According to comments by Goldman Sachs partner Mark Wilson on July 19, the US stock momentum factor has retreated 28% from its peak over 17 straight order days, while the momentum factor for technology, media, and telecommunications fell 40% in the fastest and deepest selloff since records began. By region, the KOSPI fell 27% from its high, US AI beneficiary stocks pulled back by about 25%, global storage chip stocks dropped 36%, and European semiconductors fell 23%. Wilson attributed this selloff primarily to crowded positioning, concentrated leverage, and deleveraging, rather than a deterioration in the macroeconomic environment or weaker earnings; he noted that although share prices continue to fall, there are still positive signals from TSMC and ASML. He believes that the forced liquidation process for the momentum factor is nearly exhausted, but there is a lack of short-term catalysts to achieve an immediate reversal.