theguardian_business

Shares in Asian chip firms plunge further as AI sell-off continues

📰 source: theguardian_business · 💼 business

london’s ftse 100 hit a fresh high of 10,951 on wednesday, buoyed by strong results from standard chartered and rio tinto, which hiked shareholder payouts. the index’s weight in finance and energy shielded it from a tech sell-off that slammed asian markets.

in seoul, the kospi fell up to 12.6% and closed 6% down, nearly 40% off its peak. sk hynix posted record quarterly profits but missed investor expectations, sending its shares down 10%. samsung electronics fell 5%. a circuit breaker halted trading for 20 minutes. analysts said “strong is no longer enough” for ai stocks.

oil prices rose over 6% to $89.47 after us military strikes in iraq. apple briefly reached a $5tn valuation as some investors rotated out of tech.

why it matters: ai chip sell-off deepens as earnings fail to meet lofty expectations, pushing money into oil and defensive sectors.

source: theguardian_business
sentiment: -0.80 · impact: 0.85

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