AI anxiety sparks tech rout and broad selloff in Asian markets

Price ActionMacroCommodity Impact 4
โดย Reuters·Read original
Summary · why it matters

Chip stocks tanked across Asia on Tuesday, rattled by the threat of Chinese competition and worries about who is paying for the AI boom, while sliding oil prices did little to allay nerves about U.S. rate hikes potentially starting as soon as this week. South Korea's KOSPI dived almost 10% to a three-month low, triggering a circuit breaker and heading for its largest monthly fall since the Asian financial crisis in 1997, with SK Hynix and Samsung Electronics each losing more than 12%. Japan's Nikkei slid about 4% to a two-year low, following a 2.2% drop for the Philadelphia Semiconductor index on Monday, as market darlings Kioxia fell 18% and Tokyo Electron dropped 11%. The selloff was fueled by a report that China has begun manufacturing domestically developed immersion deep ultraviolet lithography machines, sending ASML shares down 8.5%, and by CXMT Corp's $8.6 billion listing that made it China's most valuable company, raising fears of accelerated capacity expansion to rival Korean firms. Nvidia shares shed 5% overnight after the Wall Street Journal reported the company is in talks to provide roughly $250 billion in financing guarantees for OpenAI as part of a massive data centre project. Brent crude futures extended Monday's nearly 9% plunge, falling more than 1% to $87.19 a barrel, as a lull in U.S.-Iran hostilities followed Washington's suspension of air strikes, while markets priced a 38% chance that the Federal Reserve hikes by 25 basis points on Wednesday.

Impact on stocks 7

Semiconductors▼ · 4 stocks
ASML Holding N.V.
ASML
▼ NegativeCompetitionrelevance

Report of China developing domestic immersion DUV lithography machines threatens ASML's competitive position.

SK Hynix Inc
000660
▼ NegativeCompetitionrelevance

Lost >12% on fears of Chinese chip capacity expansion via CXMT's listing and domestic lithography.

TE Connectivity Ltd
TEL
▼ NegativeCompetitionrelevance

Selloff fueled by China's domestic lithography machine development, threatening equipment demand.

Artificial Intelligence▼ · 2 stocks
NVIDIA Corporation
NVDA
▼ NegativeCapitalrelevance

Reported in talks to provide $250B in financing guarantees for OpenAI, raising concerns about capital allocation and returns.

Cybersecurity & Digital Trust▲ · 1 stocks

Off-coverage companies 2

长鑫存储技术（ChangXin Memory Technologies / CXMT）Private▲ Positive
Capitalrelevance

CXMT's $8.6B listing makes it China's most valuable company, raising fears of accelerated capacity expansion.

OpenAIPrivate± Mixed
Capitalrelevance

Nvidia in talks to provide $250B financing guarantees for OpenAI as part of a data centre project; impact on OpenAI unclear.

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