With Memory chips (DRAM) down 4.6%, this looks like a sector-led move rather than a company-specific surprise.
Global memory chip stocks fell sharply on November 4th and 5th, with major producers like Micron and SK Hynix seeing significant declines. The sell-off is reportedly a reaction to market expectations that the current memory shortage could extend to 2029-2030. This has raised concerns about a repricing of profit distribution across the tech supply chain, as downstream customers face sustained high costs. Apple's CEO has described the memory costs as "unprecedented," leading the company to raise prices on some products. The drop appears to be a valuation rebalancing rather than a shift in sector fundamentals.