Asian shares plunged Friday as traders sold to lock in gains from recent AI-driven rallies, the Associated Press reports. Tokyo's Nikkei 225 shed 5% and Seoul's Kospi plunged 8.4%, per the AP. Hong Kong's Hang Seng lost 1.9%, the Shanghai Composite slipped 2.1%, and Taiwan's Taiex gave up 3.3%. Earlier in the week, South Korea's market had plunged about 10% and triggered a circuit breaker, per CNN and The New York Times. Major semiconductor names including Samsung Electronics and SK Hynix posted double-digit losses in volatile sessions, per CNBC and CNN. Both the Nikkei and Kospi had hit record highs earlier in the week. Micron Technology jumped 15.7% in U.S. trading on strong quarterly results, per the AP, a signal that AI hardware demand remains intact even as valuations are being reset. Multiple outlets frame the sell-off as profit-taking concentrated in crowded AI and memory-chip positions.
Asian shares plunge as traders sell to lock in profits after recent rallies driven by AI