South Korea's KOSPI falls 3.5% as AI worries hit chip stocks
South Korea's KOSPI closed down 3.48% at 5,730.74 on Friday after falling more than 5% at one point, which triggered a sell-side "sidecar" that briefly halted program selling. Chipmaker SK hynix fell about 7% and Samsung Electronics about 3%. Reports tied the drop to weaker-than-expected results from Alphabet and Amazon, which raised concerns about heavy AI spending. Amazon shares fell more than 6% after hours Thursday.
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Why it matters
The drop hit big chipmakers such as SK hynix and Samsung Electronics, and foreign investors were net sellers. It followed a fall in U.S. tech shares after Alphabet and Amazon reported results.
Sources
- The Korea Times: KOSPI falls 3.48% as US tech earnings fuel AI investment concerns
- Seoul Economic Daily: KOSPI plunges 3.5% on 'Alphabet shock'
- Forbes: Amazon falls short of overall revenue prediction despite AWS growth
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