SK Hynix, Samsung, SoftBank and TSMC tumble as the Nasdaq rout reaches Asia

Asian technology stocks tumbled on Friday after the Nasdaq slid into correction territory overnight, CNBC reports. In South Korea SK Hynix plunged more than 8% and Samsung Electronics lost 7%, with LG Innotek down 10% and LG Display 7.7%. In Japan chip-testing equipment maker Advantest dropped 12.2%, Tokyo Electron 7.3%, Kioxia nearly 10% and Renesas 7.5%, while technology investment giant SoftBank Group fell 11.6%. In Taiwan TSMC slid 9.6%, and Foxconn and Foxconn Technology fell 9.4% and 9.1%. The worry is that the Democrats' sweep in the US midterms brings tighter restrictions on data-center development and slower demand for AI chips and infrastructure. For the region's richest companies and their founders, a US election has just repriced the AI supply chain. The numbers above are Friday's moves, not the end of the story.