storage hype, nearly doubled, but yesterday’s profit-taking caused a collective retreat, and this panic spread along the chip industry chain into the U.S. stocks
Micron, SanDisk, which are in the same storage camp as Hynix, were hit hardest
An analyst’s interpretation is very on point: this doesn’t look like a full macro collapse, but more like a sector that’s been rising too long and too crowded finally being stress-tested harshly. Chips surged too quickly this wave, profits piled up too high, and the Asian side loosened first, triggering a stampede on this side. It’s a sector rotation out of leadership, not necessarily the start of a market-wide crash—unless the decline continues to spread

【Tonight’s main event: Micron’s earnings report, with clear timing and significance】
The most critical moment is here. Micron will release its Q3 earnings after the U.S. stock market closes tonight (Wednesday, 6/24), around 4:30 a.m. Beijing time. This isn’t just an ordinary quarterly report; it could be the single most influential event on the entire AI sector this week
First, why is it so important? Micron is the only HBM (High Bandwidth Memory) manufacturer in the U.S., and HBM is a core component of mainstream AI chips like Nvidia’s Blackwell and the new Vera Rubin platform. In other words, the $700 billion that Microsoft, Amazon, Meta, and Google have invested in AI data centers this year will ultimately pass through the memory bottleneck. Micron’s report will serve as a live test of whether this massive AI investment can sustain itself
An even more startling figure: some institutions estimate that if Nvidia and Micron are excluded, the profit growth rate of the entire tech sector would halve from 50% to 28%. In other words, these two companies nearly support the entire tech sector’s profit growth. If Micron sneezes, the entire AI sector will tremble
How big is the impact on the market?
Options markets have already given the answer: after Micron’s earnings are priced in, the expected single-day volatility is about 17%, regardless of whether it’s up or down. That’s a terrifying number—a stock that just fell from a historic high of $1,133 and is already valued at its peak, market expectations are for a 17% swing overnight. This leaves almost no room for disappointment
Specifically, the market expects revenue of about $34.5 billion, with a gross margin of 81% (which would be the highest in Micron’s 47-year history if realized). If revenue beats expectations, supply tightness in HBM, strong pricing guidance, and a positive outlook for next quarter surpassing market expectations, then Nvidia, AMD, and the entire memory ecosystem could be “confirmed” as benefiting, potentially stopping yesterday’s plunge; but if Micron’s guidance on HBM pricing is cautious or falls short, the sell-off could resume, and the ripple effect could hit all AI chip stocks along the industry chain
In one sentence: tonight’s earnings report is a sword hanging over the entire chip sector. Those watching NVDA and AMD should pay close attention tonight

【SPCX falls back near the starting point】
That wild stock SPCX, after plunging 16% on Monday, briefly fell close to 150 in pre-market Tuesday, which is near its opening price on debut. The story of these ten days is complete—those who chased the high have taken a rollercoaster ride, and now they’re back at the starting line. Valuations supported by stories, when the tide recedes, reveal only the offering price

【Another big risk today: Bank stress tests】
Tonight, the Federal Reserve will also release the results of its annual bank stress tests, making bank stocks another focus today. Yesterday, the Dow turned positive against the trend thanks to a 2% rise in banks like BofA and JPMorgan. The results, good or bad, will determine whether this “safe haven” line of banks can continue to withstand the market pressure

【How to view today’s market】
The main theme is clear: tonight’s focus is whether Micron’s earnings can stabilize the chip sector, and how the bank stress test results turn out; the day after tomorrow, Thursday, there’s also the big PCE inflation report. The market is currently in a typical “lack of positive catalysts, sensitivity to negative news,” with every small move amplified. Before Micron’s and PCE’s big risks materialize, this high-volatility, sector-rotating environment is likely to continue
⚠️ Risk reminder: Investing involves risks, the chip sector is highly volatile, Asian contagion risk, tonight’s Micron earnings (expected 17% daily volatility), and Thursday’s PCE could all amplify fluctuations. The above is purely personal observation and sharing, not investment advice. Please make decisions rationally based on your own risk tolerance. #美股超话