Samsung Electronics, SK Hynix shares tumble over 7% as chip rout spreads from Wall Street
South Korea’s Kospi fell 5.1% as SK Hynix and Samsung Electronics led a regional sell-off in chip stocks after U.S. losses.
- Asian shares declined Thursday as heavy selling of computer-chip stocks spread from Wall Street, with South Korea's Kospi index sinking 5.1% amid widespread regional losses.
- The regional rout followed steep Wednesday declines for U.S. chipmakers, as Micron Technology dropped 10.6%, Intel sank 9%, and Advanced Micro Devices shed 6.9% of their value.
- Major Asian technology firms suffered significant losses, with memory chip maker SK Hynix tumbling 7.7%, Samsung Electronics falling 6.4%, and chip equipment maker Tokyo Electron shedding 5.6%.
- Capital Economics analysts Megan Fisher and Vicky Redwood noted that AI demand may grow "at a slower pace than expected," complicating portfolios that saw year-to-date Kospi gains of about 85%.
- Broader risk-off sentiment pushed benchmark U.S. crude down 1% to $67.91 per barrel, trading below levels seen before the Iran war began in late February.
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Technology values pay back doubts about AI, while Tokyo retreats and Europe advances cautiously. ...
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NiagaraFallsReview.caAsian stocks mostly decline on a sell-off of chip shares, with Kospi down nearly 8%
Asian shares are mostly lower on heavy selling of computer chip stocks, tracking losses on Wall Street. South Korea's Kospi index sank 5.1%, while Japan's Nikkei 225 lost 1.5%. Surging demand for artificial intelligence has pushed prices of related tech…
The South Korean stock market fell sharply on Thursday following the strong rally in the second quarter. Major chip companies, in particular, were under pressure due to concerns about the long-term profitability of companies' massive investments in artificial intelligence (AI). This fueled concerns that the AI-driven rally has gone too far and too fast.
The South Korean stock market fell sharply on Thursday following the strong rally in the second quarter. Major chip companies, in particular, were under pressure due to concerns about the long-term profitability of companies' massive investments in artificial intelligence (AI). This fueled concerns that the AI-driven rally has gone too far and too fast.
Associated Press News
Asian stocks mostly decline on a sell-off of chip shares
Asian shares are mostly lower on heavy selling of computer chip stocks, tracking losses on Wall Street.
World shares are mixed, with South Korea's Kospi down nearly 8% on a sell-off of chip shares
World shares were mixed Thursday as benchmarks in Japan and South Korea slumped in the latest bout of heavy selling of computer chip stocks.Oil prices fell after negotiators from the U.S. and Iran met separately with mediators from Qatar and Pakistan on Wednesday, as traders eyed developments in talks on achieving a permanent end to the war in Iran.In early European trading, Britain's FTSE 100 rose 0.5% to 10,530.26. France's CAC 40 advanced 0.7…
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