Wall Street has a new game now: whenever an AI giant announces a major positive catalyst, it uses upstream customers as the sacrificial offering—

On July 15, ASML’s earnings beat expectations; Micron -7.9%, LRCX -3.1%
On July 10, SK hynix’s U.S. ADR listed, and then Korean stocks crashed
On July 7, Samsung beat expectations, and AMD, Google, and Microsoft were all down
The core logic is just one: take profits to fulfill expectations for the “overly anticipated” sector. What the market is trading now isn’t the orders themselves anymore, but expectations for the growth rate of the next round of orders.
I looked through the percentage moves—unlucky one is Micron. Every round of declines has him😂
Memory is a typical midstream product, and it’s the best representative of the most optimistic outlook for the cycle. Plus, it’s a U.S.-listed underlying stock, with extremely good liquidity. Any link that reaches peak expectations will cut Micron.