Wall Street Chip Rout Spreads as Micron, SoftBank and ASML Slide
· Technology · CNBC
Technology stocks tumbled on Tuesday as a sell-off in U.S. semiconductor shares spilled into Asian and European markets. South Korean chip giant SK Hynix plunged more than 10%, while rival Samsung Electronics shed 7.4% to hit their lowest levels since August. In Japan, investment giant SoftBank Group sank 8.5% amid a broader retreat in semiconductor and electronics shares. European chip equipment maker ASML fell 3.3%, and STMicroelectronics and Infineon both dropped 5%. The declines follow a weak session on Wall Street and investor assessment of progress on a new chip structure by China's ChangXin Memory Technologies, or CXMT.
Why it matters
Global semiconductor manufacturers and technology investors face renewed pressure as intensifying competition from Chinese memory makers and concerns over artificial intelligence financing weigh on market valuations.
Read the original report — CNBC
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