Global chip stocks suffer heavy losses
There has been a sharp decline in the stocks of global semiconductor companies, particularly in Japan and South Korea, due to concerns that the expenses in the artificial intelligence sector may not yield the expected profits. The Kospi index in South Korea dropped by 14%, with shares of Samsung Electronics and SK Hynix falling more than 13% and 14.6%, respectively, bringing their declines in July to approximately 41% and 34%. The stocks had experienced an increase in the first half of the year, anticipating benefits from AI-related spending, but concerns over profitability led to a broad sell-off. Markets are awaiting the earnings reports of major technology companies during the week, amid a decline in sector shares.
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