Sinology | Moment | Getty Images
Asian tech stocks extended their sell-off Monday, as investors sour on global AI-linked plays with the U.S. tech-heavy Nasdaq declining more than 4.5% last week.
Memory chip behemoths and heavyweights on South Korea’s Kospi Index Samsung Electronics and SK Hynix fell 5% and 2%, respectively. The Kospi plunged as much as 8% as the two companies make up over 40% of the index.
Taiwan Semiconductor Manufacturing Co, or TSMC, was down 2.1%, while Hon Hai Precision, also known as Foxconn, fell 5.1%.
Japanese tech investor Softbank Group plunged 7.5%, while Tokyo Electron and Advantest were down 6.7% and 5%, respectively.
The share price declines follow a recent rally in Asia tech stocks that was supported by investor optimism on AI demand. Last month, Samsung Electronics and SK Hynix each crossed a $1 trillion market valuation, while SoftBank recently became the most valuable company in Japan.
The sell-off in tech names was triggered after Broadcom‘s revenue for fiscal second quarter missed market estimates last week, plunging its shares and causing a cascading impact on the tech sector.
The VanEck Semiconductor ETF (SMH) lost over 9% Friday; Softbank’s British chip firm Arm Holdings had dropped nearly 13%, while Micron Technology declined more than 13%.
“The tech-led rout erased approximately $1.8 trillion in S&P 500 market cap,” according to a UOB note on June 8.
UOB, however, said that tech and software companies will remain in focus with “the debut of a space exploration/AI/tech company on the Nasdaq on Fri (12 Jun), in what may be the largest IPO ever.”
Broader Asia markets were also lower Monday, as a fresh escalation in Iran war signals that the conflict is far from over.
Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.Asia tech stocks extend sell-off with SoftBank down over 7% as investors sour on AI-linked names NYT News Today.
Hence then, the article about asia tech stocks extend sell off with softbank down over 7 as investors sour on ai linked names was published today ( ) and is available on NY Times News ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( Asia tech stocks extend sell-off with SoftBank down over 7% as investors sour on AI-linked names )
Also on site :