Asian stock markets fell on Thursday, giving back the previous session's tech-led rally after SpaceX and AMD both slid sharply on Wall Street overnight. The pullback tracked declines in Tokyo, Hong Kong, Seoul and mainland China, with Korea's Kospi the hardest hit.
Asian stock markets fell across the board on Thursday, giving back the previous session's tech-led rally, as a selloff in US space and semiconductor stocks spread through the region overnight. SpaceX and AMD both tumbled on Wall Street even after reporting strong quarterly earnings, unsettling sentiment heading into Thursday's Asian session.
Japan's Nikkei fell 0.9% on Thursday. Hong Kong's Hang Seng dropped 1.9%, South Korea's Kospi lost 4.6%, and China's CSI 300 index dipped 0.3%.
The moves followed steep declines on Wall Street, where Elon Musk-run SpaceX plunged 13.6%. Chipmaker AMD tumbled 7% alongside it. Both companies had just posted strong quarterly results, but investors focused elsewhere in the reports.
Investors grew wary of SpaceX's ballooning AI spending. AMD dropped after Musk said SpaceX planned to buy its AI chips from rival Nvidia.
SpaceX's revenue for the quarter almost doubled from a year earlier to $7.8bn. Its capital spending climbed to $18.3bn, more than six times what it spent a year earlier, with most of that going toward AI investment.
Source: Business | The Guardian
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