Today will be a very important day, because the Third Plenar...
Today will be a very important day, because the Third Plenary Session of the 18th CPC Central Committee is about to close, and there is a high probability that policy news will be released after the market closes, and the eyes of the world will be on China. Before that, let's take a look at the US stock market last night.
Last night, the US stock market showed a very large differentiation, with the Dow Jones Industrial Average continuing to hit a new high, the Nasdaq falling 2.77%, and the S&P 500 falling 1.39%. Among them, large technology stocks plummeted, with Nvidia falling more than 6%, Meta falling more than 5%, ASML falling more than 12%, Qualcomm falling more than 8%, and TSMC falling nearly 8%.
Technology stocks led by ASML led the semiconductor sector to fall sharply.
I saw some domestic media interpret that the decline was because ASML's performance was not as expected, but they did not mention any negative factors. This is really a lie. The information gap in China is really too big.
Let's use data to speak. ASML's order volume in the second quarter was 5.57 billion euros, far exceeding the market expectation of 4.41 billion euros. According to the financial report, ASML expects sales of 7 billion euros in the third quarter, slightly lower than the market expectation of 7.46 billion euros, and a gross profit margin of 50.5% in the third quarter, slightly lower than the market expectation of 51.1%.
It is an indisputable fact that ASML's performance exceeded expectations. Although the expectations for the third quarter were not good, it would not cause the collapse of the Nasdaq and Nvidia. Why did it fall so sharply? It was the US government's fault again.
According to Bloomberg, ASML's performance exceeded expectations. An important reason is that China is still ASML's largest customer, and its orders even account for half, which shows that the US sanctions have not achieved the expected effect. Therefore, the Biden administration said that if companies such as Tokyo Electron and ASML continue to provide advanced semiconductor technology products to China, the Biden administration will consider using the most stringent trade restrictions.
Technology stocks were sold off due to concerns that the United States will tighten restrictions on chip sales to China. Affected by the news, Tokyo Electron and ASML both fell sharply yesterday. The former led the Nikkei to dive, and the latter collapsed the Nasdaq. The semiconductor sector of A-shares also fell abnormally at the end of yesterday.
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