On September 4, the three major U.S. stock indexes continued to fall at the opening, and Nvidia's opening decline reached 2%. Just the day before, the three major U.S. stock indexes experienced a sharp drop, with the Nasdaq index falling 3.26%. Nvidia's stock price fell by 9.53%, and its market value shrank by about US$279 billion, setting a record for the largest single-day market value decline in the history of U.S. stocks.

Japanese and South Korean stock markets also suffered a decline on the 4th. The Nikkei 225 stock average price index closed down more than 1,600 points, a drop of 4.24%. The Korean Composite Stock Price Index closed at 2,580.8 points, down 83.83 points, a drop of 3.15%.

Experts interpret that concerns about the US economic outlook have led to a "bad start" in September for US stocks

So why did semiconductor stocks, represented by Nvidia, suffer such a sharp decline? Why did the US stock market and the Japanese and Korean stock markets fall recently?

The U.S. stock market suffered a "bad start" in September. From a macro perspective, this was mainly because the U.S. manufacturing data was weaker than expected. The U.S. manufacturing purchasing managers' index in August was in the contraction range for five consecutive months, which once again triggered concerns about the U.S. economic outlook.

Issues with Nvidia's product development and antitrust investigations further depressed Nvidia's stock price, which in turn led to a decline in the entire chip stock market.

Experts explained that the development and production of Nvidia's new generation of products have been delayed due to technical reasons, and the market is also concerned about this. Judging from the news from the supply chain, the product has been slightly adjusted before the final quality delivery, which has affected the time when Nvidia's new products contribute to revenue. The market is worried about whether some new problems will arise in the process of switching between old and new products, which will have a substantial impact on Nvidia's performance.

There are also news reports that Nvidia received a flyer from the US antitrust investigation after the market closed, investigating whether there is unfair competition in the current sales process. According to our judgment, in the past, such matters were often handled in two ways: one is the spin-off of the business, and the other is a fine. The decline in Nvidia's stock price after the market closed also reflects the market's concerns about the subsequent related impact.

Experts explained that today, some chip stocks in Japan, South Korea and Taiwan, China, as Nvidia's foundries and related industrial chains, such as optical communications, servers, and raw materials, have also been affected to a certain extent. In addition, the Netherlands has recently stated that it may tighten the export of chip equipment. I personally think that the impact on related industries, especially the semiconductor industry, is relatively indirect, because semiconductor equipment mainly affects the upstream of the advanced process of the industrial chain.

Experts explained: In summary, the underlying driving force of this round of global technology stock growth still comes from the AI industry. However, the output of the entire AI industry chain is currently lower than expected to a certain extent. In the short term, it is also affected by the outflow of funds caused by the expectation of interest rate cuts in the United States. The concerns about the industry are further amplified, which is a major reason for the decline of overseas technology stocks.