Seoul shares crash over 10% on heavy tech selloff amid AI skepticism
South Korean stocks crashed more than 10 percent Tuesday as investors sold off tech shares on intensifying doubts over the future of large-scale investment into artificial intelligence infrastructure.
The local currency strengthened against the US dollar.
The benchmark Korea Composite Stock Price Index lost 732.09 points, or 10.84 percent, to close at 6,023.66, after plunging to 5,830.39 at one point.
It marked the lowest closing since April 14, when the index finished at 5,967.75.
After opening
KOSPI Crashes Over 10% in Chip Rout
- Bourse operator issues circuit breaker for KOSPI on sharp fall Korea Times —
- AI stock sell-off continues as investors dump chipmakers Financial Times —
- (2nd LD) Seoul shares crash over 10 pct on heavy tech selloff amid AI skepticism Yonhap News Agency —
- World shares are mixed, while South Korea’s Kospi sinks nearly 11% on heavy selling of chipmakers The Philadelphia Inquirer —
- Chip stocks are in freefall from Seoul to Wall Street. Amazon, Meta, and Microsoft report this week Quartz —