Asian chip stocks plunge as Nasdaq correction hits SK Hynix, Samsung, SoftBank

cnbc.com —

Asian technology stocks tumbled Friday after the Nasdaq Composite entered correction territory, with SK Hynix plunging over 8% and Samsung Electronics shedding 7% amid renewed concerns over AI spending. Investors worried that Democrats' sweeping U.S. midterm election victory could tighten data-center development restrictions, potentially slowing AI chip demand. Japan's Advantest plunged 12.2%, while SoftBank Group tumbled 11.6%. The sell-off followed a brutal Wall Street session where the Nasdaq sank 5.5%, closing more than 10% below its peak, and the Philadelphia Semiconductor Index plunged 12.2%.


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