Asia tech stocks skid on deepening Sino-US chip war

SINGAPORE - Chip stocks in Asia tumbled on Thursday, tracking a heavy selloff on Wall Street spurred by a news report that the United States was mulling tighter curbs on exports of advanced semiconductor technology to China.

Washington's protectiveness towards the U.S. semiconductor manufacturing industry, which it views as strategically important for competing against China, has raised increasing concerns for investors. ASML shares fell more than 10% on Wednesday, despite forecast-beating second-quarter earnings that showed a rise in artificial intelligence-linked bookings.

"Positioning had become very extreme in the semi-conductor/AI space and the import curb comments catalysed a de-risking event," said Jon Withaar, who manages an Asia special situations hedge fund at Pictet Asset Management.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Nvidia eclipses Microsoft as world’s most valuable companyChip maker’s market cap reaches over US$3.3-trillion as stock rallies
Source: globebusiness - 🏆 31. / 66 Read more »

Asia’s Best-Performing Stock Market Looks Primed for More GainsThe bull run in Pakistani stocks looks to have more legs as signs of improving economic conditions bolster the outlook for Asia’s best-performing market this year.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Thai Bourse Set to Tighten Reins on Asia’s Worst Stock MarketThailand’s bourse plans to implement rule changes next month aimed at restoring investor confidence in what has been Asia’s worst-performing stock market this year.
Source: BNNBloomberg - 🏆 83. / 50 Read more »