Asia tech stocks drop 7% as Broadcom earnings impact markets

AI Summary

Asian tech shares fell sharply following a poor earnings report from Broadcom (AVGO), leading to a rotation out of AI-linked stocks. Samsung Electronics declined nearly 7%, while SK Hynix dropped more than 8%. Tokyo Electron and Advantest saw declines exceeding 6%, with iPhone suppliers such as Hon Hai Precision and Pegatron down 1.7% and 2.6%, respectively. The VanEck Semiconductor ETF fell by over 1% as Broadcom tumbled more than 12% after a fiscal second-quarter revenue miss, indicating a broader market adjustment.