SoftBank shares fell 13% in Tokyo as the wave of technology and AI stock sell-offs spread across Asia, following the sharp decline of the American technology group. The Nikkei 225 index fell below 50,000 points, with Topix down 2.27%, while Advantest and Renesas lost more than 8% and 5.48% respectively. In South Korea, Kospi plummeted nearly 6% with Samsung and SK Hynix sharply down; TSMC, Alibaba, and Tencent also declined simultaneously.
The reason stems from the deep decline of American AI stocks such as Palantir, Oracle, AMD, Nvidia, and Amazon, raising concerns about overvaluation as the P/E S&P 500 exceeds 23 – the highest level since 2000. Investor Michael Burry even revealed a short position on Nvidia and Palantir. The CEOs of Goldman Sachs and Morgan Stanley warn of a potential correction in the next two years, indicating that the “broad upward momentum” of the market is temporarily slowing down.
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