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.

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