AI stocks slide worldwide as Kospi, Nikkei and Hang Seng fall about 3%
Tech and AI shares fell from Seoul to New York on worries about expensive borrowing for AI build-outs and stretched valuations; Lam Research and Meta fell after their earnings.
Photo: Eunmi Park, CC BY-SA 4.0
South Korea's Kospi closed down 3.52% at 5,533.77, a day after rising about 3.3%. SK Hynix fell 5.48% and Samsung Electronics 4.02%. Reasons cited include doubts over whether AI infrastructure spending will pay off, profit-taking, higher oil prices and expectations that US rates will stay higher for longer.Sources:1Associated Press (via BNN Bloomberg): AI stocks drag markets down worldwide as oil prices climb to their highest since May, Associated Press (via BNN Bloomberg), 22 October 2026 (source, opens in a new tab)2International Business Times Australia: KOSPI Plunges Over 3% as Samsung and SK Hynix Tumble on AI Spending Fears, International Business Times Australia, 22 October 2026 (source, opens in a new tab)
Hong Kong's Hang Seng dropped 3% and Japan's Nikkei 225 2.7%. In New York, the S&P 500 was down 0.8% and the Nasdaq 1.5% in morning trading. AP said investors worry about how expensive it has become to borrow to build data centres and buy AI chips.Sources:1Associated Press (via BNN Bloomberg): AI stocks drag markets down worldwide as oil prices climb to their highest since May, Associated Press (via BNN Bloomberg), 22 October 2026 (source, opens in a new tab)
Lam Research fell 7.7% on a profit forecast slightly below expectations. Meta fell 5.8% after its quarterly profit missed expectations despite stronger revenue. Nvidia fell 2.3%. Tesla rose 0.3%: its profit beat forecasts but revenue fell short.Sources:1Associated Press (via BNN Bloomberg): AI stocks drag markets down worldwide as oil prices climb to their highest since May, Associated Press (via BNN Bloomberg), 22 October 2026 (source, opens in a new tab)
The US 10-year Treasury yield eased to 5.03% from 5.13%, still well above its pre-war level of 3.97%. The Bank of Korea held its policy rate at 3.00%.Sources:1Associated Press (via BNN Bloomberg): AI stocks drag markets down worldwide as oil prices climb to their highest since May, Associated Press (via BNN Bloomberg), 22 October 2026 (source, opens in a new tab)2International Business Times Australia: KOSPI Plunges Over 3% as Samsung and SK Hynix Tumble on AI Spending Fears, International Business Times Australia, 22 October 2026 (source, opens in a new tab)
Where it happened
Who is involved
- SK HynixShares fell 5.48%South Korean memory chipmaker
- Samsung ElectronicsShares fell 4.02%South Korean electronics and chip maker
- Lam ResearchShares fell 7.7% after its profit forecastUS chip-equipment maker
- MetaShares fell 5.8% after quarterly profit missed expectationsParent company of Facebook, Instagram and WhatsApp
- NvidiaShares fell 2.3%US AI chipmaker
- TeslaShares rose 0.3% after its earningsUS electric vehicle, energy and robotics company
- Bank of KoreaHeld its policy rate at 3.00%South Korea's central bank
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- Tesla profit falls 43% as it starts Optimus robot production and delays unsupervised self-drivingTesla's third-quarter net income fell 43% to $787 million on flat revenue of about $28 billion, as it began early Optimus production and pushed unsupervised FSD to around Q2 2027.Sources:Associated Press (via BNN Bloomberg): AI stocks drag markets down worldwide as oil prices climb to their highest since May, Associated Press (via BNN Bloomberg), 22 October 2026 (source, opens in a new tab)
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Sources
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