Chip stocks slide after Broadcom boss likens AI investing to ‘casino’
Source: The Guardian ·
Asian markets fall and Samsung shares tumble after its Chinese rival CXMT claims strong progressBusiness live – latest updatesShares in semiconductor companies fell on Tuesday after the boss of Broadcom compared many AI investors to “casino” gamblers, and Chinese memory chip maker CXMT said it had made good progress on a new chip architecture.South Korea’s benchmark Kospi index tumbled 6.25% as…
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Shares in semiconductor companies fell on Tuesday after the boss of Broadcom compared many AI investors to “casino” gamblers, and Chinese memory chip maker CXMT said it had made good progress on a new chip architecture. South Korea’s benchmark Kospi index tumbled 6.25% as investors dumped chip stocks, while other Asian markets were also lower. Japan’s Nikkei fell 1.8% and the Taiwan exchange lost almost 2%, with the country’s chip maker TSMC down by a similar amount. Samsung Electronics shares dropped 7.4% on the South Korean exchange, while the memory chip maker SK Hynix was down 10%. In Japan, the chip equipment maker Tokyo Electron fell 7.15% while SoftBank Group, an OpenAI investor, lost 8.5%. US stock futures point to a mixed open on Wall Street after the technology-heavy Nasdaq composite slipped 0.4% on Monday. The US chip maker Micron Technology slid 3.9% while Nvidia, Advanced Micro Devices and Broadcom also fell. Crude oil prices dropped amid escalating tensions in the…