Chip stocks trended lower in early trading. At the time of writing, HUA HONG SEMI (01347) fell 9.53% to HK$105.4; GIGADEVICE (03986) dropped 8.06% to HK$308; SHANGHAI FUDAN (01385) declined 5.08% to HK$49.36; and SMIC (00981) decreased 4.18% to HK$72.25. The market movement follows a sharp 4% intraday plunge in South Korea's Seoul Composite Index on Monday, with notable declines in Samsung and SK Hynix. Reports indicate that the three major memory chip manufacturers—Samsung, SK Hynix, and Micron—have collectively tightened their order review processes, implementing stricter due diligence on clients. This includes verifying end-user identities, confirming actual demand volumes, and even questioning the authenticity of orders to mitigate potential market volatility caused by customers placing excessive orders or hoarding chips. Notably, Jensen Huang recently stated that he has not yet received any orders for H200 chips from Chinese customers and is patiently waiting. First Shanghai previously commented that the potential easing of restrictions on H200 would have a very limited impact on the domestic computing power industry chain. The primary reasons cited include the H200's main application in training scenarios, whereas domestic computing power is primarily focused on training small and medium-sized models, vertical models, and inference applications, resulting in minimal overlap in their respective application scenarios.