The artificial intelligence sector’s slowdown has taken a more tangible shape; it’s heat is being felt across the board. The suggested overall decline in the sector started from the previous trading session’s news of Nvidia’s decline, despite posting an increase in its overall revenue.
Asian Tech Stocks In Decline
This fever of bearishness has reached the shores of the Asian markets as well. On Thursday, August 29, major AI and tech-related stocks are trading in red with deep cuts.
Nvidia closed the day’s trade by over 2 per cent.
Is AI Boom Over? Nvidia Shares Down Despite Increasing Revenue In Q2 Earnings
Taiwan-based TSMC, the world’s largest chipmaker’s shares, took a hit. The company shares listed on the Taiwan Stock Exchange dropped by 2.18 per cent or TWD 21.00, dropping to TWD 943.00 per share.
Another major semiconductor and AI-related company, this time from the Korean peninsula, SK Hynix Inc., also saw its shares drop by a mammoth 5.35 per cent or KRW 9,600, dropping to KRW 1,69,700 per share.
Another South Korea-based company, Samsung Electronics, which has stakes in the rising profile of the AI sector, also saw its shares drop. The company’s shares dropped by 3.14 per cent or KRW 2,400, slumping to KRW 74,000 per share.
Another major tech company from South Korea, LG Electronics Inc., also saw its shares drop by 1.02 per cent or KRW 1,000. The shares wavered a lot in the day’s trade. It nevertheless continued to trade in red, reaching KRW 97,300 a share.
In Japan, tech behemoth Sony Group’s shares also dropped 0.67 per cent or JPY 95, dropping to JPY 14,000 a share.
The Chinese Silver-Lining
All this happens, it is interesting to note, as though sensing an opportunity in the greater decline, major Chinese stocks made gains on Thursday.
The Semiconductor Manufacturing International Corporation or SMIC, a Chinese government-owned chipmaker, saw its shares grow by 0.37 per cent or HKD 0.060, reaching HKD 16.46 per share.
Another Chinese semiconductor company, Wingtech Technology Co Ltd made major gains in the intraday trade. Wingtech gained 2.85 per cent or CNY 0.69, jumping to CNY 24.92 per share.
TWD= Taiwanese Dollar
KRW= Korean Won
JPY= Japanese Yen
CNY= Chinese Yuan
