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Last updated: July 28, 2026, 5:30 AM ET

Tech and Chip Stocks Plunge on AI Spending Doubts and China Competition

Asian equities toward a technical correction, with South Korean markets leading the regional losses. The slide was driven by a deepening selloff in chipmakers, exacerbated by concerns over artificial intelligence spending and increasing competition from China. Trading halts on South Korea's Kospi index as semiconductor shares, including SK Hynix and Samsung, slid significantly. Japanese stocks also, with the Nikkei falling 2.6%, weighed down by chip and metals sectors. US technology stocks were poised for a significant slump, tracking the global semiconductor rout as doubts over AI spending and China's manufacturing prowess intensified. The benchmark for emerging markets reached its lowest point in three months, pulled down by the downturn in Asian tech stocks.

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