The Seven Tech Sisters fell sharply this afternoon

There are two reasons stacked together
One is internal: tech stocks have risen for too long and too fast, and the ones that fell today are precisely the hottest stocks from earlier, while the ones that rose were previously ignored—farming, finance, and dividend stocks all rebounded across the board. This is purely a rotation, with funds pulling out of crowded areas, not a fundamental issue
The other is external: the Korean won fell below 1,550 today, hitting a low not seen since 2009. The stronger the dollar, the higher the discount rate for growth stocks. This logic directly compresses valuations, not an emotional issue. Korean tech chain fell, A-share tech fell, BTC fell—all three markets share the same cause
But the signal of industry prosperity hasn’t changed. Yageo announced price increases across its entire capacitor series, covering 50% of revenue, and for the first time, direct customers are also included. AMD raised GPU shipment prices for the second time in six months. Upstream price hikes and stock price declines are not contradictory—one is current supply and demand, the other is repricing of expectations
Today’s drop is nothing to worry about; it’s a normal release of crowded positions
There are two real variables:
First, if the dollar continues to strengthen, the pressure will be persistent
Second, whether the AI conference in mid-July has already been priced in, and beware of “Sell the News” after the event
Tomorrow’s non-farm payroll at 20:30 is the real watershed
DYOR Not investment advice