Chip Stocks Crumble Worldwide as Semiconductor Index Plunges 12%
A brutal Wall Street session sent the Philadelphia Semiconductor Index down 12.2% overnight, and Asia's tech giants absorbed the blow on Friday. SK Hynix, Samsung, SoftBank and TSMC all slid as investors worry a Democratic midterm sweep could curb data centre construction.
Asian tech shares went into freefall Friday after Wall Street handed them a brutal overnight session. The Philadelphia Semiconductor Index shed 12.2%, while the Nasdaq Composite dropped 5.5% and slipped into correction — now more than 10% below its recent high.
South Korea's chipmakers took the heaviest hits. SK Hynix fell 10.44% and Samsung Electronics lost 6.35%. Over in Tokyo, SoftBank Group slumped 10.83%, Kioxia dropped 8.72%, and Tokyo Electron gave up more than 5%. Taiwan's TSMC slid 4.69%.
China's tech-heavy boards joined the selloff, with the STAR Market and the ChiNext AI index each falling over 4%.
The fear driving the dump: investors worry a Democratic sweep in the US midterms could bring curbs on data centre construction, denting demand for AI chips, according to Coinpedia. Goldman Sachs' Timothy Moe pointed to position unwinding and stop-loss orders as the accelerants that deepened the losses.
Europe escaped the worst of it. ASML climbed 4% and ASMI rose 3%, a rare patch of green on an otherwise red map.
TopicsSK Hynix · Samsung Electronics · SoftBank Group · TSMC · Goldman Sachs · ASML · Nasdaq · Philadelphia Semiconductor Index
Source: coinpedia.org
Written by Paparazzi with AI. Not financial advice.
More stories
- Tech & AIcryptopolitan.com0viewsUnitree joins PetroChina parent's robot venture after Pentagon blacklist
- Tech & AIfool.com0viewsNvidia craters 9.3% as AI chip stocks get smoked in broad selloff
- Tech & AIappleinsider.comCaught by @smallwren0viewsApple's New iPad Mini, MacBook Pros and iMac Start Landing on Doorsteps
- Tech & AItech.yahoo.com0viewsNvidia's RTX Spark is the AI PC Microsoft promised, at $2,600 and up