AI Generated Image
South Korea's Kospi share index falls 7%, as investors dump more AI-related stocks
AP News • • general
Key Points:
- South Korea’s Kospi index fell 6.8%, led by a 12.8% drop in SK Hynix shares after its quarterly operating profit missed forecasts despite record revenue, reflecting renewed investor skepticism about AI-related chip investments.
- Japanese stocks declined, with the Nikkei 225 down 1.7%, as chipmakers Tokyo Electron and Lasertec Corp. dropped significantly; shares in Nippon Paper also fell due to damage from a recent earthquake in southern Kyushu.
- Taiwan’s Taiex index lost 3.8% and Shanghai’s Composite index fell 0.5%, while Hong Kong’s Hang Seng and Australia’s S&P/ASX 200 gained 1.7% and 1%, respectively.
- Oil prices surged over 3% following renewed missile attacks linked to Iran in the Middle East, disrupting a brief period of calm and raising concerns about supply through the Strait of Hormuz.
- On Wall Street, the S&P 500 and Dow Jones rose modestly amid strong corporate earnings, but major chipmakers like Micron Technology, Advanced Micro Devices, and Applied Materials saw significant share price declines due to cautious investor sentiment on AI-driven growth.
