On November 5, the U.S. stock market suffered a historic plunge due to the Democratic Party's landslide victory and expectations of AI regulation, with the S&P 500 falling 4.36% and the Nasdaq dropping 5.52%.
As over 3,300 A-share stocks plummeted, the state-run China Fund News published an article attributing the correction to external factors such as the decline in the South Korean stock market, the drop in US tech stocks, and the midterm elections.
The on-exchange prices of several ETFs tracking the Nasdaq 100 have traded more than 10% above their net asset value for five consecutive trading days, with some reaching as high as 15%.
On Friday, the US stock market saw the Dow Jones Industrial Average rise by 0.28%, the S&P 500 rise by 0.62%, and the Nasdaq Composite rise by 1.3%.
After experiencing a market shakeout at the end of July, the U.S. stock market ushered in a second wave of surge. The Dow Jones Industrial Average and the S&P 500 index both hit record highs from August 3rd to 4th, with the Dow standing above 54,000 points for the first time.
Micron suffered consecutive sharp declines from July 28 to 29, with a single-day drop close to 10%. Financial media widely hyped the collapse of the memory sector, while Nasdaq 100 futures initiated aggressive de-leveraging starting June 2 to flush out retail investor chips.
Chip stocks dragged down US equities, with the S&P 500 index falling 0.51%, the Nasdaq index falling 1.47%, and the semiconductor sector falling 4.3%.
TSMC, a bellwether for global chip demand, reported quarterly earnings up 77% year-on-year, but its US-listed shares still fell 2.3%.
The S&P 500, the Nasdaq Composite and the Dow Jones Industrial Average all rose, while SK Hynix posted a strong debut on its first day of trading on the Nasdaq.
Micron released its Q3 financial report for fiscal year 2026, with single-quarter revenue reaching $41.46 billion, a year-on-year surge of 346%, a gross margin rising to 85%, and disclosing 16 take-or-pay strategic customer agreements totaling over $22 billion.
As of June 2026, the comprehensive pressure index is at a neutral position at the historical 50th percentile, but AI crowding has surged to the 94.7th percentile, nearly the highest in history.
The claim that DeepSeek trained a top-tier model for $5.6 million, along with its technical report, has upended Nvidia's $589.1 billion market capitalization.
The market experienced significant volatility, with the VIX fear index surging to 65 pre-market, before falling back below 20 within six trading days.
During the GameStop hype, Robinhood halted buying, causing the stock price to crash from $483 to $112, crushing retail liquidity with a single purchase-restriction order.
British otaku Sarah triggered a flash crash that wiped out $1 trillion from the US stock market in 36 minutes through a five-year false-order scheme, with his pending orders once accounting for 40% of the total sell orders.