3191.HK is trading at HK$63.44 (-3.62%) as semiconductor shares faced a broad selloff after Lam Research warned supply constraints could limit output and temper near-term guidance.

  • Investors also questioned returns on heavy AI infrastructure spending.
  • Geopolitical tensions and higher oil prices added to risk aversion. These sector-wide pressures are the clearest explanation for the ETF’s October 23 move; available evidence does not establish a stronger fund-specific catalyst.