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Global semiconductor sell-offs and China disrupt industry
Asian semiconductor stocks experienced sharp declines due to escalating fears over increased Chinese competition in the chip sector, alongside concerns about funding sources for artificial intelligence investments. The South Korean KOSPI Index dropped 10%, hitting its lowest level in three months, with losses exceeding 12% in companies like SK Hynix and Samsung Electronics. Meanwhile, the Japanese Nikkei Index fell 4%, marking its lowest point in two years. Fears grew further after China developed advanced photolithography devices and Chinese company CXMT went public, raising $8.6 billion, sparking worries about China's ability to compete with South Korea in the chip industry. Additionally, tensions between the United States and Iran affected oil prices, which fell to $87.19 per barrel, as markets awaited the Federal Reserve’s decision to raise interest rates—expected to increase by 25 basis points—with prevailing expectations that the war remains the most influential factor on the markets. The Japanese yen continued to face pressure, remaining near its lowest level in four decades, with the possibility of Japanese authorities intervening to support the currency if the dollar’s rise against the yen persists.
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