tech
Asia tech stocks extend sell-off with SoftBank down over 7% as investors sour on AI-linked names
Asian tech stocks tracked overnight losses in U.S. tech names led by a sell-off in Broadcom.
TL;DR
- Asian tech stocks extended their sell-off on Monday.
- Samsung Electronics and SK Hynix, South Korean memory chip giants, fell significantly.
- Taiwan Semiconductor Manufacturing Co (TSMC) and Hon Hai Precision (Foxconn) also saw declines.
- Japanese tech investor SoftBank Group plunged, along with Tokyo Electron and Advantest.
- The sell-off followed a recent rally in Asian tech stocks fueled by AI demand optimism.
- Broadcom's missed revenue estimates for its fiscal second quarter triggered the tech sector sell-off.
- The VanEck Semiconductor ETF and Arm Holdings also experienced significant losses.
- The tech-led rout erased approximately $1.8 trillion in S&P 500 market cap.
- Broader Asian markets were also lower due to escalating Iran war signals.