SpaceX SPCX.O dropped 4.5%, as a last-second abort of Starship's 13th flight test piled more pressure after slipping below the $135 per share IPO price earlier this week.
SK Hynix's U.S.-listed shares SKHY.O 000660.KS briefly dropped below their offering price, before reversing losses to trade 4% higher. The stock has lost more than 5% this week.
Analysts have highlighted several reasons for this month's sharp reversal.
Chinese AI startup Moonshot unveiled Kimi K3, a 2.8 trillion-parameter model that it said is the world's largest open-weight AI system, rekindling investor scrutiny of the pace of potential returns from hefty AI investments by U.S. tech companies.
A report on Thursday suggested Alphabet's GOOGL.O Google is months behind schedule on the release of Gemini 3.5 Pro, its most powerful flagship AI model.
Traders globally have had a volatile start to July. South Korea's KOSPI index .KS11 confirmed a bear market last week, while still being up nearly 62% for the year. Japan's Nikkei .N225 tumbled into correction territory on Friday.
Europe's tech sector .SX8P is among the top sectoral losers this week, after having notched its biggest quarterly jump since 2001 in June.
After outperforming the benchmark S&P 500 .SPX by more than two-to-one this year, the S&P 500 Momentum Index .SP500MUP has pulled back 10% in July, compared to a 0.8% drop in the broader market.
Strong forecasts from the world's largest chip manufacturer, Taiwan's TSMC 2330.TW, and European semiconductor equipment maker ASML ASML.AS did little to halt the slide.
The focus now shifts to earnings reports from two of Wall Street's so-called 'Magnificent Seven' group. Alphabet GOOGL.O and Tesla TSLA.O are scheduled to announce quarterly earnings next week, along with semiconductor company Intel INTC.O.
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