Singapore chip stocks fall after Wall Street tech sell-off

Singapore tech and chip stocks fell sharply on Oct 30, following a major tech sell-off on Wall Street, with local firms like AEM and Mi Material seeing significant declines. AEM dropped as much as 11% before settling at a 7% loss, while Mi Material slid over 14%, UMS Integration fell nearly 6%, and PC Partner declined over 4%. The rout followed Intel's shares plunging 23% after missing sales forecasts, citing a slowing PC market, manufacturing bottlenecks, and supply disruptions. The sell-off also hit Alphabet, which lost about US$500 billion in market value, and rippled across Asia, with South Korea's Kospi falling 5%. Analysts note AI demand remains strong, but investors are increasingly focused on whether growth translates into profits and cash flow.