A global tech and semiconductor selloff sent South Korea’s Kospi crashing 10%, dragged European chipmakers sharply lower, and pointed to a rough open on Wall Street, even as some analysts called it just another “gut-check” in the AI boom.
Red lights everywhere. A brutal tech selloff that started on Wall Street Monday has gone global, smashing markets across Asia and Europe on Tuesday and pointing to another ugly open for U.S. stocks.
South Korea took the worst of it. The tech-heavy Kospi closed down 10%, with SK Hynix and Samsung Electronics both sliding more than 12%, the country’s two AI-chip giants getting hammered after a relentless run-up this year. Trading was even paused briefly to slow the bleeding, according to CNBC.
Europe didn’t escape either. The pan-European Stoxx 600 shed around 1%, with its technology index leading regional losses, down 3%. Chip names STMicroelectronics and ASMI both fell more than 7%, among the biggest losers on the index.
Across the Atlantic, futures are flashing warning signs too. Nasdaq 100 futures tumbled, with chip heavyweights Micron, Intel, AMD and Nvidia all sinking in premarket trading. SpaceX shares kept sliding as well, extending a rough stretch.
So is this the start of something bigger, or just noise? Strategy Asset Managers CEO Tom Hulick pointed to strong liquidity and solid earnings growth as reasons not to panic. Wedbush’s Dan Ives went further, framing the drop as just another “gut check” moment in a tech boom he believes is still early — the AI Revolution remains in the “3rd inning”, he said.
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