SoftBank Group’s shares declined 9.17% on Wednesday amid a broader tech sell-off in Asia after U.S. stocks fell overnight.
SoftBank’s stock fell for a second day after the company announced a $2 billion investment in Intel. Meanwhile, Intel shares rallied nearly 7% on Tuesday, closing at $25.31 in U.S. trading.
Tech stocks in Japan moved lower, led by chipmaker Advantest, which dropped as much as 6.27%. Renesas Electronics slipped 2.46%, while Tokyo Electron edged down 0.75%.
U.S. Commerce Secretary Howard Lutnick may have the government take partial ownership in chip companies receiving CHIPS Act funds, aiming to expand U.S. chip manufacturing and drive tech innovation.
TSMC’s stock slid 1.69%, while Foxconn’s shares declined 2.16%. TSMC makes Nvidia’s powerful AI chips, while Foxconn works with Nvidia to build specialized “AI factories.”
Most South Korean tech stocks fell, with chipmaker SK Hynix dropping 3.33%. Samsung Electronics, however, gained 0.75%.
TSMC, Samsung, and SK Hynix have received support through the CHIPS Act. The Hang Seng Tech index in Hong Kong dipped 0.87% at the open.
Also Read – Intel Secures $2B From SoftBank in Strategic Move
Kuaishou Technology fell nearly 5%, leading the decline. JD Health and Horizon Robotics also dropped, down about 3.3% and 2.3%. Alibaba and Xiaomi shares dipped just over 1%.
