The stock market debut of CXMT, China’s memory chipmaker, triggered a massive selloff in global tech stocks. South Korean stocks SK Hynix and Samsung plunged 14.65% and 13.39% respectively in Seoul, while Dutch ASML lost 5.80% then another 3.48% in after-hours trading. Nvidia, Micron, Intel and TSMC were also caught in the wave of selling, with the MSCI Asia Pacific gauge dropping as much as 3.6% to its lowest since May. A Chinese state-backed firm’s announcement of mass production of immersion DUV lithography machines fueled fears of increased competition in the semiconductor sector.
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