A whole lotta plungin' goin' on.
From AFP via Yahoo Singapore, July 17:
Tokyo and Taipei led losses on a glum day for Asian markets Friday, with tech firms once again in the crosshairs as investors cash in following this year's breathtaking rally.
The AI boom has sent technology valuations soaring to record levels as traders looked to get a slice of the next big thing while firms splashed out enormous amounts of money in investment.
But questions have been raised in recent months about whether valuations have gone too far and when companies will actually see any returns.
Worries about the AI trade have hammered the value of chip firms, with the Philadelphia Semiconductor Index losing about 19 percent from a June peak, according to Bloomberg.
Asian markets have been hammered, with Seoul's Kospi bearing the brunt of the selling, having more than doubled in the first six months of the year before losing about a third of its value since hitting a record in June.
But with South Korea enjoying a holiday on Friday, Tokyo and Taipei -- which are also heavily weighted toward tech -- were at the forefront of the selling.
Japan's Nikkei sank six percent with Advantest, Tokyo Electron and tech investment titan SoftBank losing more than 10 percent.
Chipmaker Kioxia collapsed 16 percent, meaning it has lost more than half its value since hitting a record high and becoming the country's biggest firm by market capitalisation last month.
Taiwan's Taiex also shed more than five percent as chipmaker TSMC retreated around the same amount a day after announcing record second-quarter profit and that it would invest a further $100 billion in the US state of Arizona.
There were also steep losses in Hong Kong, Shanghai, Singapore, Sydney and Bangkok, though Manila and Mumbai rose....
....MUCH MORE
