The three major U.S. stock indices all closed higher, with the semiconductor sector leading the gains

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On February 24th local time, the three major U.S. stock indices closed higher, with the Nasdaq up 1.04%, the S&P 500 up 0.77%, and the Dow Jones up 0.76%. The semiconductor sector led the gains, with AMD rising over 8%, Intel up nearly 6%, and TSMC up over 4%.

Most large tech stocks rose, with Nvidia, which is set to release earnings tomorrow, up 0.68%; Apple up 2.24%; Google-A down 0.19%; Microsoft up 1.18%; Amazon up 1.6%; TSMC up 4.25%; Meta up 0.32%; Broadcom down 1.47%; Tesla up 2.39%; Berkshire Hathaway-A up 0.14%; Walmart up 0.75%.

Most Chinese concept stocks gained, with the Nasdaq Golden Dragon China Index up 1.37%.

At the close, Alibaba rose 0.22%, Pinduoduo up 1.06%, NetEase up 0.73%, JD.com up 1.07%, Baidu down 0.23%, Ctrip up 1.59%, Li Auto up 1.3%, Futu Holdings down 1.89%, Bilibili down 0.5%, NIO up 0.19%, China Internet Holdings up 6.68%, GDS Holdings up 6.72%, and 51Talk up 7.75%.

Short-selling firm Citron Research posted on Tuesday that it has established a short position in storage giant SanDisk. As a result, SanDisk’s stock price plunged during trading, although it briefly rebounded before ultimately closing down 4.2%.

Citron believes that the market is mispricing the strong-cycle NAND storage companies as long-term AI core assets, which they see as a clear mismatch. They argue that NAND remains a highly supply-dependent commodity industry that has historically peaked during periods of high gross margins. Meanwhile, as industry leader Samsung restores capacity and yield rates and ramps up high-end SSD sales, the current “shortage” could quickly disappear.

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