Japan chip stocks slump amid signs of overheating – Nikkei Asia
Tokyo Electron and Advantest dragged down by Nvidia profit-taking
TOKYO/NEW YORK/PALO ALTO, California — The semiconductor stocks that have powered the Japanese market’s recent rally have taken a hit this week, following a sharp dip in Nvidia shares likely driven by profit-taking from this year’s breakneck rise.
Tokyo Electron sank 3.2% on Monday and 1.7% on Tuesday. SoftBank Group, parent of British chip design house Arm Holdings, fell 6.7% over those two days. Testing equipment maker Advantest declined 4.8% on Monday before seeing a small 0.9% rebound Tuesday. This downturn and a strengthening yen were major contributors to the Nikkei Stock Average’s 2.2% fall so far this week.
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