Asian chip stocks fall as CXMT update deepens AI trade sell-off
What's new: SK Hynix dropped nearly 4% and Singapore tester AEM slid as much as 8% after US chip shares lost 2.7% overnight.
Asian equities slipped Tuesday as renewed selling in semiconductor shares spread from Wall Street, with South Korean stocks hit hardest. The MSCI Asia Pacific Index fell 0.3%, while South Korea's market dropped more than 3% after a US chipmaker gauge lost 2.7% and the Nasdaq 100 fell 0.7% on Monday. Investors focused on comments from Chinese memory chipmaker CXMT, which said it had advanced a higher-capacity memory design. SK Hynix fell nearly 4% in early trade, and Singapore's AEM, which makes chip-testing equipment, dropped as much as 8% before closing down 7.1%. SanDisk fell 6% and Micron Technology lost 3.9% in the US session.