Asian Stocks Mostly Sink as AI Worries Hammer Tech
Seoul’s Kospi fell 7.1% as investors questioned whether heavy AI spending can justify stretched valuations, while chip shares in Tokyo and Taipei also slid.
- Seoul's Kospi dived 7.1 percent on Thursday as chip titans SK Hynix and Samsung Electronics each fell around 10 percent amid investor anxiety that the artificial intelligence rally has run its course.
- SPI Asset Management's Stephen Innes wrote that The Philadelphia Semiconductor Index rose roughly 83 percent this year, but valuations stretched as investors questioned how much AI infrastructure demand was already priced into shares.
- Tokyo's Nikkei 225 fell 2.8 percent while chipmaking equipment companies Tokyo Electron and Advantest dropped 5.2 percent and 5.6 percent respectively, reflecting broad Asian tech sector weakness beyond Seoul.
- Hong Kong's Hang Seng Index emerged as a regional outlier, climbing 1.3 percent to 25,001 after China's cyberspace regulator approved Apple Intelligence for use in the country.
- Investors are now watching for earnings from Taiwanese chipmaker TSMC, while ING strategists Warren Patterson and Ewa Manthey warned that rising U.S.-Iran tensions continue pressuring vessel flows through the Persian Gulf.
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16 Articles
The Sun Chronicle
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