Meta · SoftBank · Japan · ARM · CNBC Technology
SoftBank plunges 13%, SK Hynix slides 10% as Asia tech rout tracks declines in the U.S.
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SoftBank Group plunged more than 13% on Friday, leading a broad selloff in Asian technology stocks, amid mounting concerns over the rising cost of artificial intelligence infrastructure.
Key facts
- Hong Kong-listed Tencent fell around 2%, while Alibaba dropped 5%, Baidu lost nearly 4% and Xiaomi slid 3.5%
- South Korea's SK Hynix fell more than 10%, while Samsung Electronics lost around 9%
- Japan's Advantest declined more than 10%, while Tokyo Electron was similarly down more than 5%
- Microsoft fell 3.5% after raising prices on Xbox consoles, while Alphabet and Meta Platforms also declined
Summary
The Japanese conglomerate led losses across the region after the Nasdaq Composite fell for a fourth straight session overnight. SoftBank Group could remain under pressure after its chip designer Arm Holdings fell 3.2% overnight, underperforming the broader semiconductor sector even as AI-related stocks rebounded sharply. Qualcomm 's new AI data center chip deal with Meta is ultimately positive for Arm through royalty payments, Jackson added. The weakness also spilled into Asia's semiconductor sector.