From The Economic Times · Bloomberg · · 1m 10s
Asian Shares Slide as Chip Stocks Tumble
Asian markets drop as chip stocks fall amid US earnings and CPI focus.
In brief
Asian markets drop as chip stocks fall amid US earnings and CPI focus. Asian shares fell 0.3% as chip stocks dropped 4% after CXMT's memory-chip design progress. Originally reported by The Economic Times.
Asian Shares Slide
Asian stocks dropped 0.3% as chip stocks fell 4% after CXMT's memory-chip design progress.
Chip Stocks Tumble
SK Hynix shares fell 4% after CXMT said it made progress on a memory-chip design capable of storing more data.
US Markets React
Sandisk Corp. slid 6% and Micron Technology Inc. declined 3.9% as investors eyed US earnings.
AI Model Boost
Meta Platforms rose over 3% after unveiling its Muse Wonder AI model, bucking Nasdaq declines.
Oil Prices Drop
Brent crude oil fell 0.6% to around $106 a barrel as dollar strength held gains.
AI Trade Warnings
Broadcom CEO Hock Tan warned AI is a 'classic bubble' nearing a bursting point due to rising interest rates.
“Broadcom Inc. Chief Executive Officer Hock Tan the latest to flag concerns.”
Earnings Season Starts
US earnings season begins Tuesday with Goldman Sachs, JPMorgan, Citigroup and Wells Fargo reporting.
The takeaway
Asian shares fell 0.3% as chip stocks dropped 4% after CXMT's memory-chip design progress.
