Chip shares slump across Asia as Broadcom chief criticizes AI investors
Semiconductor stocks fell on Tuesday after Broadcom's head compared many AI backers to casino gamblers. Samsung shares dropped as Chinese memory maker CXMT reported advances in its designs.
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What happened
Chip stocks in Asia sold off on Tuesday, with Samsung shares tumbling. The decline followed comments from the Broadcom boss, who likened many AI investors to casino gamblers, and a claim from Chinese memory chipmaker CXMT that it had made strong progress on new designs.
Why it matters
The sell-off wiped out leveraged positions in crypto markets, with about $800 million lost over 24 hours, 86% of them bullish bets.
Timeline
- Oct 13, 4:01 AM ET: Semiconductor shares fell in Asian markets after Broadcom's boss likened AI investing to a casino and CXMT claimed strong progress.
- Oct 13, 8:41 AM ET: CXMT was reported to have made progress on new chip designs, drawing attention to the Chinese chipmaker as the stock rout spread.
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