Memory chip stocks are trading sharply lower, driven by a negative reaction during the Asian market session to several converging factors. Japanese memory maker Kioxia plunged after its earnings guidance fell short of expectations, sparking fears that the year-long surge in memory prices is leveling off. [7, 11] Compounding this was the market's reaction to the US midterm election results, which are perceived as introducing regulatory risks that could slow the build-out of AI data centers, a key source of memory demand. [7, 15] A reported 4.33% weekly drop in NAND flash spot prices further fueled the negative sentiment. [9]