South Korea’s Kospi index plunged more than 10% on Tuesday, driven by heavy selling of chipmaking stocks. The index was down 10.5% at 6,051.19 by midday, with shares in chipmakers Samsung Electronics and SK Hynix dropping sharply.
Analysts cited concerns over the sustainability of the boom in artificial intelligence and the potential impact of competition from Chinese AI startups and chipmakers. A recent 466% jump in the price of Chinese chipmaker CXM T in its trading debut underscored these concerns.
Global Market Impact
Most other Asian markets also fell, with Tokyo’s Nikkei 225 down 4% and the Taiex in Taiwan skidding 3.9%. Hong Kong’s Hang Seng edged 0.1% lower, while the Shanghai Composite index lost 1%.
In Australia, the S&P/ASX 200 bucked the regional trend, gaining 0.6%. Oil prices extended their declines, with Brent crude falling 0.8% to $85.16 a barrel and U.S. benchmark crude oil losing 0.9% to $81.86 a barrel.
Original reporting: KTBS 3 (Shreveport) — read the source article.
