Asian Tech Stocks Extend Rout as SK Hynix Sinks 15% and SoftBank Drops 10%
Updated
Updated · CNBC · Jul 29
Asian Tech Stocks Extend Rout as SK Hynix Sinks 15% and SoftBank Drops 10%
3 articles · Updated · CNBC · Jul 29
Summary
SK Hynix tumbled more than 15% after missing analyst estimates despite record quarterly profit and revenue, deepening a regional tech sell-off led by semiconductor shares.
SoftBank fell nearly 10%, Tokyo Electron 12.6%, Kioxia 14% and TSMC 3.9% after another weak U.S. chip session, where AMD lost 8% and Intel nearly 6%.
Aberdeen attributed the slide to Korean deleveraging and softer global tech sentiment, while Riedel Research said AI chip stocks are giving back earlier froth rather than signaling a fundamental break.
Hong Kong-listed Chinese internet stocks bucked the downturn, with Tencent up 4% and Meituan 2.49%, even as the Hang Seng China Semiconductor Chips Index dropped more than 6%.