The AI hardware chain was systematically devalued last night, with a round of crash in Korean chip stocks dragging down sentiment across the entire computing power chain. $ASML(ASML.US) fell seven or eight points, $Vertiv(VRT.US) was hit particularly hard this time, with high-beta elasticity sectors like data center cooling seeing especially large pullbacks; $Eaton(ETN.US), a power distribution link, also fell seven points. The three stocks are stuck in the positions of lithography equipment, cooling, and power supply respectively, each usually talking about their own orders, but this time they were all pushed down by the same question of 'can AI capital expenditure continue?'. SK hynix's reported slowdown in HBM4 expansion to focus on more profitable standard DRAM production precisely hit the market's nerve about the sustainability of computing power orders.