With a single-handed effort, Meta brought down AI stocks; as the Korean stock market opened, the circuit breaker was triggered, continuing the downward trend in AI U.S. stocks.

Mars Finance News, July 2 — Yesterday, news that “Meta plans to build its own cloud business and sell off surplus AI computing power” sparked the market, which interpreted it as hyperscale vendors’ capital expenditures having peaked. Meta jumped 8.81%, its best performance in half a year, while “shovel-seller” storage chip stocks were hit with a major sell-off.

The S&P 500 closed at 7485.02 points, down 0.19%; the Dow closed at 52305.24 points, roughly flat; the Nasdaq Composite fell 0.66%, while the Nasdaq 100—led by chip and momentum stocks—declined 1.5% on its own, closing at 29809.13 points.

Some market analysts believe the market is repricing the computing power industry chain’s pricing logic reversal. Market concerns are that hyperscale vendors will slow procurement, directly pressuring “shovel-sellers” in storage and semiconductors. According to BIT (bit.com) market data, AI U.S. stocks fell across the board: Micron dropped 10.57% at the close, AMD fell 6.8%, and Nvidia fell 1%. In the storage sector, SanDisk led the decline, down 10.62%, while STX and WDC both fell more than 5%.

Declines were even sharper among small- and mid-cap stocks represented by the CPO concept: GLW fell 13.62%, AAOI fell 6.18%, and MRVL fell 8.71%. AI infrastructure stocks that had performed well over the past two days also saw significant pullbacks, with AMAT and LRCX both falling nearly 10%.

This morning, South Korea’s stock market continued to slide, with the Korea stock index opening down 5% and then triggering a circuit breaker. The Nikkei 225 index’s intraday decline reached 2.00%. Notably, as the AI boom cools, Bitcoin appears to be receiving some capital inflows, rebounding to above $61,000 overnight into this morning.