With the Japanese CAP out of position and the carriers at their most vulnerable, SBD Dauntlesses from Enterprise and Yorktown appeared at an altitude of 10,000 feet (3,000 m) and commenced their attack, quickly dealing fatal blows to three fleet carriers: Sōryū, Kaga, and Akagi. Within minutes, all three were ablaze and had to be abandoned with great loss of life. Hiryū managed to survive the wave of dive bombers and launched a counter-attack against the American carriers which caused severe damage to Yorktown (which was later finished off by a Japanese submarine). However, a second attack from the U.S. carriers a few hours later found and destroyed Hiryū, the last remaining fleet carrier available to Nagumo. With his carriers lost and the Americans withdrawn out of range of his powerful battleships, Yamamoto was forced to call off the operation, leaving Midway in American hands. The battle proved to be a decisive victory for the Allies. For the second time, Japanese expansion had been checked and its formidable Combined Fleet was significantly weakened by the loss of four fleet carriers and many highly trained, virtually irreplaceable, personnel. Japan would be largely on the defensive for the rest of the war.

At what altitude did the American dive bombers commence their attck on the Japanese carriers?