Nasdaq sell-off batters Asian chip stocks as SK Hynix, Samsung, Softbank, TSMC tumble
CNBC · Lee Ying Shan, Jenny Lee ·
Asian technology stocks tumbled Friday, tracking a sharp sell-off on Wall Street overnight that sent the tech-heavy Nasdaq Composite into correction territory.
Asian technology stocks tumbled Friday, tracking a sharp sell-off on Wall Street overnight that sent the tech-heavy Nasdaq Composite into correction territory as renewed concerns over artificial intelligence spending rattled investor sentiment.
South Korean chipmaker SK Hynix plunged 10.44%, while Samsung Electronics shed 6.35%. LG Innotek and LG Display fell 7.02% and 4.45%, respectively, as selling pressure spread across the country's technology sector.
The rout came as investors worried that Democrats' sweeping victory in the U.S. midterm elections could lead to tighter restrictions on data-center development, potentially slowing demand for AI chips and related infrastructure.