Nikkei plunges nearly 4% as chip and tech stocks tumble

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The Nikkei index on the Tokyo stock market closed sharply lower today, with the Nikkei ending at 62,364.92 points, down 2,566.27 points or 3.95 percent, as semiconductor and technology stocks were heavily sold off in line with their counterparts on Wall Street, amid concerns over competition from China and the profitability of investments in artificial intelligence technology. Kioxia Holdings plunged 18.3 percent, while Advantest and Tokyo Electron each fell more than 10 percent. Banking stocks also weakened, with Mizuho Financial dropping 4.9 percent.