Understanding the Market | Storage Concept Stocks Decline, GIGADEVICE Drops Over 5%, Google TurboQuant Raises Concerns About Storage Demand
Storage concept stocks fell. As of the time of publication, GIGADEVICE dropped 5.3%, trading at HKD 386; Montage Technology fell 2.42%, trading at HKD 177.6; XL2CSOPHYNIX decreased by 12.72%, and Direxion Daily GOOGL Bull 2X Shares dropped 10.67%. On the news front, the overnight U.S. stock market saw weakness in the storage sector, with Micron Tech and Sandisk both falling over 3%. Today, on the Korean exchange, SK Hynix's stock price briefly dropped over 6%. Reports indicate that Google has launched a new memory compression technology called TurboQuant, which can compress key-value caches for large language models to 3 bits, achieving a 6-fold memory reduction and up to 8 times acceleration, raising market concerns about the outlook for storage demand. However, some analysts suggest that this is more likely just a short-term fluctuation rather than a disruptive threat
According to Zhitong Finance APP, storage concept stocks have declined. As of the time of publication, GIGADEVICE (03986) fell by 5.3% to HKD 386; Montage Technology (06809) dropped by 2.42% to HKD 177.6; XL2CSOPHYNIX (07709) decreased by 12.72%, and Direxion Daily GOOGL Bull 2X Shares (07747) fell by 10.67%.
In terms of news, the overnight U.S. stock market saw weakness in the storage sector, with Micron Tech and Sandisk both dropping over 3%. Today, on the Korean exchange, SK Hynix's stock price once fell by over 6%. Reports indicate that Google has launched a new memory compression technology, TurboQuant, which can compress key-value caches of large language models to 3 bits, achieving a 6-fold memory reduction and up to 8 times acceleration, raising market concerns about the outlook for storage demand. However, some analysts have stated that this is more likely just a short-term fluctuation rather than a disruptive threat
