Investing.com– Asian chipmaking stocks tumbled on Thursday, tracking steep overnight declines in their U.S. peers after memory chip giant Micron presented softer-than-expected guidance for the current quarter.
Tech stocks were also battered by a wider sell-off after the U.S. Federal Reserve signaled a substantially slower pace of rate cuts in 2025.
South Korea’s SK Hynix Inc (KS:) was by far the worst performer among Asian chip stocks, losing about 5%, while peer Samsung Electronics Co Ltd (KS:) shed 2.9%.
Both stocks- which are major players in the memory chip industry- tracked a 16% slump in Micron Technology Inc (NASDAQ:), after the U.S. firm’s revenue guidance for the current quarter missed expectations.
Micron guided current quarter revenue of $7.90 billion, plus or minus $200 million. The figure missed street estimates of $8.98 billion. EPS was guided at $1.43,…
