Asian stocks mostly decline on a sell-off of chip shares
Summary
Asian stock markets mostly fell due to heavy selling of computer chip company shares. U.S. stock futures stayed mostly stable after small losses, while oil prices dropped following talks between the U.S. and Iran about ending their conflict.Key Facts
- South Korea’s Kospi index dropped 5.1%, with major chip makers SK Hynix down 7.7% and Samsung Electronics down 6.4%.
- Japan’s Nikkei 225 index fell 1.5%; chip equipment maker Tokyo Electron shares dropped 5.6%.
- Taiwan’s Taiex index declined 1.1%, with semiconductor company TSMC down 1.8%.
- Hong Kong’s Hang Seng index rose 0.8%, helped by an 8.7% increase in Chinese electric vehicle maker BYD after rising sales.
- The Shanghai Composite index decreased 0.9%, while Australia’s S&P/ASX 200 edged down 0.1%, and India’s Sensex climbed 0.5%.
- U.S. chip stocks also fell on Wednesday: Micron Technology down 10.6%, Intel down 9%, AMD down 6.9%, Broadcom down 2.2%, and Nvidia down 1.3%.
- The S&P 500 index dropped 0.2%, the Dow Jones Industrial Average fell slightly, and the Nasdaq dropped 0.7%.
- Economists say demand for artificial intelligence (AI) may keep growing, but possibly slower than expected due to challenges in adopting AI technology.
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