Semiconductor Equipment Stocks Lose $400 Billion in Two Days

ACM Research Inc. (NASDAQ: ACMR), a U.S. semiconductor equipment maker, closed at $87.50 on the Nasdaq on May 29, down 5.77%. This sharp drop came less than two days after the stock hit an all-time high of $90.42. In a single session, the company’s market capitalization fell by about $290 million (roughly ₩400 billion) to around $5.4 billion (₩7 trillion).

In its first-quarter results announced on May 7, ACM Research reported revenue of $231 million, a 34% increase year-on-year. The company reaffirmed its full-year revenue growth target of 21–30%, emphasizing new product launches and expanded global shipments. On May 12, it also approved a $150 million follow-on offering of common shares to institutional investors, with proceeds earmarked for U.S. and international business expansion and general working capital.

Founded in Silicon Valley in 1998, ACM Research supplies semiconductor wafer-processing equipment—including single-wafer wet cleaning, electroplating, and vertical furnaces—and counts Chinese foundries and packaging firms among its largest customers. While rising investment in domestically produced equipment in China has driven rapid revenue growth, the company faces risks from U.S. export restrictions on China and intensifying price competition among Chinese equipment vendors.