Breaking News: Major Chip Firms’ Shares Drop
Shares in major chip companies have fallen sharply in the US and Asia. This decline is linked to a sell-off in artificial intelligence-related stocks.
In South Korea, trading on the Kospi index was paused temporarily on Tuesday morning after it dropped by 8%. After the 20-minute halt, the index continued to slide, reaching around 10% lower. Major technology firms, including Samsung Electronics and SK Hynix, saw losses of over 10%.
In New York on Monday, Nvidia’s shares fell by 5%, causing it to lose its title as the world’s most valuable company to Apple. The Kospi index has been halted eight times this year due to panic selling.
The index, which had more than doubled from January to mid-June, has since lost about a third of its value. Japan’s Nikkei 225, also tech-heavy, was down nearly 4.5% on Tuesday morning.
US-listed shares of SK Hynix fell by 7.5% on Monday, dropping below its debut price of $149 on the Nasdaq. The BBC has reached out to Nvidia and OpenAI for comments regarding these developments.
