Asian Stocks Plunge as AI Valuation Worry Hurts Chipmakers

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“Now investors are starting to question if the return on investment is coming through,” Randy Abrams, head of Taiwan research at UBS Global Asset Management, said in a Bloomberg TV interview. “They are a bit nervous as some of the macro data is not as strong.” More broadly, investors are monitoring conflicting cues to kick off September, a historically volatile month for stocks. While China’s economic funk continues to weigh on sentiment, there are also expectations that the Federal Reserve will begin cutting interest rates in its upcoming meeting, providing a boost for equities.

Shares of China’s organic light emitting display producers rise after a Nikkei report said Apple plans to use OLED displays in all of its iPhone models sold from next year. Shares of Australia’s iron ore miners, including Fortescue and Rio Tinto, track global peers lower after iron ore prices held below $95 a ton on Wednesday. Copper stocks also fell after Goldman Sachs exited a long-term bullish position on the commodity and slashed its 2025 price forecast by almost $5,000, citing shrinking demand in China.Japan’s Topix Index fell 3.7%; Japan’s Nikkei Index fell 4.

Sanergy Group rebounded after regulator scrutiny and a margin-unwind on Tuesday nearly wiped out all of its market value. TSMC drops, leading declines in Asian semiconductor-related stock after a record value wipe-out in Nvidia Corp. Fuji Soft Inc.’s stock surged to above the price offered in Bain Capital’s surprise ¥600 billion buyout bid, signaling expectations for a rare Japan bidding war with KKR & Co.Risks related to corporate earnings and geopolitics are likely to constrain the outlook for European stocks, according to Citigroup strategists, who remain neutral on the region and overweight US equities.

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