AI Chip Cost Tsunami Triggers U.S. Stock Plunge

Just as the market was immersed in the AI narrative, reality began to pour cold water.

As costs for advanced manufacturing processes, HBM high-bandwidth memory, and data center construction continue to soar, AI giants are no longer facing a growth problem—they are facing a profit problem.

When the growth rate of investment far exceeds that of revenue, the capital market votes with its feet first.

Last night, the U.S. tech sector came under collective pressure, with AI concept stocks facing a sell-off. The reason is simple:

Previously, the market cared about how much money AI could make;

Now, the market is calculating how much money AI will cost.

History has repeatedly proven:

No bubble dies because the story ends,
but because costs spiral out of control.