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Asian stock markets plunge as AI tech stocks and Nikkei crash hard
Fox Business • • business
Key Points:
- Asian stock markets experienced sharp declines on Friday following a significant Wall Street sell-off, with major indexes in Japan, South Korea, and Taiwan dropping substantially.
- South Korea's KOSPI index fell over 8%, triggering a temporary trading halt before resuming with a 7% decline, while Japan's Nikkei and Taiwan's benchmark index dropped around 6% and 8%, respectively.
- Technology and semiconductor companies, particularly in the AI sector, faced heavy losses, including Samsung Electronics (-10%), SK Hynix (-11.7%), TSMC (-8.5%), and SoftBank Group (-11%).
- The sell-off followed Democrats' sweeping midterm election victories, raising investor concerns about potential increased regulation of AI companies and data center restrictions.
- Former President Donald Trump attributed the market plunge to the election results, criticizing Democrats and expressing confidence in a future market rebound.
