AI-linked Asian stocks slump after top lab CEOs call for slowing down technology's development
SMH•Asian AI and chip shares slide
Shares in OpenAI investor SoftBank 9984.T tumbled as much as 13.2% as trading began in Japan alongside an initial 9.8% plunge for memory chipmaker Kioxia 285A.T and a 3.7% decline for chip supply chain company Tokyo Electron 8035.T.
In Taipei, Taiwan Semiconductor Manufacturing Company 2330.TW slipped 1.2%, while in South Korea SK Hynix 000660.KS slid 5.3% and Samsung Electronics 005930.KS fell 3.7%.
"Selling pressure is likely to hit AI and semiconductor-related stocks in Tokyo following a series of weekend comments calling for a slowdown in the pace of AI development," Takayuki Miyajima, senior economist at Sony Financial Group, said in a note.
"Additionally, uncertainty surrounding the situation in the Middle East continues to weigh on sentiment."
In Shanghai, memory chipmaker CXMT 688825.SS dropped 2.7%, while Semiconductor Manufacturing International Corporation 688981.SS fell 1.4%.
