Oct 11, 2022

Chipmaker Rout Engulfs TSMC, Samsung With $240 Billion Wiped Out

Posted by in categories: business, computing

Asia’s top chip stocks tumbled Tuesday, ensnared in an escalating US-China tech race that has erased more than $240 billion from the sector’s global market value.

Taiwan Semiconductor Manufacturing Co., the world’s largest contract chipmaker, plunged a record 8.3% while Samsung Electronics Co. and Tokyo Electron Ltd. also declined. The selloff spread to the foreign-exchange market as investors tallied up the damage from the sweeping curbs the US is imposing on companies that conduct technology business with China.

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