Today's market is indeed quite bleak, mainly starting from the opening of the South Korean stock market. KOSPI fell sharply, and core semiconductor weights such as Samsung Electronics and SK Hynix also fell. The recent rise in the South Korean stock market has already relied heavily on demand for semiconductors, high bandwidth memory, and AI servers, so the market sentiment quickly spread to the US stock market after the South Korean stock market fell first. The most obvious impact on the US stock market is also on chip and AI related stocks. Micron, Nvidia, AMD, Broadcom, and other companies are all related to AI servers, data center capital expenditures, and memory cycles. After the sharp decline in South Korean semiconductors, there was a panic in funds, and coupled with the market becoming cautious about interest rate expectations, overvalued technology stocks naturally sought refuge first. Another key point is that tomorrow is Micron's financial report. Micron is no longer just an ordinary memory company, the market sees it as a benchmark for verifying AI memory cycles and high bandwidth memory requirements. SK Hynix and Samsung in South Korea fell first, and Micron's financial report is about to be released. Naturally, funds will reduce their positions in advance to avoid situations where the financial report falls short of expectations or guidance is not strong enough. So today's decline is actually a bit like the concentrated hedging before the financial report. In the past period of time, AI has risen too rapidly. As long as the strongest semiconductor in the front begins to loosen, the funds behind will withdraw and wait. Especially for companies like Micron that happen to be in the middle of memory cycles and AI servers, they can easily become emotional amplifiers for the entire market before their financial reports are released. For Bitcoin, it is still following the US stock market and it is difficult to maintain independence. When the Nasdaq and semiconductor markets experience a sharp decline, the market usually first reduces leverage and increases cash ratios, and both Bitcoin: native and altcoins are affected by risk appetite. The next key point is to see if Micron's financial report can stabilize the expectation of AI memory demand. If the financial report and guidance are strong enough, today may be more like a quick safe haven. But if Micron fails to hold on, semiconductors and risk assets will continue to be under pressure in the short term. Bitget is here, VIP! Crypto、 US shares CFD， Global Advantage One Stop Layout