Asian technology stocks extend sell-off with SoftBank down 7% as AI plays take a hit
Asian technology stocks extended their sell-off on Wednesday, with semiconductor names leading declines after another weak session in the U.S. Samsung...
Key points
- Asian technology stocks extended their sell-off on Wednesday, with semiconductor names leading declines after another weak session in the U.S.
- Samsung Electronics lost over 4%, while LG Innotek fell 9% and Seoul Semiconductor dropped over 6%.
- The latest weakness in Asian chip stocks reflects "the ongoing deleveraging process in Korea and softer sentiment towards global technology stocks," said Kieron Poon, investment director of Asian equities at Aberdeen Investments, in a Tuesday note.
- semiconductor stocks overnight.
What happened
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Asian technology stocks extended their sell-off on Wednesday, with semiconductor names leading declines after another weak session in the U.S. Samsung Electronics lost over 4%, while LG Innotek fell 9% and Seoul Semiconductor dropped over 6%. The latest weakness in Asian chip stocks reflects "the ongoing deleveraging process in Korea and softer sentiment towards global technology stocks," said Kieron Poon, investment director of Asian equities at Aberdeen Investments, in a Tuesday note. semiconductor stocks overnight. Memory space names Micron and Seagate lost more than 8%, Western Digital sank nearly 7% and Sandisk shed 14%. The recent pullback in AI-related chip stocks reflects investors "giving back a little bit of the froth that was in the AI market," David Riedel, founder and president of Riedel Research Group, told CNBC's "Squawk Box Asia" on Wednesday.