Asian tech stocks fall as US chip sell-off spreads globally

Summarised from CNBC's report · Updated 13 Oct, 06:28 · Archive

Asian technology stocks tumbled Tuesday as a sell-off in US semiconductor shares spread to regional markets.

Asian technology stocks fell sharply on Tuesday as a sell-off in US semiconductor shares spread to the region. Worries over artificial intelligence financing and intensifying competition dented sentiment. SK Hynix, a leading supplier of high-bandwidth memory chips used in AI applications, plunged more than 8%, while rival Samsung Electronics shed 7.9%, both hitting their lowest intra-day levels since August. In Japan, SoftBank Group sank 8.03%.

Tokyo Electron, a major supplier of chipmaking equipment, dropped 6.6%, while Advantest, which makes semiconductor testing equipment, declined 5.38%. Other Japanese technology stocks also came under pressure, including Lasertec, Disco and Renesas Electronics. The declines followed a weak session on Wall Street, where the Nasdaq Composite dropped 0.44% on Monday and US memory chipmaker Micron Technology slid 3.9%.

Concerns centred on competition from China's ChangXin Memory Technologies, which reported progress on a new chip structure. UBP's senior equity advisor said investors were taking profits on AI-related stocks that have outperformed this year, though Chinese memory makers continue to face technology hurdles for advanced memory applications.

Read the report

• SK Hynix, SoftBank shares plunge as tech stocks in Asia track Wall Street chip sell-offAsian technology stocks tumbled Tuesday as a sell-off in U.S. semiconductor shares spilled into regional markets.CNBC · 13 Oct, 03:11

In this story: SK Hynix · Samsung Electronics · SoftBank Group · Tokyo Electron · Advantest · Micron Technology · ChangXin Memory Technologies · Japan

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem