Recently, big tech companies have been competing to grab storage and compute power, and the probability of CME rate hikes has risen to 25%. The chip stocks’ moves in the AI space have been pretty active—here’s a quick recap:

NVIDIA fell 206; it can’t break above the prior high
Broadcom fell 2.7%
In storage, MU dropped 7 percentage points in a day

And next week there’s FOMC—markets are really sensitive to rates right now. Once rates rise, the high-valuation names die first.
But what’s worth noting at the moment is that A Corp and OpenAI are still buying compute power. In South Korea too, NVIDIA’s AI factories continue to expand, and storage vendors keep pushing capacity into the pipeline.

Also, in South Korea besides SK hynix, Samsung has started to push for more say in HBM4 (now an AI server needs to install many GPUs; the stronger the GPU, the more HBM is required).

If NVIDIA can’t get past 214, don’t chase it—you can wait for 205.
Let’s see what Woosh says next Wednesday, then we’ll know whether this pullback is just normal repositioning or the point where valuations start getting cut further.