No. 1$SpaceX (SPCX.US)$It closed down 9.14%, with trading volume reaching $29.049 billion.
On October 21, SpaceX released its second quarterly earnings report since going public, followed by a large-scale share unlock. According to the IPO prospectus, approximately 1.3 billion shares became eligible for trading on October 22, with an additional roughly 329 million shares set to become tradable on October 26. Despite the company's third-quarter results being bolstered by growth in its AI and Starlink businesses, the potential selling pressure from the share unlocks, coupled with market concerns about the return on AI‑related capital expenditures, propelled SpaceX to become the highest‑traded U.S. stock of the day.
2nd place$Micron Technology (MU.US)$It closed down 6.26%, with trading volume reaching $27.461 billion.
Micron Technology fell along with the broader semiconductor sector. Market concerns about the return on investment in AI infrastructure and the sustainability of growth in demand for memory chips have intensified, while semiconductor equipment manufacturers…$Lam Research (LRCX.US)$The earnings outlook has also intensified selling pressure in the sector.
3rd place$NVIDIA (NVDA.US)$It closed down 4.40%, with trading volume at $26.523 billion.
NVIDIA followed the AI chip sector lower. Concerns about financing stemming from Meta's massive AI investment plan, along with market doubts about the sustainability of capital expenditures by large tech companies, have prompted investors to reassess the outlook for growth in AI computing demand.
NVIDIA has launched its AI operations platform, Minerva, designed to integrate infrastructure and AI workload telemetry data to proactively detect failures, maximize GPU uptime, and boost the efficiency of AI factories. The platform can analyze billions of data points per hour, identify anomalies, predict potential failures, and consolidate correlated alerts into actionable troubleshooting tasks. Minerva also features a native AI assistant that allows users to query cluster health via natural language and receive repair recommendations. NVIDIA stated that IREN is already using the platform, while Aolani, Bitdeer AI, IBM, Jio, Lambda, Quake AI, and Tesla plan to deploy it; Dell, Lenovo, and Supermicro will also incorporate Minerva into their respective AI factory operations portfolios.
4th place$Meta Platforms (META.US)$It closed down 6.98%, with trading volume reaching $26.329 billion.
Following the release of its third-quarter earnings, Meta has raised concerns among investors over its substantial AI-related capital expenditures and financing plans. The company reported negative free cash flow of $2.12 billion for the quarter, marking the first quarterly net cash outflow in more than a decade. At the same time, Meta plans to issue new Class C shares to raise funds for its AI investments. Capital spending this year could reach as high as $145 billion, prompting market worries about the expanding scale of investment, mounting funding needs, and the potential risk of equity dilution.
5th place$Tesla (TSLA.US)$It closed down 3.08%, with trading volume at $19.508 billion.
Tesla reported its third-quarter earnings after the market closed on Wednesday, with both revenue and profits beating market expectations. However, the company lowered its full-year capital expenditure forecast, reducing it from the previous $25 billion to $20 billion. Chief Financial Officer Vaibhav Taneja stated that this move was primarily driven by improved capital allocation efficiency. Meanwhile, the market is closely watching the potential impact of the reduced investment budget on Tesla's autonomous taxi service, the Optimus robot, and the development of its AI computing infrastructure.
6th place$Apple (AAPL.US)$It closed up 1.23%, with trading volume at $16.182 billion.
Apple was one of the few tech giants among the top 20 performers in terms of trading volume that day. Against the backdrop of a concentrated sell-off in AI infrastructure-related stocks, Apple's share price rose against the trend, hitting a new all-time high.
Currently, Apple's market capitalization stands at $5.08 trillion, while NVIDIA's is $5.11 trillion, with the two differing by just a few tens of billions of dollars.
7th place$Advanced Micro Devices (AMD.US)$It closed down 8.10%, with trading volume reaching $14.086 billion.
Advanced Micro Devices (AMD) plunged sharply along with the broader semiconductor sector. Market concerns about the sustainability of capital spending on AI infrastructure are mounting. As a supplier of data-center CPUs and AI chips, AMD's business outlook is closely tied to the compute‑power investments of major cloud‑computing companies.
8th place$SanDisk (SNDK.US)$It closed down 8.51%, with trading volume reaching $13.101 billion.
SanDisk followed the decline in the memory chip sector. Micron Technology and other semiconductor stocks were broadly under pressure as investors reassessed the pace of AI infrastructure development and the outlook for future growth in memory chip demand.
9th place$Amazon (AMZN.US)$It closed down 4.57%, with trading volume reaching $12.176 billion.
Amazon followed the broad decline in major tech stocks. After Meta disclosed substantial AI capital expenditures and financing arrangements, market attention has shifted further to other large cloud service providers, particularly to AWS's future data center construction costs, the profitability of its AI business, and the investment payback period.
10th place$Intel (INTC.US)$It closed down 8.04%, with trading volume reaching $11.482 billion.
The U.S. Federal Communications Commission (FCC) approved an exemption for Intel (INTC.O), allowing it to continue using critical equipment essential to its semiconductor manufacturing operations in the United States, despite the ban on certain advanced robots manufactured abroad.
11th place$Microsoft (MSFT.US)$It closed down 2.23%, with trading volume at $10.994 billion.
Microsoft fell along with the broader tech sector. Concerns about the return on AI infrastructure investments have intensified, as investors reassess the relationship between Azure cloud business growth and data center construction costs.
12th place$Moderna (MRNA.US)$It closed down 17.57%, with trading volume reaching $10.01 billion.
Moderna and$Merck & Co (MRK.US)$Data from the Phase III clinical trial of a jointly developed personalized mRNA cancer vaccine were leaked prematurely, triggering sharp stock price volatility. Subsequently, the two companies released the full primary efficacy data ahead of schedule. The results showed that, when used in combination with Merck & Co.'s anti-cancer drug Keytruda, the vaccine reduced the risk of cancer recurrence or death in melanoma patients by 42%, though this reduction was lower than the 49% reported in a previous study. Despite the trial results achieving statistical significance, investors remain concerned about the gap between the actual efficacy and earlier market expectations.
Despite short-term data that disappointed the market, researchers and the oncology community remain focused on the long-term potential of mRNA‑based cancer vaccines. After decades of repeated setbacks in cancer vaccine development, the successful completion of this Phase 3 trial nonetheless represents a significant milestone. Currently, Moderna and Merck are conducting multiple expansion studies to broaden this personalized vaccine platform to additional cancer types, including lung cancer, bladder cancer, and other tumor indications. Because this technology can tailor vaccines to an individual's tumor‑specific genetic profile, it is widely regarded as a next‑generation approach to cancer therapy with broad application prospects.
16th place$Taiwan Semiconductor (TSM.US)$It closed down 4.52%, with trading volume at $6.75 billion.
Taiwan Semiconductor fell along with the semiconductor sector. As the market reassessed large tech companies' data center investment plans and their impact on demand for advanced-node chips, the weak performance of the semiconductor equipment sector further intensified selling pressure across the industry.
17th place$Marvell Technology (MRVL.US)$It closed down 8.70%, with trading volume at $5.582 billion.
Marvell Technology plunged along with the AI chip and data center networking equipment sectors. Market concerns about the return on AI investments and the sustained financing capabilities of major tech companies have put pressure on companies involved in custom chips and high-speed data transmission.
20th place$GE Vernova (GEV.US)$It closed down 10.64%, with trading volume reaching $4.833 billion.
GE Vernova was affected by the broad decline in AI infrastructure-related stocks. Following Meta's disclosure of substantial capital expenditures and a new financing plan, investors have begun to worry about the funding costs of building AI data centers and their future returns on investment. GE Vernova is a key supplier of power infrastructure for data centers and has benefited in recent years from the growing demand for power generation and grid equipment driven by AI.
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Editor/stephen