Chip stocks lead losses in Europe as AI selloff spreads
SMH•European chipmakers fell around 3% to 5% in early trade, dragging the STOXX technology index down 1.7% as an AI-related selloff spread. South Korea’s KOSPI slid more than 6%, while Kioxia dropped 13%.
1. European chip stocks fall
Shares in European chipmakers fell in early trade, with STMicroelectronics, Soitec, Infineon and Technoprobe down around 5%. Siltronic, Aixtron, ASM International and X-FAB lost around 3% to 4%; ASML fell 3.3% and BE Semiconductor was down 2.7%, while the STOXX technology index declined 1.7%. A Degroof Petercam analyst said the selloff was about perceptions of the sustainability of investment in AI.
2. Losses spread across markets
In Asia, South Korea’s KOSPI fell more than 6% in its fifth consecutive session of losses, and Tokyo-listed memory maker Kioxia dropped 13%. The U.S. Philadelphia semiconductor index fell 2.7% on Monday.
