#夏日创作营 In this night, US stocks staged a massacre.
The direction of the capital markets is always faster—and more brutal—than ordinary people can imagine.
This week, the US stock market came with no warning and no buffer, directly ushering in a brutal wave of selloff. The once dazzling technology chip sector collectively suffered a collapse-style pullback. The market data is both direct and painfully clear: SanDisk plunged more than 12%, Hynix sank more than 13%, Corning fell 9%, and Intel and Micron both dropped more than 5%. Even TSMC, which delivered standout earnings reports and saw profits soar across the board, was unable to escape massive fund selling—its stock still got dragged down by 2%.
In the past, strong earnings reports were a shield for the market, major data releases provided support for the trend, and positive news always managed to prop up market sentiment. But this time, the market’s face has completely changed.
Earnings reports? Nobody cares. Indicators? Nobody pays attention. Even the positive news about geopolitical ceasefire fell flat, unable to stir up so much as a ripple.
As of now, US stocks follow one ultimate trading logic: once it’s done, it’s safe; once profits are secured, take them and go. No matter how high-quality the sector is, how smooth the logic is, or how strong the performance is—once there are profits, funds will settle positions decisively without hesitation. No lingering, no sparring, no gambling, no hoping. Earn and leave—running is the only trading creed in the room.
Many people are puzzled: why did a perfectly good market suddenly turn hostile?
The real turning point has never been a single piece of negative news, but a complete shift in macro liquidity.
A single hawkish statement by a Federal Reserve official, Waller, instantly pierced the market’s sense of wishful thinking. In just one line, everyone felt the bone-chilling chill of tightening: rate-hike and rate-cut expectations flipped entirely, the median in the interest-rate dot plot quietly moved upward, and the big hammer of balance-sheet reduction already hangs over everyone’s head. The era of easing dividends has completely ended.
To make matters worse, Buffett once again publicly sounded the risk alarm. In the eyes of this top value investor, today’s US stock market has long since departed from the essence of value investing and become a playground for speculators to battle it out. Even the most steadfast long-term believers have started to de-risk and exit. Market sentiment has plunged straight to rock bottom.
And there is no surprise about the storm center of this round of market action: memory chips, the hottest—and craziest—sector this year. In just a few months, the industry’s storyline completed an extreme reversal—arguably the most authentic reflection of the capital market: price moves are driven by sentiment, and profit and loss are determined by liquidity. Previously, the market had been immersed in the frenzy of “memory is always in shortage.” The industry’s “DRAM is king” mantra had become deeply ingrained. The logic of price increases was repeatedly hyped; funds piled in aggressively, and the sector surged一路走高, as if growth were endless. At that time, memory giants were the brightest stars in the entire market—earnings skyrocketed and stock prices soared. Everyone believed the high-demand cycle would continue indefinitely.
And all this prosperity’s turning point stemmed from a public standoff between Micron’s CEO and Apple. Soaring memory chip prices completely crushed profit margins across the AI industry chain and consumer electronics. Downstream manufacturers trudged forward under heavy burdens, suffering badly—while only a handful of memory giants, by monopolizing with high prices, reaped the dividends and won while lying down. For a moment, the former sector leader became the “public enemy” of the entire industry.
A reversal in market sentiment is always something that happens in an instant. When the price-increase narrative was put on a pedestal, everyone was forced to believe “memory is never in shortage, and prices will never stop rising.” But once liquidity tightens and funds begin to withdraw, all that glossy storytelling instantly shatters beyond recognition. In a single night, the market went from “always in shortage” to “looser supply and demand,” and the core logic behind sustained price hikes was completely reduced to a joke.
But most people only saw the market’s up-and-down moves and the collapse of the logic, while overlooking the most core underlying truth.
All sector stories, industry logic, and boom cycles are, in essence, products of liquidity. It was the massive flow of easy money that fed the memory chip bull-market myth; it was also the rapid withdrawal of liquidity that punctured all the so-called false prosperity, exposing the industry’s real supply-and-demand skeleton under the sun.
What is most terrifying in the market right now is never a sudden black swan event. A black swan is scary—but after an oversold rout, there must be a rebound; after panic, there is always a repair.
The real selling pressure that kills is liquidity drying up. When the market has no money, even the opposing side disappears completely. If you want to cut losses and exit, you can only keep placing orders at even lower prices; if you want to bottom-fish and plan, no one in the whole market dares to catch the falling knife. This is not simply a valuation-killing logic problem—it’s funds killing the water level. When the tide is rushing in, every flaw is covered up and every sector is overvalued; when the tide recedes, every belief runs aground and every overvaluation snaps back to its original place.
This round of US stock losses has given every investor the deepest lesson: the market’s deepest fear is never just a sky full of bad news, but the absence of enough capital to support the market believing any good news.
Good news is still there, the logic isn’t dead, and performance isn’t bad. The only missing thing is the most important one—money.
Looking at the market today, if you want to end this wave of panic selloff and stabilize the US stock market trend, the only way to break the deadlock is for the market to release liquidity again. Other than that, all bottom-fishing, all trading sparring, and all interpretations are futile. $SNDK $SKHY
The direction of the capital markets is always faster—and more brutal—than ordinary people can imagine.
This week, the US stock market came with no warning and no buffer, directly ushering in a brutal wave of selloff. The once dazzling technology chip sector collectively suffered a collapse-style pullback. The market data is both direct and painfully clear: SanDisk plunged more than 12%, Hynix sank more than 13%, Corning fell 9%, and Intel and Micron both dropped more than 5%. Even TSMC, which delivered standout earnings reports and saw profits soar across the board, was unable to escape massive fund selling—its stock still got dragged down by 2%.
In the past, strong earnings reports were a shield for the market, major data releases provided support for the trend, and positive news always managed to prop up market sentiment. But this time, the market’s face has completely changed.
Earnings reports? Nobody cares. Indicators? Nobody pays attention. Even the positive news about geopolitical ceasefire fell flat, unable to stir up so much as a ripple.
As of now, US stocks follow one ultimate trading logic: once it’s done, it’s safe; once profits are secured, take them and go. No matter how high-quality the sector is, how smooth the logic is, or how strong the performance is—once there are profits, funds will settle positions decisively without hesitation. No lingering, no sparring, no gambling, no hoping. Earn and leave—running is the only trading creed in the room.
Many people are puzzled: why did a perfectly good market suddenly turn hostile?
The real turning point has never been a single piece of negative news, but a complete shift in macro liquidity.
A single hawkish statement by a Federal Reserve official, Waller, instantly pierced the market’s sense of wishful thinking. In just one line, everyone felt the bone-chilling chill of tightening: rate-hike and rate-cut expectations flipped entirely, the median in the interest-rate dot plot quietly moved upward, and the big hammer of balance-sheet reduction already hangs over everyone’s head. The era of easing dividends has completely ended.
To make matters worse, Buffett once again publicly sounded the risk alarm. In the eyes of this top value investor, today’s US stock market has long since departed from the essence of value investing and become a playground for speculators to battle it out. Even the most steadfast long-term believers have started to de-risk and exit. Market sentiment has plunged straight to rock bottom.
And there is no surprise about the storm center of this round of market action: memory chips, the hottest—and craziest—sector this year. In just a few months, the industry’s storyline completed an extreme reversal—arguably the most authentic reflection of the capital market: price moves are driven by sentiment, and profit and loss are determined by liquidity. Previously, the market had been immersed in the frenzy of “memory is always in shortage.” The industry’s “DRAM is king” mantra had become deeply ingrained. The logic of price increases was repeatedly hyped; funds piled in aggressively, and the sector surged一路走高, as if growth were endless. At that time, memory giants were the brightest stars in the entire market—earnings skyrocketed and stock prices soared. Everyone believed the high-demand cycle would continue indefinitely.
And all this prosperity’s turning point stemmed from a public standoff between Micron’s CEO and Apple. Soaring memory chip prices completely crushed profit margins across the AI industry chain and consumer electronics. Downstream manufacturers trudged forward under heavy burdens, suffering badly—while only a handful of memory giants, by monopolizing with high prices, reaped the dividends and won while lying down. For a moment, the former sector leader became the “public enemy” of the entire industry.
A reversal in market sentiment is always something that happens in an instant. When the price-increase narrative was put on a pedestal, everyone was forced to believe “memory is never in shortage, and prices will never stop rising.” But once liquidity tightens and funds begin to withdraw, all that glossy storytelling instantly shatters beyond recognition. In a single night, the market went from “always in shortage” to “looser supply and demand,” and the core logic behind sustained price hikes was completely reduced to a joke.
But most people only saw the market’s up-and-down moves and the collapse of the logic, while overlooking the most core underlying truth.
All sector stories, industry logic, and boom cycles are, in essence, products of liquidity. It was the massive flow of easy money that fed the memory chip bull-market myth; it was also the rapid withdrawal of liquidity that punctured all the so-called false prosperity, exposing the industry’s real supply-and-demand skeleton under the sun.
What is most terrifying in the market right now is never a sudden black swan event. A black swan is scary—but after an oversold rout, there must be a rebound; after panic, there is always a repair.
The real selling pressure that kills is liquidity drying up. When the market has no money, even the opposing side disappears completely. If you want to cut losses and exit, you can only keep placing orders at even lower prices; if you want to bottom-fish and plan, no one in the whole market dares to catch the falling knife. This is not simply a valuation-killing logic problem—it’s funds killing the water level. When the tide is rushing in, every flaw is covered up and every sector is overvalued; when the tide recedes, every belief runs aground and every overvaluation snaps back to its original place.
This round of US stock losses has given every investor the deepest lesson: the market’s deepest fear is never just a sky full of bad news, but the absence of enough capital to support the market believing any good news.
Good news is still there, the logic isn’t dead, and performance isn’t bad. The only missing thing is the most important one—money.
Looking at the market today, if you want to end this wave of panic selloff and stabilize the US stock market trend, the only way to break the deadlock is for the market to release liquidity again. Other than that, all bottom-fishing, all trading sparring, and all interpretations are futile. $SNDK $SKHY
