Chip and chip-adjacent stocks fell sharply on Monday and extended their losses overnight, with SanDisk’s shares declining 11% and being the biggest loser on the S&P 500 index. Nvidia lost about $250 billion in market capitalization on Monday, dipping below Apple, which emerged as the world’s most valuable company. SNDK declined a further 4.5% in the overnight session, while the iShares Semiconductor ETF (SOXX) and the Roundhill Memory ETF (DRAM) fell 1.7% and 4.2%, respectively. ASML Holding stock tumbled nearly 6% on Monday after reports said a Chinese state-backed company is mass-producing chip-making machines. China’s AI rise pressured U.S. trade, with new AI models such as Moonshot AI’s Kimi K3 and those by DeepSeek said to be nearly at par with frontier U.S. models but at a fraction of their costs. ChangXin Memory Technologies debuted on the Shanghai Stock Exchange, soaring by nearly 470% on the first day. On Stocktwits, retail sentiment was ‘bullish’ for NVDA and AMD, ‘neutral’ for SNDK and SOXX, and ‘extremely bearish’ for DRAM.