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Chip Rout Goes Global As Philadelphia Semiconductor Index Crashes 12%
Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.
Asian technology shares sank on Friday after a brutal Wall Street session that pushed the Nasdaq Composite down 5.5% and into correction, more than 10% below its recent high. The Philadelphia Semiconductor Index lost 12.2% overnight. In South Korea, SK Hynix dropped 10.44% and Samsung Electronics fell 6.35%. SoftBank Group slumped 10.83% in Tokyo, while Kioxia lost 8.72% and Tokyo Electron fell more than 5%. TSMC slid 4.69% in Taiwan, and China’s STAR Market and ChiNext AI index each fell over 4%. Investors fear the Democratic sweep in the US midterms could bring curbs on data centre construction, hitting demand for AI chips. Goldman Sachs’ Timothy Moe said position unwinding and stop-loss orders deepened the losses. Europe held up better, with ASML gaining 4% and ASMI rising 3%.
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