On Tuesday, the top US stock by trading volume was Micron Technology (MU), which closed down 13.18% with a turnover of $62.852 billion. Following the Federal Reserve's hawkish policy signals last week, which indicated persistently high inflation, investors have shifted towards risk-off trading, leading to widespread selling of the high-flying tech stocks that have led the market rally this year.

Micron Technology is set to report earnings on Wednesday. Pricing in the options market suggests an expected price swing of approximately 17% ahead of the report, with the stock pulling back significantly from its all-time highs. The company's prior quarterly guidance was for revenue of $33.5 billion and adjusted earnings per share of $19.15. The Wall Street consensus estimate is for revenue of $34.5 billion and adjusted EPS of $19.72. The company has set new all-time quarterly revenue records for four consecutive quarters.

Currently, AI storage demand is the core growth driver for the industry. The market's bar for judging the earnings report has been significantly raised. Merely beating basic profit expectations is no longer sufficient to satisfy investors, as much of the positive news is already priced into the current stock.

The fourth-ranked stock by volume was Nvidia, which fell 4.13% with a turnover of $30.461 billion.

The fifth-ranked stock was SanDisk, which dropped 13.64% with a turnover of $25.185 billion.

Key market disagreements center on the fading sentiment in the global AI computing power trade, panic transmission from the sharp drop in South Korean stocks, and whether concentrated profit-taking at high levels signals the beginning of a bubble burst in AI hardware valuations.

The sixth-ranked stock was SpaceX, which gained 0.98% with a turnover of $24.225 billion.

SpaceX announced on Monday the issuance of senior unsecured notes. Sources indicated the company initially planned to raise $20 billion. As of Tuesday, SpaceX had received nearly $90 billion in subscription orders and increased the offering size by $5 billion.

The seventh-ranked stock, Tesla, closed down 5.79% with a turnover of $19.104 billion.

The US National Highway Traffic Safety Administration (NHTSA) announced it has opened a special investigation into a fatal crash involving a Tesla Model 3. The vehicle was reportedly using an advanced driver-assistance system when it crashed into a residence, resulting in the death of a 76-year-old woman.

Analysts at Baird predict Tesla will deliver 392,900 vehicles in the second quarter, with total deliveries reaching 1.68 million by 2026.

The eighth-ranked stock was Intel, which closed down 6.14% with a turnover of $17.541 billion.

The tenth-ranked stock was Apple, which closed down 0.91% with a turnover of $15.36 billion.

Reports emerged that chipmaker Intel, previously deemed by the market as difficult to turn around, has reached a cooperation intent with Apple to design and produce chips domestically in the US. The news was disclosed by former US President Donald Trump on his Truth Social platform.

The eleventh-ranked stock was AMD, which closed down 5.76% with a turnover of $15.225 billion.

The twelfth-ranked stock was Microsoft, which closed up 1.80% with a turnover of $14.735 billion.

Microsoft announced on June 23 that its first data center in Mount Pleasant, Wisconsin, is now fully operational, following the completion of equipment installation and activation in April of this year. Microsoft expects to invest $4.7 billion in hyperscale construction projects in Wisconsin between 2024 and 2028.

The thirteenth-ranked stock was Amazon, which closed up 0.57% with a turnover of $13.324 billion.

Analysts at JPMorgan estimate that Amazon's four-day Prime Day event will generate $7 to $8 billion in global incremental revenue for the second quarter. The event officially launched on the day, covering over 35 countries.