Asia's Tech Sell-Off Intensifies Amid AI Trade Jitters
Tech stocks across Asia faced heavy selling pressure as concerns over the artificial intelligence (AI) trade intensified. Samsung and SK Hynix both dropped more than 10%, triggering circuit breakers on South Korea’s Kospi index, which fell nearly 45% from its June peak. The sell-off spread to other Asian markets like Japan's Nikkei, with large-cap tech names leading the decline. The downturn was partly attributed to a report that Nvidia is in talks with OpenAI for a $250 billion funding deal to support AI infrastructure projects. This news caused Nvidia shares to fall over 5%, reducing its market cap below $4.8 trillion and allowing Apple to reclaim the title of the world’s most valuable company at $4.95 trillion. Meanwhile, French luxury giant LVMH reported a modest sales increase in Q2 driven by strong demand for watches and jewelry from U.S. consumers.
Tickers: $AAPL $NVDA $SKHYV $TSLA
Topics: AI trade Apple Kospi circuit breakers LVMH sales Nvidia tech sell-off