SoftBank · South Korea · Samsung · CNBC Technology
Asia tech stocks extend sell-off with SoftBank down over 7% as investors sour on AI-linked names
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Asian tech stocks extended their sell-off Monday, as investors sour on global AI-linked plays with the U.S. tech-heavy Nasdaq declining more than 4.5% last week.
Key facts
- The VanEck Semiconductor ETF (SMH) lost over 9% Friday; Softbank's British chip firm Arm Holdings had dropped nearly 13%, while Micron Technology declined more than 13%
- The tech-led rout erased approximately $1.8 trillion in S&P 500 market cap," according to a UOB note on June 8
- Japanese tech investor Softbank Group plunged 7.5%, while Tokyo Electron and Advantest were down 6.7% and 5%, respectively
- Memory chip behemoths and heavyweights on South Korea's Kospi Index Samsung Electronics and SK Hynix fell 5% and 2%, respectively
Summary
Memory chip behemoths and heavyweights on South Korea's Kospi Index Samsung Electronics and SK Hynix fell 5% and 2%, respectively. Taiwan Semiconductor Manufacturing Co, or TSMC, was down 2.1%, while Hon Hai Precision, also known as Foxconn, fell 5.1%. Japanese tech investor Softbank Group plunged 7.5%, while Tokyo Electron and Advantest were down 6.7% and 5%, respectively. The share price declines follow a recent rally in Asia tech stocks that was supported by investor optimism on AI demand.