Rank 1: SpaceX fell 9.14%, with transactions amounting to 28.936 billion US dollars.

SpaceX released its second quarterly financial report after going public on October 21st, followed by a large-scale lifting of stock restrictions. According to the arrangements in the initial public offering (IPO) prospectus, on October 22nd, approximately 1.3 billion shares were lifted from the sales restriction, and another 329 million shares will become tradable on October 26th. Although the company's third-quarter performance was boosted by AI and the growth of its Star Chain business, the potential selling pressure resulting from the lifting of restrictions, along with market concerns regarding the return on AI's capital expenditures, made it the U.S. stock with the highest trading volume on that day.

Micron Technology, ranked second, fell by 6.26%, with transactions amounting to 26.721 billion US dollars.

Micron Technology fell along with the semiconductor sector. Concerns in the market regarding the sustainability of returns on infrastructure investments in AI and the growth in demand for memory chips have intensified, and the performance outlook of semiconductor equipment manufacturer Lamina Corporation has also added to the selling pressure in the industry.

3rd place: Meta Platforms fell 6.98%, with transactions amounting to 26.328 billion US dollars.

After Meta released its third-quarter financial report, investors expressed concerns regarding its substantial AI capital expenditures and financing plans. The company's free cash flow in the third quarter was negative $2.12 billion, marking the first time in over a decade that there was a net cash outflow on a quarterly basis. At the same time, Meta plans to issue new Class C shares to raise funds for AI investments. The company's capital expenditures this year could amount to as high as $145 billion, and the market is worried about the continuously expanding scale of investments, the demand for funds, and the potential risk of equity dilution.

NVIDIA, ranked 4th, fell by 4.40%, with trading volume of $25.977 billion.

NVIDIA follows the decline of the AI chip sector. The financing concerns arising from Meta's massive AI investment plans, as well as market doubts about the sustainability of large tech companies' capital expenditures, have led investors to re-evaluate the growth prospects for AI computing power demand.

Tesla, ranked 5th, fell 3.08%, with transactions amounting to 19.48 billion US dollars.

Tesla released its third-quarter financial report after the market closed on Wednesday, with both revenue and profits exceeding market expectations. However, the company lowered its annual capital expenditure forecast from $25 billion to $20 billion. Chief Financial Officer Vaibhav Taneja stated that this move was mainly due to improved capital allocation efficiency. The market is concerned about the potential impact of the reduced investment budget on autonomous taxis, Optimus robots, and the construction of AI computing infrastructure.

Apple, ranked 6th, rose by 1.23%, with transactions amounting to 14.997 billion US dollars.

Apple was one of the few technology giants among the top 20 with increasing trading volumes on that day. Against the backdrop of a concentrated sell-off in AI infrastructure-related stocks, Apple's stock price rose against the trend.

7th-ranked ultra-microsemiconductor company saw a decline of 8.10%, with transactions amounting to 14.091 billion US dollars.

UltraMicro Semiconductor tumbled along with the broader semiconductor sector. Market concerns regarding the sustainability of capital expenditure on infrastructure for AI have intensified. As a supplier of chips for data centers CPU and AI, UltraMicro Semiconductor's business prospects are closely linked to the computing power investments of major cloud computing companies.

8th-ranked Sandisk fell by 8.51%, with transactions amounting to 13.019 billion US dollars.

Sandisk follows the decline in the memory chip sector. Micron Technology and other semiconductor stocks are generally under pressure as investors re-evaluate the infrastructure construction pace of AI and the future growth prospects for memory chip demand.

Amazon, ranked 9th, fell 4.57%, with transactions amounting to 12.137 billion US dollars.

Amazon followed the general decline of large tech stocks. After Meta disclosed huge AI capital expenditures and financing arrangements, the market's focus shifted further to other large cloud service providers, especially AWS's future data center construction costs, AI's business profitability, and investment return cycles.

Intel, ranked 10th, fell by 8.05%, with trading volume of $11.455 billion.

Intel faced pressure before the release of its third-quarter financial report, and the overall decline in the semiconductor sector further increased market volatility. Investors are focusing on the progress of its wafer foundry business, manufacturing costs, demand for AI related products, as well as management's performance guidance for future quarters.

Microsoft, ranked 11th, fell 2.23%, with transactions amounting to 10.996 billion US dollars.

Microsoft fell along with the general decline in large tech stocks. Market concerns regarding the return on investment in infrastructure for AI have further intensified, prompting investors to re-evaluate the relationship between the growth of Azure's cloud business and the costs of data center construction.

12th place Moderna fell 17.57%, with transactions amounting to 9.995 billion US dollars.

The Phase III clinical trial data of the personalized mRNA cancer vaccine jointly developed by Moderna and Merck were leaked ahead of time, causing sharp fluctuations in the stock prices. Subsequently, both companies announced the complete main efficacy data ahead of schedule. The results showed that when this vaccine is used in combination with Merck's anti-cancer drug Keytruda, it can reduce the risk of cancer recurrence or death in melanoma patients by 42%, although this reduction is lower than the 49% shown in another previous study. Despite the statistical significance of the trial results, investors are still concerned about a potential gap between the actual efficacy and previous market expectations.

Broadcom, ranked 13th, fell 4.31%, with transactions amounting to 8.969 billion US dollars.

Broadcom followed the general decline in the AI semiconductor sector. After Meta disclosed huge capital expenditures and financing arrangements, investors became concerned about the sustainability of infrastructure construction by large technology companies AI. Broadcom's custom AI chip and data center networking business is closely related to the capital expenditures of large cloud service providers.

Google's Class A shares ranked 14th fell by 3.15%, with trading volume of $8.873 billion.

Google's parent company, Alphabet, has been affected by the sell-off of large tech stocks. Market concerns regarding the scale of AI's capital expenditures and financing costs have risen, and investors are paying attention to whether the AI investments in Google Cloud's business can continue to translate into revenue and cash flow growth.

Google's Class C shares, ranked 15th, fell by 3.08%, with trading volume of $6.751 billion.

TSMC, ranked 16th, fell 4.52%, with trading volume of $6.741 billion.

TSMC fell along with the semiconductor sector. The market is re-evaluating the data center investment plans of large technology companies and their impact on the demand for advanced process chips, and the weak performance of the semiconductor equipment sector has also exacerbated the selling pressure in the industry.

17th-ranked Maiwell Technology fell by 8.70%, with transactions amounting to 5.495 billion US dollars.

Maiwell Technology saw a significant decline along with the AI chip and data center network equipment sectors. Market concerns regarding the return on investment and ongoing financing capabilities of large technology companies AI have put pressure on companies involved in custom chips and high-speed data transmission.

Ferron Group, ranked 18th, saw a decline of 11.76%, with transactions amounting to 5.323 billion US dollars.

On Wednesday after the market closed, Fujifilm Group announced its financial results for the third quarter, which showed revenue of $8.22 billion, a 22% increase from the previous quarter, and non-GAAP diluted earnings per share of $2.20. Although both quarterly revenue and profit set records, the company's revenue forecast for the quarter ending December 27 was $8.6 billion, with a range of $400 million up and down, which did not meet market expectations. Management stated that short-term supply chain constraints affected the revenue outlook for the next quarter. The weak performance forecast dragged down Fujifilm Group's stock price and also exacerbated the overall selling pressure in the semiconductor equipment and chips sector.

The 19th-ranked application material saw a decline of 8.15%, with transactions amounting to 4.902 billion US dollars.

Application materials fell along with the semiconductor equipment sector. Competitor Lamina Corporation released earnings forecasts that fell short of expectations and disclosed short-term supply chain constraints, raising concerns in the market regarding the order delivery and revenue recognition progress in the semiconductor equipment industry.

Rank 20: GE Vernova fell 10.64%, with trading volume of 4.817 billion US dollars.

GE Vernova is affected by the collective decline in infrastructure-related stocks of AI. After Meta disclosed huge capital expenditures and new financing plans, investors began to worry about the funding costs of AI data center construction and future investment returns. GE Vernova is an important equipment supplier for data center power infrastructure and has benefited in recent years from the growing demand for power generation and grid equipment driven by AI.

Responsible Editor: Long Yunxiang