[FLASH] Chip selloff spreads globally on CXMT memory advance and AI-financing doubts; Korea bounces Oct 14
On Oct 13, Reuters reported that the Philadelphia chip index fell 1.5% in morning trade, its fifth straight losing session. Memory and storage names led the decline: Micron fell 4.5% and Seagate and Western Digital each fell about 6%. In Korea, SK Hynix fell more than 10% and Samsung more than 7%. The triggers were ChangXin Memory's (CXMT) reported progress on a denser memory-cell architecture and investor unease about whether AI capital spending can continue. Investing.com also reported Kioxia down as much as 13.3% and SoftBank Group down 8.5%. On Oct 14, Aju Press reported that the KOSPI rebounded more than 2% at the open, then gave back most of the gain as foreign investors kept selling. It said the rebound reflected bargain hunting rather than a change in sentiment. Still to come: whether memory pricing data and upcoming chip earnings support or undercut the competition and financing worries.