Asian Tech Stocks Tumble as Nasdaq Enters Correction After 5.5% Slide
Updated
Updated · CNBC · Nov 6
Asian Tech Stocks Tumble as Nasdaq Enters Correction After 5.5% Slide
3 articles · Updated · CNBC · Nov 6
Summary
SK Hynix sank more than 8%, Samsung lost 7% and TSMC dropped 9.6% on Friday as a Wall Street tech rout spread across Asia.
The sell-off followed a 5.5% overnight plunge in the Nasdaq and a 12.2% drop in the Philadelphia Semiconductor Index, driven by fresh doubts about AI spending and returns on data-center buildouts.
U.S. politics added pressure: investors fear Democrats' midterm sweep could bring tighter data-center development rules, weakening demand for AI chips and related infrastructure.
Japan and South Korea were hit broadly, with Advantest down 12.2%, SoftBank off 11.6%, LG Innotek falling 10% and Foxconn names in Taiwan sliding more than 9%.
The Nasdaq has now closed more than 10% below its recent peak, signaling that skepticism over the AI boom is rippling from U.S. markets through Asia's chip and electronics supply chain.