Asian stocks tumbled on Friday due to a sharp selloff in technology shares led by Apple, with concerns over rising memory and storage costs. The selloff was felt across the region, with South Korea's KOSPI index plunging 5.7% and Japan's Nikkei slumping 3.9%. The global tech selloff was also influenced by US markets, where Micron Technology's strong results failed to boost sentiment.
In South Korea, the KOSPI index plummeted over 8% due to a sharp selloff in chipmaker stocks, led by Samsung Electronics and SK Hynix. Foreign investors sold $2.6 billion worth of KOSPI shares during the downturn. The selloff was triggered by Broadcom's earnings report and concerns over AI-related valuations.
Despite the selloff, some tech companies are seeing gains. Micron Technology's strong quarterly results sparked a rally in memory stocks, with the company's shares leading the way. Other memory and data storage stocks, including Sandisk and Western Digital, also gained. Analysts lifted their price targets for Micron, citing the company's long-term revenue and earnings certainty.
Meanwhile, Amazon announced an additional $13 billion investment in India by 2030 to expand its AI footprint. The investment is part of the company's plans to boost its artificial intelligence capabilities in the country. US technology leaders are also investing heavily in AI, with $70 billion invested in AI startups over the past five years.
In other developments, NVIDIA's AI-Q blueprint can be deployed on Oracle Cloud Infrastructure using Terraform and Helm. The multi-agent architecture allows for building a wide range of AI applications. Macy's Inc. is also strengthening its digital business using artificial intelligence and platform enhancements, with digital sales accounting for 34% of its net sales in the first quarter.
Key Takeaways
- Asian stocks tumbled due to a sharp selloff in technology shares led by Apple.
- South Korea's KOSPI index plunged 5.7% and Japan's Nikkei slumped 3.9%.
- Foreign investors sold $2.6 billion worth of KOSPI shares during the downturn.
- Micron Technology's strong quarterly results sparked a rally in memory stocks.
- Amazon announced an additional $13 billion investment in India by 2030 to expand its AI footprint.
- US technology leaders have invested $70 billion in AI startups over the past five years.
- NVIDIA's AI-Q blueprint can be deployed on Oracle Cloud Infrastructure.
- Macy's Inc. is strengthening its digital business using artificial intelligence and platform enhancements.
- Dell Technologies' shares fell 6% due to rising memory costs.
- OpenAI's IPO hopes have dimmed, causing stock declines.
Asian stocks tumble after Apple-led tech selloff
Asian stocks slid on Friday due to a sharp selloff in technology shares led by Apple. The selloff was triggered by Apple's concerns over rising memory and storage costs. South Korea's KOSPI index plunged 5.7% and Japan's Nikkei slumped 3.9%. The global tech selloff was also influenced by US markets, where Micron Technology's strong results failed to boost sentiment.
KOSPI plunges as chipmakers lead selloff
South Korea's KOSPI index plummeted over 8% due to a sharp selloff in chipmaker stocks, led by Samsung Electronics and SK Hynix. The selloff was triggered by Broadcom's earnings report and concerns over AI-related valuations. Foreign investors sold $2.6 billion worth of KOSPI shares during the downturn.
Asian markets sell off after AI-driven rallies
Asian shares plunged on Friday as traders sold to lock in gains from recent AI-driven rallies. Tokyo's Nikkei 225 shed 5%, Seoul's Kospi plunged 8.4%, and Hong Kong's Hang Seng lost 1.9%. Major semiconductor names including Samsung Electronics and SK Hynix posted double-digit losses.
Micron's blockbuster results ignite memory stock rally
Micron Technology's strong quarterly results sparked a rally in memory stocks, with the company's shares leading the way. Other memory and data storage stocks, including Sandisk and Western Digital, also gained. Analysts lifted their price targets for Micron, citing the company's long-term revenue and earnings certainty.
Dell drops 6% as memory boom splits AI hardware trade
Dell Technologies' shares fell 6% due to rising memory costs, while Western Digital surged 5% as the memory boom benefited the company. Micron Technology's strong results validated elevated storage valuations, causing a divergence in AI hardware stocks.
AI infrastructure investment cycle
Ten Cap's Jun Bei Liu believes that South Korea's AI supply chain has years of growth ahead, despite near-term volatility. Liu sees opportunities in AI infrastructure spending, citing global data center investments and the role of South Korean chipmakers.
Amazon pledges additional $13 Bn in India AI investment
Amazon announced an additional $13 billion investment in India by 2030 to expand its AI footprint. The investment is part of the company's plans to boost its artificial intelligence capabilities in the country.
US tech leaders invest heavily in AI
US technology leaders are investing at an unprecedented pace in artificial intelligence, with $70 billion invested in AI startups over the past five years. The growing recognition of AI's potential to transform industries is driving the investment, but concerns about risks and challenges remain.
Macy's bets on AI and digital innovation
Macy's Inc. is strengthening its digital business using artificial intelligence and platform enhancements. The company's digital sales accounted for 34% of its net sales in the first quarter, and AI-powered initiatives are improving customer engagement and operational efficiency.
NVIDIA AI-Q blueprint on Oracle Cloud Infrastructure
NVIDIA's AI-Q blueprint can be deployed on Oracle Cloud Infrastructure using Terraform and Helm. The multi-agent architecture allows for building a wide range of AI applications, and the deployment provides a clean split between infrastructure and application.
OpenAI IPO hopes dim, stocks dip
Banks and retail stocks declined due to concerns over OpenAI's IPO timeline. Onsemi and Darden Restaurants also saw stock declines on mixed earnings and missed expectations.
Sources
- Asian stocks slide as Apple-led tech selloff sinks KOSPI, Nikkei after AI rally
- KOSPI plunges as Samsung and SK Hynix lead chipmaker rout amid AI sentiment shift
- Asian markets sell off after AI-driven rallies prompt profit-taking
- Micron's Blockbuster, AI-Fueled Results Ignite Huge Rally for Memory Stocks
- Dell Drops 6%, Western Digital Rises 5% as the Memory Boom Splits the AI Hardware Trade
- AI infrastructure is a 'decade-long investment cycle': Ten Cap
- Amazon Pledges Additional $13 Bn In India AI Investment
- US Technology Leaders Are Investing In AI At An Unprecedented Pace
- Macy's Bets on AI & Digital Innovation to Fuel Long-Term Growth
- Deploy a Production-Ready NVIDIA AI-Q Blueprint on Oracle Cloud Infrastructure
- OpenAI IPO Hopes Dim, Banks and Retail Stocks Dip
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