This newsroom reported yesterday that Nvidia lost about $250 billion in a session and Apple became the most valuable company in the world. That was the American view of the event.
Here is the rest of it.
Samsung Electronics closed down 13.4 percent - its worst single day in nearly two decades. SK Hynix fell 14.7 percent. Kioxia fell 18.3 percent. MediaTek fell about 10 percent [1].
South Korea's KOSPI index fell 10.84 percent, its largest one-day drop since March [1].
A national stock index does not move a tenth on sentiment. It moves that far when the market decides something structural has changed.
Two things happened. ChangXin Memory Technologies listed on Shanghai's STAR market and ran up as much as 500 percent on its debut. Reports also emerged that a Chinese state-backed firm has begun mass-producing immersion DUV lithography systems [1] - the class of machine that export controls were largely written around. ASML, the Dutch company that makes them, fell 5.80 percent [1].
The timing for one company is unfortunate in a way worth recording. SK Hynix's US-listed shares fell 7.5 percent to $143.02, which is 4.0 percent below their $149 IPO price [2] - the day before the company reports second-quarter results.
A caution on the CXMT figure. Its debut gain has been reported variously as 465 percent, 466 percent and 'as much as 500 percent,' and its resulting valuation between $487 billion and $540 billion. Those are different measurements taken at different moments in a first day of trading, and this piece uses the range rather than picking a headline number.
What is not in a range is the index. Ten point eight four percent, in one day, in one country, because of a listing in another.
