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Asian stocks fall amid tech losses
Asian stocks declined sharply due to the escalating wave of selling in the technology sector, with the "KOSPI" index dropping by 9%. This triggered the tenth trading halt of the year, raising fears over intensified Chinese competition and rising inflation in the United States, further fueling expectations that the Federal Reserve will continue to raise interest rates. Broad losses were recorded across Japanese, Chinese, and Hong Kong markets, along with a 1.9% decline in the U.S. Nasdaq index. Despite "TSMC" reporting record profits for the sixth quarter, chip manufacturing sales continued to decline, with significant losses for Korean and Chinese companies due to concerns over increased Chinese competition in the semiconductor industry and high valuations of investments in artificial intelligence. Additionally, rising U.S. inflation has led to expectations of further monetary tightening, increasing pressure on tech stocks and global markets.
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