Korea Slides 10%, Nasdaq Futures Down 2.7% as Chip Stocks Sink Worldwide
Semiconductor stocks around the world fell sharply Tuesday, with South Korea’s KOSPI down 9.99%. Chipmakers in Europe dropped too, and Nasdaq 100 futures shed 2.7% ahead of the Wall Street open. “Former generals … appear to have lost momentum,” said Chris Weston, head of research at Pepperstone. Philadelphia Semiconductor Index had hit an all-time high on Monday, making the latest dip stand out. Nvidia is down nearly 3% in premarket, while Intel, Marvell Technology and Advanced Micro Devices are lower by between 5.5% and 7.5%. Micron Technology dropped 8.6%. “Concern is returning that large technology firms are spending too much on AI infrastructure,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.