Chip Sell-Off Pauses, Real Test Shifts to Tech Giants' Earnings

TechFlow news, July 21, overnight US chip stocks halted declines and rebounded, the semiconductor ETF rose approximately 1.3%, Nvidia, AMD, and Micron generally recovered, but the Nasdaq still closed nearly flat. Pressure from earlier concentrated selling and leverage rebalancing temporarily eased. The stabilization of US stocks provided a brief breathing window for Korean stocks and the East Asian storage and equipment supply chain, but deleveraging inertia and high-volatility positions have not been fully absorbed. Upcoming earnings reports from Alphabet, Tesla, and Intel will re-examine AI demand, capital expenditure, and earnings delivery capabilities; therefore, whether the rebound can continue still depends on whether earnings can support previous high expectations. (Jin10)