Home›US Markets›Equities›Chip stocks slide across US and Asia as AI sell-off de…

Chip stocks slide across US and Asia as AI sell-off deepens

South Korea’s Kospi was briefly halted after a roughly 8% drop, while Samsung and SK Hynix each fell about 12%.

Reported · Written up by our desk · Equities

Shares in major chip firms fell sharply in the US and across Asia as a sell-off in artificial intelligence-related stocks intensified, according to BBC Business.

In South Korea, trading on the Kospi index was paused temporarily on Tuesday morning after the benchmark slid by 8%, and it traded around 10% lower once the 20-minute halt was lifted. The decline was led by technology names, with Samsung Electronics and SK Hynix both down by about 12%.

The move followed a drop in Nvidia shares in New York on Monday, when the AI chip giant fell by 5%. That pullback also meant Apple regained the spot as the world’s most valuable listed company after its stock rose about 25% this year.

The BBC notes South Korea’s Kospi has triggered circuit-breaker halts eight times so far this year and that the index is down around a third of its value since mid-June despite more than doubling earlier in the year. The article also links the latest weakness to a Wall Street Journal report that Nvidia is in talks to provide around $250 billion for OpenAI as part of a large data-centre project, while a related IPO story saw memory chip maker ChangXin Memory Technologies shares jump nearly 470% after debuting in Shanghai on Monday.

Latest closeKospi 6,690.62 ▼5.7%

More like this

Sources