Nasdaq sell-off batters Asian chip stocks as SK Hynix, Samsung, Softbank tumble

Images of mobile devices at the Taiwan Semiconductor Manufacturing Co. (TSMC) Museum of Innovation in Hsinchu, on Tuesday, Jan. 11, 2022. I-Hwa Cheng | Bloomberg | Getty ImagesAsian technology stocks tumbled Friday, tracking a sharp sell-off on Wall Street overnight that sent the tech-heavy Nasdaq Composite into correction territory as renewed concerns over artificial intelligence spending rattled investor sentiment.South Korean chipmaker SK Hynix plunged over 8%, while Samsung Electronics shed 7%. LG Innotek and LG Display fell 10% and 7.7%, respectively, as selling pressure spread across the country's technology sector.The rout came as investors worried that Democrats' sweeping victory in the U.S. midterm elections could lead to tighter restrictions on data-center development, potentially slowing demand for AI chips and related infrastructure. In Japan, semiconductor-related stocks also fell, with chip-testing equipment maker Advantest plunging 12.2%, while Tokyo Electron slid 7.3%. Technology investment giant SoftBank Group tumbled 11.6%.Shares of memory chipmaker Kioxia Holdings fell nearly 10%, while Renesas Electronics declined 7.5%.The declines followed a brutal session on W...