Artificial intelligence-related stocks like Netweb Technologies, Aeroflex Industries, E2E Networks, Black Box fell up to 10% on July 7, tracking the tech sell-off globally.


Asian equities dropped for the first time in three days as renewed selling in technology stocks deepened concerns that the AI-driven rally may have run ahead of itself.

The MSCI Asia Pacific Index dropped as much as 2.2% before dip buyers stepped in, helping the gauge pare the losses to 1.5%.

Stock markets in the UK, France, Germany, Switzerland, Spain, and Italy were mixed with some indices marginally up and some flat. France's headline index, CAC 40, was up nearly 1%, leading the rise in the region. Shares of technology companies posted subdued moves amid concern about the sustainability of the rally in chip stocks. The pan-European STOXX Europe 600, meanwhile, was only slightly up.

The STOXX Europe 600 Technology index slumped almost 2% in early trade. Stocks of companies linked to semiconductor equipment manufacturing fell; ASML Holding, Infineon Technologies, Aixtron, and STMicroelectronics were down around 5% while BE Semiconductor Industries was down over 4%. Shares of European software companies such as Amadeus IT Group were up close to 2% and those of SAP were up 2.5%.

The chip sector came under more pressure, with Samsung Electronics Co., whose shares have more than doubled this year, plunging as much as 10% despite reporting a 19-fold jump in profit. Chipmaker SK Hynix Inc. slid 6%, pushing Korea’s Kospi Index down 5.2%. Earlier, an 8% slump in the benchmark had triggered a temporary trading halt.