SK Hynix shares tumbled nearly 15% in Seoul as a global semiconductor sell-off intensified, driven by mounting concerns over AI spending, rising Chinese competition, and lofty chip valuations.
Apple reclaimed the title of the world’s most valuable company after its market capitalization climbed to nearly $5 trillion, overtaking Nvidia as investors reassessed AI spending and valuations.
SpaceX shares fell to a new all-time low of $110 as the post-IPO selloff continued, leaving the stock nearly 50% below its peak despite growing buying interest from ETFs.
Chinese memory chipmaker CXMT surged 466% on its market debut after raising $8.6 billion in Asia’s largest IPO of the year, becoming China’s most valuable listed company.
Allianz will acquire HSBC’s Singapore life and health insurance business for $2.09 billion, strengthening its presence in Asia while allowing HSBC to focus on higher-return banking operations.