Asian Stocks Swing as Chip Rout Deepens, Nasdaq 100 Enters Correction
Asian equities fluctuated on Thursday, with South Korea's Kospi gaining 0.8% on Samsung's earnings beat and leveraged ETF curbs, while a deepening semiconductor selloff dragged the Nasdaq 100 into correction territory.
Asian stocks showed a mixed performance as concerns over chip demand rippled across global markets. South Korea's Kospi rose 0.8%, supported by Samsung Electronics' better-than-expected earnings and new restrictions on leveraged ETFs.
In the U.S., a Wall Street semiconductor gauge tumbled 5.3%, pushing the Nasdaq 100 down 11% from its record high and officially into a correction. The selloff reflected mounting worries about the outlook for artificial-intelligence spending.
Among large-cap tech names, Microsoft jumped more than 8% after reporting robust cloud growth, while Meta Platforms slid over 7% following a disappointing revenue forecast. The mixed signals left traders weighing earnings resilience against broader sector weakness.
Source: First Squawk