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Semiconductor stocks drop on AI fears
Stock trading on the Korea Exchange experienced a sharp decline of 14% amid a broad sell-off in electronic chip company shares, particularly Samsung Electronics and SK Hynix, leading to trading suspensions for a period. The share of SK Hynix dropped by as much as 14.6%, while Samsung Electronics fell by over 13.4%, with overall declines of 41% and 34% respectively during July. Investors anticipated substantial investments in the artificial intelligence sector, but fears of not turning a profit prompted sell-offs. Meanwhile, Japan and American indices declined amidst these concerns, as tech giants prepare to announce their second-quarter results.
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