Memory chipmakers have been among the biggest winners of the artificial intelligence boom. On Monday morning, three of them lost about $108 billion in combined market value.

Micron Technology Inc. (NASDAQ:MU) fell 4.5%, erasing about $52 billion. SK Hynix Inc. (NASDAQ:SKHY) was 4.5% lower in Seoul, losing about $41.5 billion. Sandisk Corp. (NASDAQ:SNDK) dropped 6.6%, or about $15 billion.

The trigger came from China.

ChangXin Memory Technologies said it made progress on a design that fits more memory cells on each chip, the South China Morning Post reported. A stronger rival could ease the tight supply that has lifted memory prices.

Hard-drive makers fell less.

Seagate Technology Holdings PLC (NASDAQ:STX) lost 2.7% and Western Digital Corp. (NASDAQ:WDC) 1.9%. They are down 19% and 16% since Oct. 1, after Toshiba unveiled plans to nearly double hard-drive capacity.

The Roundhill Memory ETF (BATS:DRAM) fell 4.4%.

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