SK Hynix shares fell 5% Tuesday, 13 Oct, as AI‑related selling spilled over from the MSCI Asia Pacific Index, which slid 0.9% to its weakest close since mid‑August.
The 5% plunge followed a 5.24% drop in the Kospi, the Korean benchmark that investors use as a barometer for AI‑driven stocks; Samsung Electronics and SK Hynix each shed more than 5% according to data from the South Korean exchange.
In Japan, the Nikkei 225 fell 2.34% after a long weekend, while the broader Topix slipped 0.45%; Taiwan’s TAIEX fell 1.22% and Hang Seng futures held steady.
But the currency scene added another layer of complexity: the yen strengthened 0.1% to 158.42 per dollar, while the offshore yuan stayed flat at 6.6952; the RBI has launched its most aggressive defense in over a decade, pledging to use every tool to keep the rupee above 97 per dollar.
With US equity futures edging lower, the Nasdaq 100 slipped 0.5% on early Asian trading; the S&P 500 sits 120% above its 2022 low, raising questions about how much firms will invest in AI amid higher borrowing costs.
Investors are now watching the upcoming earnings of Goldman Sachs, JPMorgan, Citigroup, Wells Fargo, Bank of America and Morgan Stanley, while the US CPI and Fed policy will provide further clues; the Asian markets may see a rebound if earnings beat expectations and the AI narrative stabilizes.