Shares of South Korean chip giant SK Hynix plunged more than 8%, while Samsung Electronics fell 6.7%, hitting their lowest levels since August. In Japan, tech-focused investment group SoftBank, with significant exposure to the global AI industry, sank 8.8%, dragging down other Japanese tech stocks such as Tokyo Electron (-6.75%) and Advantest (-5.65%). The sell-off followed a weak session for technology stocks on Wall Street, where the Nasdaq Composite dropped 0.44% on Monday and Micron Technology lost 3.9%. Investors are concerned about intensifying competition from China’s ChangXin Memory Technologies (CXMT) and the massive capital needs required to sustain the artificial intelligence boom.
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