Several technology and AI stocks are tumbling on Asian stock markets amid concerns about another US interest rate hike.
They include memory chip giants SK Hynix and Samsung Electronics, which are down 11.1% and 9.2%, respectively. The Kospi is down 7.7% overall.
Things are not much brighter on the Tokyo Stock Exchange. The Nikkei 225 is down 4.8% and the Topix is down 2.5%. Investment company SoftBank, which has several technology companies in its portfolio, is down 9.4%.
Chinese stock markets are also falling, but more moderately. The Shenzhen Stock Exchange is down 2.4% and the Shanghai market is down 1.7%. Hong Kong’s Hang Seng Index is down 1.0%.