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Asia tech stocks drop after Broadcom rattles AI trade and drags Wall Street names lower
Asian tech shares on Friday tracked losses in U.S. chip stocks after a downbeat earnings report from Broadcom sparked a rotation out of artificial intelligence-linked names into more defensive sectors. The weakness was pronounced in South Korea's chip-heavy market. Samsung Electronics fell nearly 7%, while SK Hynix dropped more than 8%.
Asia tech stocks extend sell-off with SoftBank down over 7% as investors sour on AI-linked names
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. Memory chip behemoths and heavyweights on South Korea's Kospi Index Samsung Electronics and SK Hynix fell 5% and 2%, respectively. The Kospi plunged as much as 8% as the two companies make up over 40% of the index.
SoftBank sinks 10% as Asia tech stocks tumble, tracking Wall Street losses
Asian semiconductor and technology stocks resumed their slide Wednesday, tracking overnight losses on Wall Street after a brief rebound in chipmakers lost steam amid lingering concerns over stretched artificial intelligence-related valuations. Japan's Softbank Group plunged 10% amid a broader decline in tech names and after efforts to secure at least $6 billion through a margin loan backed by its OpenAI stake hit a snag, according to Bloomberg News. The Japanese tech investment giant is...
AI giant Broadcom sheds $300bn in market value as outlook misses sky-high expectations
The American chipmaker Broadcom reported a 48% revenue surge and AI semiconductor sales up 143%, but its refusal to raise its long-term sales target sent shares tumbling more than 12% in after-hours trading. Broadcom's second-quarter results were, by almost any standard measure, exceptional. Revenue climbed 48% year-on-year to a record $22.2 billion (€19.1bn), AI chip sales more than doubled, and adjusted earnings per share rose 54% to $2.44, comfortably beating consensus estimates.