US stocks have remained volatile recently, continuing their decline on the 15th as the AI supply chain slumped. A Southern California-based Chinese-American fund manager believes that as long as the S&P 500 holds the 7,560–7,620 range, the market remains relatively safe; overall, US stocks are expected to continue trending upward leading up to the midterm elections.
Fund manager Yuan Futing noted that three major AI figures—Elon Musk, Dario Amodei, and Sam Altman—recently voiced a consensus on “slowing the pace of frontier AI development.” This stance impacted the AI supply chain, affecting semiconductor chips (AMD), memory chips (MU, SNDK), AI data centers (NBIS, ORCL), and sectors related to power demand. On the 15th, US stocks continued to fall: the Dow Jones Industrial Average dropped 328 points (-0.63%), the Nasdaq fell 204 points (-0.78%), and the S&P 500 declined 34 points (-0.45%).
Yuan observed that while the headline market decline appeared modest, specific sectors—including individual tech stocks, AI data center infrastructure, semiconductors, and memory storage—continued to slide. These sectors have fallen by 30% to 50% since the mid-June downturn. Market unease has intensified—and concerns over interest rate hikes have resurfaced—following hawkish remarks made by Federal Reserve official Kevin Warsh at the July meeting and again at the World Bank summit in late August. The market remains sensitive to the Fed’s future monetary policy trajectory; expectations for significant near-term rate cuts have narrowed, and the market has begun to price in an environment of higher interest rates for a longer period.