Symbolic imageChip stocks slide on AI spending doubts and Chinese memory claim
Memory-chip stocks fell sharply on Tuesday after Chinese chipmaker CXMT claimed a technical advance and Broadcom's chief likened AI investing to a casino. South Korea's KOSPI closed down 5.5%.
Asian stocks fell sharply on Tuesday, 13 October, after a US tech sell-off overnight and rising Middle East tensions, Nikkei Asia reports. Japan's Nikkei index dropped 1.8%, and memory and storage companies lost the most. Bloomberg reports that CXMT claims a memory breakthrough ahead of Samsung and SK Hynix, and the Financial Times ties the slide to the Broadcom boss's "casino" remark. Reuters says US chip stocks extended their slide on the China memory report and AI spending jitters.
AI-linked IPOs put off
Blackstone-backed data-centre operator AirTrunk has delayed its Singapore REIT IPO, Reuters reports, citing sources. Bloomberg, also citing sources, puts the size of the offering at $1.5 billion.
Selloff spreads to other markets
Bloomberg reports that emerging-market stocks, copper and aluminum also fell as the AI selloff reduced risk appetite.