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Asian markets slump on US tech earnings
Asian markets tumbled on Oct. 30 as U.S. big tech earnings and concerns over AI investment returns triggered selling. Korea's KOSPI fell 3.48% (or 3.5%), barely holding the 5,700 level, after opening 2.99% lower and dropping over 5% late Friday morning, led by heavy losses in Samsung Electronics and SK hynix. Japan's Nikkei fell 2%, and Taiwan's market also declined, with semiconductor and AI-related stocks hit hardest, according to Maeil Business Newspaper. Foreign investors dumped 1.6 trillion won, per Hankyung. The selloff was driven by U.S. tech losses, Fed tightening worries, and doubts about AI investment sustainability, as reported by Korea Times and Business Korea. Korean media and analysts are framing this as a 'global tech rout' testing the AI boom, with attention on upcoming Amazon, Microsoft, and Alphabet earnings.
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