Asian tech stocks drop with SK Hynix plunging 10% after Wall Street AI names fall
📰 source: cnbc_topnews · 💼 business
asian tech stocks dropped thursday, tracking wall street's overnight slide. south korea's sk hynix plunged 9.71%, samsung electronics fell 6.13%, and seoul semiconductor dropped 4.27%. in japan, softbank group lost 4.36%, tokyo electron was over 5% lower, advantest shed 2.14%, and kioxia declined 8.84%. taiwan's tsmc slipped 1.46%.
j.p. morgan said in a wednesday note the asian tech sell-off hadn't derailed the ai investment cycle. 'stepping away from the share price moves, we do not see any fundamental indicators that signal meaningful weakness in the next 6-12 months.' s&p global said global growth is being driven by ai and defense spending, with tech equipment pmic output growing at the fastest pace since may 2021 and software/it services seeing ten-month high growth.
this came after a strong wednesday, when softbank soared more than 13% and south korea's market seesawed between record gains and losses.
why it matters: global tech sell-off tests ai spending thesis, but j.p. morgan sees no fundamental weakness ahead — volatility likely to persist.
source: cnbc_topnews
sentiment: -0.40 · impact: 0.60