FinanceThe GuardianChip stocks slide after Broadcom boss likens AI investing to ‘casino’
Chip stocks tumbled across Asia after Broadcom's boss compared many AI investors to casino gamblers and a Chinese rival claimed a memory chip breakthrough.
Asian markets fall and Samsung shares tumble after its Chinese rival CXMT claims strong progress
Semiconductor shares fell sharply on Tuesday, with South Korea's Kospi dropping 6.25% and Samsung down 7.4% in a broad Asian market sell-off.
Broadcom CEO Hock Tan said many AI investors have no idea what they are betting on, while Chinese chip maker CXMT reported progress on new memory architecture that could rival Samsung and SK Hynix.
The sell-off reflects growing concern that AI companies are spending enormous sums on infrastructure funded by debt, with major players like OpenAI still losing money.
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