On August 18, the US 30-year government bond yield briefly surpassed 5.3% during intraday trading, reaching its highest level since 2007; the 10-year yield also approached its early 2025 high. Wall Street generally believes that multiple factors, including inflation concerns triggered by the US-Iran conflict, a surge in bond issuance by technology companies, and a widening fiscal deficit, are driving this round of sell-off. These factors are unlikely to dissipate in the short term, and the bond market may officially bid farewell to the ultra-low interest rate environment of the post-crisis era. Affected by this, the US stock market saw an adjustment on Tuesday (August 19), with the Nasdaq Composite Index falling 1.3%, the S&P 500 Index falling 0.7%, and the Dow Jones Industrial Average falling 0.2%. Chip stocks collectively faced pressure, with the Philadelphia Semiconductor Index experiencing its largest single-day drop since July 1.