AI Hardware Stocks Plunge Amid China Manufacturing Threat; South Korea Index Falls Over 10%
Story updated Rewritten when the story materially grows; the wire is checked every 15 minutesAbout this data
Asian stocks sold off sharply on Tuesday amid reports that China is now capable of manufacturing DUV lithography machines. This news has raised concerns about the competitiveness of U.S. chip companies, leading to significant declines in shares of major firms like Micron, Sandisk, and Intel.
South Korea temporarily paused trading as its benchmark stock index closed more than 10 percent lower, reflecting widespread fears about A.I. spending and the impact of China's chip competition on global markets. The uncertainty surrounding A.I. has infected global markets, causing major U.S. chip and memory companies to see their stock prices sink in premarket trading.
Sources
Every quote below is verbatim from the article it is attributed to.
“Asian stocks sold off sharply on Tuesday amid reports that China is now capable of manufacturing DUV lithography machines.”
MarketWatch — Emerging China threat puts a scare into AI hardware stocks. Is the 'picks and shovels' trade breaking down?“South Korea temporarily paused trading on Tuesday as its benchmark stock index led losses across the region, closing more than 10 percent lower.”
ny times — Tech Stocks Tumble on Worries About A.I. Spending and China’s Chip Competition“Shares in major U.S. chip and memory companies, including Micron, Sandisk, and Intel, are sinking this morning in premarket trading after the stock prices of similar companies in Asia got hammered hard.”
fast company — Chip stocks down: Micron, Sandisk, Intel shares get hammered as AI uncertainty infects global markets