💛 A quick favor, if you've got a second.
We're really happy that you chose to read one of our stories and sincerely hope you'll stick around to read more. We took our paywall down — for now — but that won't last forever, and when the gate goes back up, we'd love for you to already be on the inside.
It's free. So please enter your email here and don't forget to like and follow us on all of your favorite Social Media platforms!
South Korea’s benchmark Kospi index tumbled 8.2% to 5,531.56 on Wednesday, marking a significant retreat from its recent peak above 9,000 and reaching its lowest level since early April. The sharp decline reflects renewed skepticism among investors regarding the sustainability of massive artificial intelligence-related investments across the region’s technology sector.
Chipmaker SK Hynix led the selloff, losing 12.6% after reporting fourth-quarter operating profit of 60.5 trillion won ($41.2 billion)—a sixfold increase but still below analyst expectations. Samsung Electronics also suffered, sliding 8% in Seoul trading by midday as the broader technology sector came under pressure.
Tokyo’s Nikkei 225 declined 1.8% to 61,038.63, surrendering early session gains amid mixed reactions to a powerful earthquake that struck Japan’s Kyushu region. Nippon Paper, which operates a mill severely damaged by Tuesday’s quake, fell 1% as investors assessed potential disruptions to manufacturing operations.
Taiwan’s Taiex slid 3.6% while Shanghai’s composite index edged down 0.5% to 3,793.11. Hong Kong bucked the regional trend with the Hang Seng gaining 1.7% to 25,738.42, and Australia’s S&P/ASX 200 added 1% to 9,036.90.
U.S. oil markets rebounded from two-month lows, with Brent crude jumping 4.2% to $87.58 per barrel and benchmark crude gaining 4.2% to $82.58. Currency markets saw the U.S. dollar weaken to 163.57 Japanese yen from 163.81, while the euro rose to $1.1399 from $1.1391.
American equities finished mixed Tuesday as most stocks advanced on better-than-expected corporate earnings. The S&P 500 added 0.2% and the Dow Jones Industrial Average jumped 1%, though the Nasdaq composite slipped 0.2%.
Technology stocks remained under pressure despite broader market gains, as high expectations for artificial intelligence-driven earnings weighed on chipmakers. Micron Technology sank 8.9% despite tripling in value year-to-date, while Advanced Micro Devices dropped 8.1% and Applied Materials fell 7.8%. Coca-Cola provided a bright spot, climbing 5% after reporting 7% revenue growth.
More Stories
South Korea’s Main Index Tumbles Nearly 7% as Chip Stocks Face Selling Pressure
American Airlines Resumes Operations After Technology Outage Grounds Fleet
Bari Weiss Brings New Talent to ’60 Minutes’ in Major CBS News Restructuring