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Global Semis Landslide Persists; Asian Semis & Related Stocks Continue to Plunge
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DeepSeek AI model spooked the market to question the enormous investment in AI. Correspondingly, U.S. chip stocks slumped overnight (27th), as Philadelphia Semiconductor Index dived more than 9%, representing the steepest one-day slide since March 2020. Nvidia (NVDA.US)’s market cap wiped off by nearly US$600 billion in a single day. The landslide of global semiconductor stocks persisted into the Asian morning market. Japan's techs stumbled, with Nvidia’s supplier Advantest cratering 10% today (28th), following yesterday's almost 9% plunge. Chip equipment maker Tokyo Electron collapsed more than 5%, while SoftBank, which invests in tech startups, tumbled 6%. Bourses in South Korea and Taiwan remained closed, with Samsung Electronics down 3.6% in the U.K. and TSMC (TSM.US) down 13.3% in the U.S. overnight. OpenAI CEO Sam Altman said in a social media post that the DeepSeek model was impressive, adding that OpenAI will deliver better models and is thrilled by the emergence of new competitors. AAStocks Financial News |
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