Intel Shares Tumble in Premarket as Tech Rout Sends Kospi Down 10%
INTC•Intel shares tumbled in premarket trading as chip stocks slumped on Tuesday, contributing to a global tech rout that saw South Korea’s Kospi Index fall 10%, Nasdaq 100 futures slide 2.6% and S&P 500 futures drop 1.4%. The sell-off followed profit-taking after triple-digit year-to-date gains in memory stocks and hawkish Federal Reserve signals on inflation.
1. Premarket Chip Stock Declines
Intel led losses among US chipmakers in premarket trading as investors pulled back from technology names. The retreat in memory and semiconductor shares followed triple-digit year-to-date gains, with broader market indicators also sliding: Nasdaq 100 futures fell 2.6% and S&P 500 futures dipped 1.4%.
2. Global Tech Rout Driven by Profit-Taking and Fed Signals
The downturn coincided with a 10% drop in South Korea’s Kospi Index from its record high, reflecting a worldwide pullback on stretched valuations. Hawkish remarks from the Federal Reserve on persistent inflation spurred a risk-off shift, prompting profit-taking in high-flying AI and memory stocks.
